Building and Realizing Value. Success at Any Stage: Understanding the Advisor Life Cycle. Cetera Advisor Networks LLC, Member FINRA/SIPC

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Building and Realizing Value

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Table of Figures

Figure 1: Defining Development Stages ...4

Figure 2: Median Financial and Operating Characteristics by Firm Stage, 2009 ...5

Figure 3: Greater Tendency of Emerging Firm Professionals to Overwork ...6

Figure 4: Many Emerging Firms Spending on Marketing Without a Plan ... 7

Figure 5: Few Emerging Firms Track Productivity Metrics ...8

Figure 6: Established Firms Fall Short in Documenting Job Descriptions ...10

Figure 7: Few Transitioning Firms Ready for Succession ... 11

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Executive Summary

An advisor’s journey through the various developmental stages of their business is rarely without challenge. Irrespec-tive of how long a firm has been in operation, new challenges will continue to present themselves requiring advisors to develop innovative solutions in order to achieve success at each stage of the business life cycle. Understanding the potential challenges at each stage and actively positioning a business to address these challenges can prevent periods of stagnation and facilitate creating and realizing firm value.

Each chapter of development brings a new series of priorities. In this paper we give special focus to the unique develop-mental issues concerning firms with fewer than $150 million in assets under management. We consider three distinct development phases among firms in this size range and address the leading challenges experienced within each. “Emerging” firms were formed within the last five years and are in the very early stages of development with assets under

management usually below $25 million. Typically one advisor is serving in a professional capacity and balancing firm management responsibilities. Within this early stage, priority challenges include creating capacity for revenue genera-tion, developing client acquisition capabilities and establishing performance benchmarks.

“Established” firms have been in operation for six to 14 years with typical assets under management between $25 million and $75 million. This group has established a foundation that will support future growth and has likely added both support and administration staff. The increased staff at this stage introduces human capital management issues and requires greater attention be paid to operational efficiency and new capabilities. Additionally, succession planning is often neglected during this stage, as is the need to define the firm’s target market and avoid the inefficiencies that occur when working with a broad client mix.

“Transitioning” firms are 15 years and older in age and, as the name suggests, are approaching some type of transition. The transition could relate to succession of ownership, an acquisition of another firm, or a merger of equals. With assets

between $75 million and $100 million, the addition of a second professional is likely. This group is challenged to drive greater revenue generation by better leveraging the firm’s non-professional support, resolve imminent succession needs, and recommit the firm to success in order to ensure sustainability irrespective of the ownership transition date. To support business success, Cetera Advisor Networks presents the first of the Building and Realizing Value series

devel-oped in partnership with the research and consulting firm FA Insight. Building and Realizing Value is designed specifically to support advisors in building foundations that create real business value.

In this first release of the series, we focus our attention on bolstering performance across each stage of development. Considerations to support advisors in managing the typical challenges at each stage of development are proposed.

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Stages of Development

As firms grow, they progress through distinct development stages. Each stage can be represented by its own unique set of challenges. As a business matures, advisors face a series of developmental roadblocks that must be overcome for progression to the next level. This requires that advisors understand where their business resides on the developmental spectrum, including the typical areas of weakness and the solutions that must be applied before performance plateaus and stagnation sets in.

To better enable advisors to proactively address developmental roadblocks, we define three distinct stages of develop-ment for firms, discuss the typical experiences and primary challenges of firms within each stage and offer suggestions as to how advisors can proactively address these challenges to support their transition to the next level of growth. Our analysis is restricted to firms with $150 million in assets under management or less in order to give special focus to the unique issues of firms in this size range.

As a first step, Figure 1 introduces the three firm stages: Emerging, Established and Transitioning.

Figure 1 | Defining Development Stages

Firm Stage Years in Business

Description

Emerging 5 years

One professional who also assumes management duties In some cases, one part- or full-time administrative employee AUM typically under $25 million

Established 6–14 years

Likely to still have one professional

Typical head count increases to three, with more non-professionals added to the firm

AUM is typically between $25 million and $75 million

Transitioning 15+ years

One senior professional supported by an additional professional Median head count increases to five

AUM is typically between $75 million and $100 million

For the purposes of simplicity, these stages are defined largely in terms of years the business has been in operation, despite the fact that exceptions occur with regard to drawing generalities based simply on firm age. The age-based divi-sions, however, are a good approximation for characterizing common developmental issues and useful when applying survey data to better understand each stage.

