Cetera CEO Antoniades to Retire, Replaced by Durbin

The CEO of Cetera Financial Group, Adam Antoniades, will retire at the end of this year, the firm’s parent company, Cetera Financial Holdings Inc., announced Thursday.

Antoniades will be replaced by the current CEO of that parent firm, Mike Durbin, who will retain both roles. Antoniades will remain on Cetera’s board of directors, “focusing on working with Cetera’s most mature practices to develop strategic growth plans,” according to the announcement.

Durbin joined Cetera in May 2023 after leaving a senior adviser role with Fidelity Investments in which he reported to Chairman and CEO Abigail Johnson; he had at one point been president of Fidelity’s institutional division.

The move comes as Antoniades and Durbin have continued to grow Cetera’s more-than-12,000-adviser footprint both through acquisitions and organic growth, while also fostering its 401(k) plan advisement practice.

Jon Anderson, head of Cetera’s workplace and retirement plan solutions, noted in an August PLANADVISER interview that the firm’s expertise in individual wealth advisement is an asset for plan sponsors increasingly looking for strength in individual participant advice and guidance.

Antoniades has served as CEO since 2019, during which time Cetera acquired nine companies and boosted assets under management by 200% to $2.8 billion, according to the announcement. The firm has also expanded offerings for its adviser network to include proprietary client management and lead generation platforms.

Durbin will now hold CEO positions for both the parent firm and Cetera Financial Group, overseeing the firm’s “growth and strategic direction.”

“There are many chapters in every exceptional organization. I am proud to have served as both a turnaround and expansion CEO, guiding the company through crucial phases of growth and transformation,” Antoniades said in a statement. “Mike is a proven leader who will guide the next chapter, driving the company forward into even greater opportunities for accelerated growth and success.”

Antoniades had been president of Cetera Financial Group from 2014 to 2019 and, before that, was co-founder and CEO of First Allied Securities from 1994 to 2014.

Genstar Capital LLC became a majority investor in Cetera in 2018 and provided another round of funding in 2023, without disclosing the amount. The capital has helped fuel acquisitions, including Cetera’s purchase of Securian Financial Group’s retail wealth and trust business, retaining some 91% of its 1,000 financial professionals.