Independent broker-dealer Cetera Financial Group is making an open pitch to advisors at Commonwealth Financial Network unhappy with the company’s $2.7bn sale to LPL Financial.
In an open letter published on Thursday, Cetera Wealth Management president Todd Mackay (pictured) wrote: ‘Like Commonwealth, Cetera champions advisor independence. You control your business. Period. We are here to provide unwavering support of your unique approach. Our purpose is to align with yours.’
Mackay joined Cetera in 2023 when the brokerage firm acquired Avantax in a $1.2bn take-private transaction. Formerly the president of Avantax, Mackay was named president of Cetera Wealth Management in January.
