Cetera Shuts Down J.P. Turner Broker-Dealer

Posted on September 9th, 2015 at 9:10 AM
Cetera Shuts Down J.P. Turner Broker-Dealer

From the Desk of Jim Eccleston at Eccleston Law LLC:

Cetera Financial Group will shut down J.P. Turner, its Atlanta-based broker-dealer that Cetera acquired in June 2014. J.P. Turner had 291 reps as of last year end, but has lost more than half of the reps when they joined Summit Brokerage Services, another Cetera firm.

According to the CEO of Cetera Financial, since J.P Turner became part of Cetera Financial, J.P. Turner advisors have voiced a strong desire to transition to the Pershing platform. After extensive review, it became clear that the most expeditious and seamless way for this to happen was to invite a significant number of those advisors to join Summit.

Turner does a heavy business in non-traded REITs, and has had a number of regulatory issues over the years.

Consolidating all of its BD's onto the Pershing platform is a big part of Cetera’s strategy. Last fall, Cetera reached a new pricing arrangement with Pershing, based on the larger scale from its acquired firms.

The changeover to Summit is expected to be completed by the end of October.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, Cetera Financial Group, Summit Brokerage Services,

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