In a bid to boost its business in the bank channel, Cetera Financial Institutions hired an industry veteran to oversee recruitment of new banks and credit unions in the eastern United States.
One of the big third-party marketers in the financial industry, Cetera serves about 500 institutions nationwide as their broker-dealer.
Kyle Hallman, Cetera's new senior regional vice president of business development, once worked in a similar capacity for Raymond James, one of the other big third-party marketers for banks. Before he worked at Raymond James, Hallman worked for Synovus Securities managing 60 financial advisors. And for the last two years, he has been an advisor with NBC Securities. He'll be based in Birmingham, Ala.
"Kyle has a vast understanding of the unique needs of financial institution investment programs and has served as an exceptional advocate and guide for advisors serving in those platforms," Catherine Bonneau, president and CEO of Cetera Financial Institutions, said in a press release announcing the new hire.
The appointment comes amidturmoil at Cetera's parent, RCS Capital, whose chairman, Nicholas Schorsch, recently resigned due to an accounting scandal at one of his firms, REIT manufacturer American Realty Capital Partners.