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As we examine the survey data we find, as expected, a strong correlation between firm age and the size and scope of the firm as shown in the summary firm indicators presented in Figure 2. Additionally, these basic indicators also suggest distinctions in experiences and issues within each stage.

Figure 2 | Median Financial and Operating Characteristics by Firm Stage, 2009

Less Than $150 Million AUM

Emerging Established Transitioning

Revenue $154,800 $359,043 $640,347

Active Clients 97 102 140

AUM (millions) $23.2 $41.2 $82.7

AUM per Client $227,933 $448,114 $551,020

Owner Income (all owners) $94,060 $165,716 $256,436

Total Owners 1 1 1

Total Full-Time Equivalents (including owners) 2.4 3.0 4.0

Non-Professionals per Professional 0.2 1.0 1.3

Revenue per Professional $139,510 $248,607 $262,595

Compound Annual Growth 2007-10

Clients 15.5% 11.8% 5.7%

Revenue 17.0% 6.9% 0.5%

AUM 17.1% 12.1% 2.3%

Source: FA Insight proprietary survey data, 2010.

With growth comes a new set of challenges. For each stage, along with highlighting the unique experiences advisors can expect, three key challenges are also detailed in the pages ahead. Further, we explore how advisors can proactively address these challenges to support their progression to the next level of growth.

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Emerging Firms

By definition, this group of firms is in the earliest stage of development, having been in existence for five years or less. During these first years, much time and attention is dedicated to setting up the new entity, establishing a brand, building basic business infrastructure and generating activity to support new client acquisition. The following top three chal-lenges typically surface for Emerging firms:

• Simultaneously generating revenue while attending to critical business-building activities • Quickly establishing a market profile that can accelerate growth

• Establishing a set of performance benchmarks in order to better gauge progress and identify areas for improvement

Generating Revenue While Building a Business

The initial years of a firm require advisors to adapt quickly to the multiple responsibilities that come with not only servicing clients but also operating a business. To name only a few responsibilities, one advisor must oversee the firm’s financial management, account openings and transfers, data security and the firm’s website. The typical professional working in an Emerging firm spends just 57 percent of a workday on client-facing activity. Relative to their peers, profes-sionals with Emerging firms are far more likely to be over capacity (Figure 3).

Figure 3 | Greater Tendency of Emerging Firm Professionals to Overwork

Percentage of Firms Where Professionals Are Over Capacity

Lack of internal support will quickly strain an advisor’s ability to focus adequate time on revenue generation, including marketing, sales and client service delivery, all of which frequently take a backseat role to running the business. Despite limited resources, Emerging firms can accelerate their growth through this stage of development by greater use of non-professionals and strategic business partners.

Non-professional positions such as support or administrative staff are critical for releasing revenue-generating capacity of professionals. Capital for investing in the business is typically limited at this stage, but the non-professionals can have a dramatic and cost-effective impact on the capacity of the sole professional/manager. As an example, recruiting an administrative assistant may provide relief in areas including filing, basic reception duties and arranging appointments. A client services manager will be better positioned to provide support to existing clients, develop service protocols, collect and manage data and utilize CRM software, in addition to addressing purely administrative issues.

0% 5% 10% 15% 20% 25% 30% 35% 33% 25% 22%

Emerging Established Transitioning PERCENTAGE

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Business partners can also be effective sources of leverage. Firms must quickly identify and access external support via their broker-dealer or other vendors to enable clients to be serviced effectively. As an example, this may include accessing technology solutions, compliance and marketing support. This can both alleviate capacity and potentially buy time before an internal hire is needed.

Creating a Market Profile

As a relative newcomer to the advice market, the Emerging firm is yet to develop a solid presence or market profile to support steady client acquisition. Compared to their peers, these firms are spending significantly on marketing, yet few have a deliberately structured approach to as where to best direct these expenditures (Figure 4). Emerging firm market-ing spendmarket-ing as a share of revenue is roughly a third higher relative to Established and Transitionmarket-ing firms. Just 39 percent of Emerging firms have a marketing plan. Of those who do, only 43 percent characterize the plan as being effective.

