Cetera Announces Latest Layoff Round to Streamline Operations
Cetera Financial Group, a wealth management firm and independent broker-dealer, has enacted another round of layoffs. Following an earlier restructuring in April 2025, the El Segundo-based firm – backed by private equity firm Genstar Capital Partners – called the latest round “a small workforce reduction” to streamline its operations.
The layoffs come after a year of significant change for the company, most notably the integration of advisers from Avantax. Cetera completed its acquisition of Avantax in late 2023, a deal that took Avantax off the public markets and added approximately $82.3 billion in assets under administration to Cetera.
Third-party reports indicate the recent job cuts impacted duplicate roles across the combined Cetera and Avantax entities, with sales and compliance being among the affected areas.
A company spokeswoman confirmed that the latest workforce reduction did not affect teams that support Cetera’s thousands of financial advisers. The brokerage firm emphasized there was a minimal impact on adviser-facing employees and no impact on the regional growth teams established this year to support its advisers.
In September, Cetera transitioned approximately 3,000 Avantax advisers to its internal systems. Cetera described this move as the “largest and most complex conversion” in its company history.
A Cetera spokesperson said the organizational changes were necessary, adding: “Cetera remains financially strong, continues to grow, and is focused on supporting our advisers and institutions with the technology, expertise, and service they rely on. As we continue growing, it’s essential that we adjust our organization to help ensure Cetera operates efficiently and is well-positioned for long-term success.”
No other details about the layoff were provided by Cetera.
Last month, Cetera added King Financial Network, which oversees more than $1.1 billion in assets under administration. The 14-person, Manalapan, N.J.-based multifamily office transitioned from Commonwealth Financial Network to Summit Financial Networks, one of Cetera’s communities within the Cetera Advisor channel.
Cetera Financial Group, owned by Cetera Holdings, encompasses Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Wealth Services, Cetera Advisors LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC.
Cetera Holdings is home to approximately 12,000 financial professionals and their teams. It oversaw approximately $625 billion in assets under administration and $284 billion in assets under management as of Sept. 30, 2025.
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