Los Alamos National Bank signs with Cetera
Los Alamos National Bank has selected Cetera as its new broker-dealer after a seven year-relationship with LPL.
The community bank, founded in 1963, serves businesses and residents in Los Alamos, Santa Fe and Albuquerque, New Mexico. Its wealth management program has about $85 million in assets under management, according to a press release from Cetera.
The new relationship will allow Los Alamos to offer multiple fee-based offerings in order to grow and operate more effectively in response to rising expectations of fiduciary care, according to the release.
“We are extremely excited to work with Cetera Financial Institutions to expand our retail wealth management program,” Robert Joseph, senior vice president of Investments at the bank, said in the press release. “In particular, we believe that Cetera’s digital platform will provide us with a distinct competitive advantage as we continue to grow our business in the Albuquerque metropolitan area,” he said.
LeAnn Rummel, president of Cetera Financial Insitutions, said in the release that Cetera is proud to help Los Alamos in its mission to recruit additional experienced advisers and expand its wealth management program's geographical footprint.
Los Alamos has about $1.4 billion in assets and six full-service locations.
This deal is a reversal, of sorts, from two other deals earlier this year when LPL lured two bank programs from Cetera. In January, LPL snagged First Interstate Bank from Cetera. First Interstate's program has 40 advisers and approximately $810 million in advisory and brokerage assets. And in March, Bell Bank moved to LPL after a 10-year relationship with Cetera. Bell has 12 advisers and has approximately $780 million in advisory and brokerage assets.