Figure 4 | Many Emerging Firms Spending on Marketing Without a Plan

Marketing Planning vs. Marketing Expenditures

With an active, deliberate and thoughtful focus on marketing, Emerging firms can accelerate their growth and more rapidly establish a presence within a chosen market. To stretch limited resources and cost effectively create a presence, Emerging firms would be well-served to do the following:

• Define a specific target market to enable the firm to more easily locate and attract a specific type of client. To assist in determining the target market, consideration should be given to the type of client who can be

best served given the firm’s existing technical capabilities, the firm’s current ideal clients and the advisor’s existing networks and affiliations that could potentially serve as sources of prospects.

• Build an advice offer designed to meet the specific advice needs of the target clients. Such an approach will enable better cost control as well as more effective servicing.

• Develop a marketing plan that is executable, given available resources. Limit the plan to three to five key strategies that will support the acquisition of the target market over the course of 12 months.

Emerging Established Transitioning

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 0% 10% 20% 30% 40% 50% 60% 70% 4.2% 2.9% 3.0% 38.9% 41.2% 62.9% PERCENTAGE OF FIRMS WITH PLAN SPENDING AS A PERCENTAGE OF REVENUE

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Benchmarking Performance

Frequently, and understandingly, the Emerging firm is solely focused on one metric—revenue. Unlike their Established and Transitioning counterparts, for example, few Emerging firms track even a limited range of productivity metrics (Fig-ure 5). Just 17 percent of Emerging firms actively track productivity metrics such as relationships per advisor or hours devoted to client service. To improve, progress, and grow, Emerging firms will need to develop a more comprehensive understanding of their performance.

Figure 5 | Few Emerging Firms Track Productivity Metrics

Tendency to Track Productivity Metrics

Important productivity measures include revenue and AUM per professional and per total staff. As cited in Figure 2, typical revenue per professional for Emerging firms is about $140,000. As firms grow their capabilities and typical client size, revenue per professional will increase markedly, doubling by the time a firm reaches the Transitioning stage. Firms beyond $150 million in assets under management typically generate nearly $500,000 per professional.

Per client ratios linked to AUM, revenue and profit help the advisor understand the size of clients served and trends in the firm’s ability to extract revenue and profit from these relationships. A good basic measure of efficiency is to relate overhead expenses to revenue. Overhead is defined as any expense unrelated to directly providing advice or soliciting new business. Median overhead as a percentage of revenue is 36 percent for the typical Emerging firm.

With an established and accurate set of benchmarks, the Emerging firm can better gauge performance and adjust practices that will hinder progress to the next level of growth.

Established Firms

As defined, Established firms have been in operation from six to 14 years. The Established firm enjoys the benefits of a solid business foundation. A host of new challenges arise, however, as the firm progresses beyond the Emerging stage. Three key issues that occur frequently are as follows:

• Serving a more narrowly focused client mix in order to improve efficiency as well as service quality • Dedicating time to plan for transitioning ownership in order to preserve the widest possibility of options

for the founding advisor to exit the firm

• Coordinating workflow across an increasing number of team members

0% 10% 20% 30% 40% 50% 60% 70% 17% 51% 61%

OF FIRMS THAT TRACK

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Client Mix Challenges Efficiency

Established firms typically work with a broad range of client types. This situation is a legacy from the firm’s Emerging phase. The need to create new revenue was often prioritized over taking on clients who were the most appropriate fit, compromising the firm’s ability to service clients profitably. Firms will be challenged to service efficiently with standard-ized processes when clients have significantly different advice and servicing needs, requiring varying investment solutions. About one-third of Established firms have not clearly defined their target market. Of the two-thirds of firms that do, typi-cally 30 percent of their clients do not meet the target criteria. The most notable impact of serving a diversity of clients is on direct expenses, given the challenge placed on firm professionals to efficiently deliver advice across a multitude of client needs. Creating a distinct client value proposition designed to attract and retain a defined target market will help to control these costs. The more similarities that exist between clients, the greater the ability to replicate service delivery across clients and the farther limited firm resources can be stretched.

Anticipating Succession

Actively preparing for a succession should commence during the Established phase, well before a transition of ownership becomes imminent. For younger firms within the Emerging phase, the urgency is harder to appreciate. Complacency, however, is common. While Established firms are more apt than Emerging firms to have developed a formal succession plan, just 24 percent of Established firms have done so. As Established firms typically have just one professional, limited internal succession options are available. In addition, an aging population of advisors will produce a glut of firms looking for external successions solutions over the coming five to 10 years, which further exacerbates the need for Established firm owners to be formally planning their succession.

