Cetera Adds $3-Million Team in Florida from National Securities
(Corrects to note that Carmine Lacognata remains at National Securities.)
Cetera Financial Group has added a 10-person practice specializing in tax planning that it said was producing more than $3 million in annual revenue at rival independent broker National Securities Corp. in Tampa, Florida.
They and five associates affiliated with Cetera Financial Specialists, one of Cetera Group’s five broker-dealer brands that is geared to accountants with wealth management practices. It works with about 1,100 of the parent firm’s approximately 8,700 brokers.
A sixth advisor on the team, Carmine Lacognata, who began his career in 1989 at Pruco Securities, remains at National Securities., according to BrokerCheck.
Lacognata declined to comment. A spokesperson for National Securities, which has around 700 brokers, did not immediately return a request for comment. National Holdings Corp., the parent of National Securities, is majority owned by B. Riley Financial.
The Ciocia team, which will continue to call itself National Tax and Financial Services, had a longtime relationship with Ron Kruger, president of Cetera Financial Specialists, according to Pierce.
Cetera Financial Group, which evolved from an ill-fated spree of broker-dealer acquisitions orchestrated by real estate investment trust magnate Nicholas Schorsch, is now owned by private equity firm Genstar Capital and has revived its growth strategy following a recruiting retrenchment.
“We’re more focused on larger advisors, and advisors with 40% to 60% concentration in advisory,” Pierce said.
The push is aimed at advisors producing at least $500,000, well above the average Cetera broker’s approximately $300,000 of fees and commissions, he said.
Cetera is offering prospects signing bonus packages that can range from 60-80 basis points of assets they retain in advisory accounts, 20-40 basis points of their brokerage assets and less on money in turnkey asset management programs, according to Pierce.
Cioccia did not immediately return a request for comment on his motivations for the move.
His career, which began in 1988 at insurance broker-dealers Life Planning Inc. and Equitable, included a decade at Royal Alliance Associates and another 14-year affiliation with Prime Capital Securities, according to his BrokerCheck history.
He joined National Securities in 2013, along with Niggebrugge, who first registered as a broker with Prime Capital in Tampa in 1999. The junior Ciocia started his career nine years ago with Prime Capital.
Fayer began his career in 2015, with the team at National Securities, while Raven joined them at National in 2014, a year after first registering as a rep with AXA Advisors, according to BrokerCheck.