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Investors Bank

Cetera Wins Another Bank-Based Business from LPL

Investors Bank, with $600 million AUA, is moving to Cetera for its wealth management business and leaving INVEST, one of National Planning Holdings’ firms acquired by LPL.

Short Hills, N.J.-based Investors Bank, which has 22 financial advisors and about $600 million in client assets under administration, is moving its wealth management business from INVEST Financial Corporation to Cetera Financial Institutions, Cetera’s broker/dealer focused on banks and credit unions. INVEST was part of the National Planning Holdings network acquired by LPL Financial last summer.  

Cetera Financial Institutions, which focuses on affiliation with banks and credit unions, has notched several recruiting wins in recent months. In March, Hawaii-based American Savings Bank moved its wealth management business to CFI. In September, Cathay Bank, which previously left Cetera Financial Group for LPL Financial while Cetera was restructuring after parting ways with its former owner, returned to CFI. Flushing Bank left Infinex Financial Group in October to join CFI. 

Investors Bank, which has branches in New Jersey and New York, focuses primarily on mass affluent and high-net-worth retail investors, said LeAnn Rummel, president of CFI. She said the bank was attracted to her firm's history of supporting bank and credit union-based wealth management programs, as well as its technology platform and the level of service they provide to advisors.

The bank also hopes to hire an additional 10 advisors, so they'll be accessing CFI’s recruiting resources as well, she said.

“We believe ... the future of this profession will be driven by comprehensive planning that places the client’s needs, accessibility and transparency at the heart of the advisor experience, rather than focusing on products or sales,” Rummel added. “And that, I believe, is one of the biggest reasons why they chose us.”

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