To get started, Established firm owners should clarify:

• The desired time frame for a succession of ownership. Planning at least five years out from a succession event provides a greater range of succession options.

• Personal and business goals relating to the transition of management and client relationships. For example, who will manage client relationships and how will this be communicated to clients? Is there a preference for the type of advisor who would be introduced into these relationships? • The characteristics of the ideal successor. This will help owners narrow down and pursue

available succession options.

• Liquidity needs. In addition, owners should assess the changes that need to occur within the firm in order to maximize value.

In many cases, resources are available to support succession planning and implementation. As succession becomes an increasing challenge across the industry, broker-dealers and other service providers are beginning to develop and offer an array of succession-related assistance programs for affiliated investment professionals. These programs can include everything from continuity plans for an advisor’s business to protect it in the event of the unexpected, to comprehensive, long-term plans such as succession plans, buy/sell provisions and practice valuation.

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More People, More Coordination

A significant difference between Emerging and Established firms is the number of non-professionals per professional. Few emerging firms employ a single non-professional. In contrast, the ratio of non-professionals per professional jumps to 1.0 for Established firms. The non-professional ratio will continue to increase as the firm grows. Both Transitioning firms as well as firms beyond $150 million in AUM size on median employ 1.5 non-professionals per professional. Without more coordination between professionals and non-professionals, existing workflow processes will be affected, productive capacity of the new team members will be underutilized and profitability of the firm will suffer. In particular, the Established firm owner will need to clearly define the accountabilities of the different non-professional positions to ensure that each team member is aware of their roles in delivering the client experience. Position descriptions should be documented and well-understood to avoid any gray areas of responsibility. Relative to the other firm stages, Established firms are significantly less prone to maintain documented and updated job descriptions for all positions within the firm (Figure 6).

Figure 6 | Established Firms Fall Short in Documenting Job Descriptions

Percentage of Firms with Documented Job Descriptions

In addition, business-to-client processes will require greater definition to ensure that work is managed in the most ef-ficient manner with the necessary levels of delegation between team members.

Unfortunately, few firms with less than $150 million in assets can afford to dedicate one individual exclusively to firm management. The typical firm in this size range has no dedicated management. In firms above $150 million in AUM, typically one individual is solely responsible for management. The ability to deploy specialists in management as well as service disciplines is a tremendous advantage for larger firms. Such benefits of scale are a key argument for firms less than $150 million in AUM size to consider mergers or acquisitions in order to better achieve sustainable long-term growth.

0% 10% 20% 30% 40% 50% 60% 70% 52% 36% 66%

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Transitioning Firms

The final group, Transitioning firms, includes the most mature firms, established for at least 15 or more years. While the advisors of these firms have now acquired broader experiences in managing the business, new challenges continue to surface. The most common are all closely linked to the transition of ownership. These include the following:

• Making final a plan for transitioning equity and realizing value from the firm • Recommitting to success in order to preserve and maximize the value of the firm • Standardizing processes and utilizing personnel to their highest capacity

Releasing Equity

While a full transition of ownership may still be some time away (five to 10 years in some cases), Transitioning firms must pay attention to establishing a succession plan if they have not done so already. More specifically, if a sole owner is seeking an internal succession solution, thought must be given to identifying the appropriate internal successor, the preferred timing and any financing required. Over half (51 percent) of Transitioning firms have no documented succes-sion plan (Figure 7). Of those who do have a plan, many fail to identify an adequate successor.

Figure 7 | Few Transitioning Firms Ready for Succession

Transitioning Firms Succession Preparedness

As the business continues to grow in value, existing non-owner professionals may be challenged to acquire equity at a meaningful level and reasonable value. Serious planning should commence with prospective internal successors. Similarly, if an external succession is desirable or the only option because of the absence of a credible internal successor, owners should seek to understand how their firm will be valued by the market and what they could improve upon to obtain a higher value.

