Cetera Financial Group announced on Wednesday a new program to reward advisors for increasing their assets under management in fee-based accounts. The program, called Net New Assets, applies to two of Cetera’s companies, Financial Network and Multi-Financial. Cetera also owns Primevest, where the program hasn’t been rolled out yet because bank managers want to make sure it makes sense for them.
“It’s a first in the industry and its really our way of helping accelerate a move toward fee-based relationships,” said Barnaby Grist, Cetera’s executive vice president of wealth management. “Clients increasingly are saying they want a fee-based model and advisors are realizing they want it and regulators prefer a fiduciary model, so we’re trying to make some lemonade and give advisors a real compelling reason to act.”
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