Cetera Hires Ex-Stifel Recruiting Head John Pierce
John R. Pierce, who began his brokerage career at Merrill Lynch and has been a senior recruiter at Ameriprise Financial Services and Stifel, Nicolaus, has joined independent broker-dealer Cetera Financial Group.
Pierce replaces Michael Murray, who stepped down amid a reorganization. Murray remains registered with Cetera Advisor Networks, one of the five broker-dealers operating under the parent company’s umbrella, according to his BrokerCheck.
“Very excited to be Indy,” Pierce, who oversaw recruiting for Ameriprise Financial’s employee channel before joining Stifel, wrote in a text message about his move. He referred requests for additional comment to Cetera.
Pierce started his career at Merrill in 1993, moved to Glen Eagle Advisors in 2007 and to Ameriprise Financial Services in 2008, according to his BrokerCheck. He left Ameriprise, where he recruited for both its employee and independent channel in 2014. Prior to joining Stifel in 2016, he worked at a company making loans to advisors, according to his LinkedIn profile.
“I’ve always been of the belief that great stories lead to quality recruiting and Cetera has a great story to tell,” Pierce said in a prepared statement. “Cetera has shown me it is, and will continue to be, a destination of choice that every financial professional should consider.”
Cetera, whose parent company Aretec Group has been controlled by private equity firm Genstar since 2018, also includes Cetera Advisors, Cetera Investment Services, Cetera Financial Specialists, and First Allied Securities, Inc.
Moody’s Investor Services cut its credit outlook on Aretec Group to negative from stable in March. Cetera is particularly sensitive to revenue declines amid the near-zero-rate levels of the coronavirus economy because it has high fixed-rate debt, Moody’s said.
Aretec’s debt levels are elevated by the spree of broker-dealer acquisitions made in 2013 and 2014 by former owner Nicholas Schorsch to distribute real estate investment trusts of his former firm American Realty Capital Partners.