Recommitting to Success

While most Transitioning firm owners are positioning for a transition of equity, the continued performance and success

51%

35%

7%

7% Have a plan, but no successor identified

Successor is identified, but no confidence Documented plan and confidence in successor Do not have a documented plan

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growth initiatives risks devaluing the business. The Transitioning stage is not the time to decelerate new client acquisi-tion activities or ignore inefficiencies that will hamper profitability. Renewing growth initiatives will support continued success and avoid a potential decline in valuation that will provide buyers with room to negotiate.

A recommitment to success and business performance is required during this stage to ensure the sustainability of the firm pre- and post-ownership transition. Earn-out provisions are increasingly common in firm transitions, where sellers receive deferred payments based on the performance of the business after the sale, in some instances up to five to seven years post-sale.

Absorb Capacity and Standardize

Related to the need to recommit to firm success, those Transitioning firms with an adequate lead time should be using the time available to assess areas of service inconsistency and inefficiency. Relative to Emerging firms, Transitioning firms maintain 33 percent more team members and serve 37 percent more clients. Growth in firm head count and number of clients requires firms to standardize client servicing processes and better coordinate work effort across the growing number of team members. For example, because of their larger size and their more complex organizational structures, Transitioning firms are significantly less likely, relative to Established firms, to consistently implement busi-ness to client processes (Figure 8).

Figure 8 | Consistent Process Implementation Gets Harder for Transitioning Firms

Firms Where Processes Are Consistently Implemented

With typically two professionals at this stage, opportunity also exists to enhance client servicing through the introduc-tion of a support or associate advisor into client relaintroduc-tionships. Releasing the capacity of the senior advisor to develop business should be a focus. Additionally, building increased business development skills within the new professional will reduce dependency on the senior advisor for client acquisition, a necessary shift to support the firm’s valuation and business success after a transition.

Such changes will support the firm in servicing clients in an effective and efficient manner, as well as create more trans-ferable processes and procedures that contribute directly to firm value.

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 26.3% 44.2% 27.8% PERCENTAGE OF FIRMS

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Conclusion

Achieving success at any stage requires firms to continuously assess their performance, and identify any obstacles that stand in the way of reaching their next stage of development. These challenges will change over time, and firms will constantly need to find new ways to respond.

For more than 25 years, Cetera Advisor Networks has helped advisors advance to the next level by building, optimizing and realizing the equity in their businesses. We support their evolution with comprehensive planning, a vast array of resources and dedicated personal attention. Most importantly, we connect advisors to true experts—a network of other successful entrepreneurs sharing their practical, real-world experiences. Through them, we deliver solutions for every phase of the advisor life cycle:

Emerging firms. For a young firm, getting to the next level requires striking a balance between establishing a market profile, generating revenue and building the business, which includes establishing a framework for benchmarking progress. Emerg-ing advisors can maximize their limited time and budgets by leveragEmerg-ing Cetera Advisor Networks’ resources, includEmerg-ing: • A strategic, systematic approach for defining a niche, developing marketing plans and acquiring new clients • Access to a vast storehouse of business-building tools, such as pre-reviewed letters, brochures, direct mail,

email campaign management systems, co-branded website development, and more

• Enhanced wealth management resources for acquiring affluent investors, including carefully-screened wealth products and pass-along communications and market commentaries

• Highly efficient technology, including our SmartWorks® platform, a one-stop, full-service web-based workstation that integrates all business and investment functions in a single location, significantly reducing time spent away from building the business

• Professional skill development, including live and on-demand training, regional sales training, calls with product sponsors and asset managers, and a variety of meetings and conferences

Established firms. At this stage, an advisor’s primary objective is to fine-tune the business. Key steps include

focus-ing on a more clearly-defined client profile, standardizfocus-ing workflow, and actively plannfocus-ing for succession. Cetera Advisor Networks provides:

• Objective benchmarking of business performance

• Customized, one-to-one practice management solutions to help streamline operations and propel growth, tailored to each firm’s unique business model

• Holistic wealth management approaches that address insurance needs, assets held in trust, and advisory solutions, all designed to help advisors deepen relationships with high net worth clients

• Access to sophisticated and technical legal and accounting expertise for tackling complex client challenges and enhancing an advisor’s value proposition

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Transitioning firms. As advisors approach retirement, their firms face a critical crossroads. If the founders simply walk

away, the value of the business evaporates, and clients and employees will be left to fend for themselves. By contrast, careful advance planning can help broaden succession choices. To maximize value and promote a smooth transition, firms must weigh strategies such as standardizing processes, taking on dedicated management, and broadening the distribution of equity. A merger or acquisition may also be appropriate in order to expand the pool of potential succes-sors and gain scale for building additional value. At Cetera Advisor Networks, firms in transition can take advantage of: • Assistance creating immediate continuity plans to help minimize potential disruptions to the business, clients and

family members in the event of the unexpected

• Help creating customized estate plans, financial plans, succession plans, and buy/sell provisions • Objective opinions of firm value, grounded in data from recent transactions as well as a close analysis

of expenses, cash flow and business model

• Extensive practice management resources to enhance value by refocusing on growth, brand development and efficiency

• Access to an expansive network of potential successors, merger partners and acquisition targets through our unique regional structure

• A dedicated Transition Services team to facilitate the execution of succession plans

To learn more about how Cetera Advisor Networks can help you achieve success at any stage in your business, con-tact Doug King, president, at 310.326.3100, ext. 77490, or by email at [email protected], or visit www.ceteraadvisornetworks.com.

The Cetera Advisor Networks Building and Realizing Value series will continue to bring advisors support in dealing with priority business management challenges across the developmental spectrum.

Methodology

Data presented in this report are derived from The 2010 FA Insight Study of Advisory Firms: Growth by Design. Participants in the study were financial advisory firms who grossed a minimum of $75,000 in annual revenue in 2009 and were in business for at least 12 months.

Frequently in this report, study results are displayed according to firms’ stages of development. Three stages are defined: 1) “Emerging” firms were formed within the last five years; 2) “Established” firms have been in operation for six to 14 years; and 3) “Transitioning” firms were founded 15 or more years ago. Emerging, Established and Transitioning firms all have less than $150 million in assets under management. Occasionally data are presented for firms over $150 million in AUM. No attempt was made to split these larger firms into additional stages of development.

The data reported in The 2010 FA Insight Study of Advisory Firms: Growth by Design was provided directly by participants to FA Insight. FA Insight did not audit this information and, therefore, does not express an opinion or any other form of assurance on it. The data contained in this report is representative of the firms that elected to participate in the 2010 survey and should not be considered a statistically valid portrayal of the entire market of financial advisory firms.

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About Cetera Advisor Networks

Cetera Advisor Networks LLC is an independent broker-dealer and registered investment adviser firm that utilizes a unique regional director model to support financial advisors through the entire life cycle of their business. Cetera Advisor Networks is able to build and support regional teams through local service, regional offices and a national home office, facilitating the success of its more than 2,100 financial professionals.

Cetera Advisor Networks, a part of Cetera Financial Group, Inc., is a member of the Securities Investor Protection Corporation (SIPC) and a member of the Financial Industry Regulatory Authority (FINRA). For more information, visit www.ceteraadvisornetworks.com

About Cetera Financial Group

Cetera Financial Group, Inc. is one of the nation’s largest privately held, independent broker-dealer and registered investment adviser families. It provides award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, and innovative technology for more than 6,500 independent financial professionals and more than 600 financial institutions nationwide. Through its four distinct broker-dealers, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Financial Specialists LLC, and Cetera Investment Services LLC, Cetera Financial Group offers the benefits of a large, established and well-capitalized firm, while serving advisors in a way that is customizable to their unique needs and aspirations.

Cetera Financial Group is committed to helping advisors grow their business and strengthen their relationships with clients. For more information, visit www.cetera.com.

About Advisor Growth Strategies (AGS)

Advisor Growth Strategies (AGS) is a leading consulting firm serving the wealth management community. AGS pro-vides customized solutions for independent firms seeking to aggressively grow their business. With over 20 years of industry experience, AGS brings unique insight to the financial advisor market. AGS are recognized industry experts, providing advisors with cutting edge intellectual capital and practical solutions to help them grow and develop suc-cessful practices. AGS clients include some of the largest and most sophisticated advisors and financial services firms across the U.S. To learn more about AGS, please visit our website at www.advisorgrowthllc.com

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Securities and advisory services offered through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency), member FINRA/SIPC. Cetera is under separate ownership from any other named entity.

Building and Realizing Value. Success at Any Stage: Understanding the Advisor Life Cycle. Cetera Advisor Networks LLC, Member FINRA/SIPC