Cetera Financial Group Reviews | Glassdoor

Cetera Financial Group Reviews

Updated April 20, 2017
63 reviews

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Full-time Part-time

2.4
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Robert Moore
5 Ratings

63 Employee Reviews

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Pros
  • Good location, good hours, nice people to work with (in 4 reviews)

  • Great office enviroment with pretty good benefits (in 3 reviews)

Cons
  • Unorganized upper management, can't even tell you if you're eligible for bonuses or where you stand in the company (in 3 reviews)

  • At least a decade behind in technology (in 2 reviews)

More Pros and Cons

  1. "Operations Coordinator"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Operations Coordinator in West Des Moines, IA
    Current Employee - Operations Coordinator in West Des Moines, IA

    I have been working at Cetera Financial Group full-time (Less than a year)

    Pros

    Yearly bonus starting at 4% of salary up to 200% based off of production. Great office enviroment with pretty good benefits.

    Cons

    Underpaid for amount of work and trouble you have to deal with. Also, tend to have loads of worked pushed on you because of under-staffing in other departments.

    Advice to Management

    Hire people to meet the demands of the workflow. Compenate employees if they are producing massive workloads.


  2. Helpful (2)

    "The people make the difference"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chesterfield, MO
    Former Employee - Anonymous Employee in Chesterfield, MO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Cetera Financial Group full-time (More than 10 years)

    Pros

    The worker bees are an awesome group to work with

    Cons

    Upper management doesn't know what they're doing

    Advice to Management

    Listen to your employees, group discussions


  3. Helpful (8)

    ""Ceterable" Workplace"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Compliance in El Segundo, CA
    Current Employee - Compliance in El Segundo, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I have been working at Cetera Financial Group full-time (More than 3 years)

    Pros

    -Good 401k benefits
    -Earned PTO is high

    Cons

    History: RCAP was a dirty company, cooked the books, bought a bunch of BDs (Cetera being the biggest) filed for bankruptcy, emerged as the new Cetera. With that being said, there's still about about 7 BDs within the "CFG" network.
    -HORRIBLE communication. Everyone got converted to CFG network and instead for working for 1 BD you work for 7 BDs, meaning reviewing/approving pieces from all 7. No one communicates with the non-Cetera BDs. Everything goes through Cetera BDs and they are the worst.
    -The worst technology in Compliance ever. To review an advertising piece, they still have their advisers email a person, that person distribute the work, then the analyst re-faxes the document to their record system, DOCUPACE, so much duplicate meaningless administrative work for analysts. It's no wonder they are overworked. All the numbers are inflated because of all the administrative inefficient way of submitting a piece for review.
    -"We don't favor one BD but we're going to do it the Cetera way", they told us that when they converted us, which is one step forward and 5 steps back on everything...especially technology and internal procedures.
    -Systems are inadequate, Docupace, Smartworks, HR Connect
    -Health insurance sucks, when they converted the BDs to the Cetera way, they took out HMO option. So now you pay for PPO and pay more for health costs.
    -Inadequate structure...like they messed up on our W-2s this year and mailed corrected W-2 in March. Taxes are due in April. Some people have to refile. They can't simply get numbers right. They are off by a few dollars, and forgot to add in FSA amount, and line 12 DD, all the numbers are off... Are they cooking books again?! What kind of company messes up on a W2?! Seriously. This is the first time I ever got a corrected W2 so late in the season.
    -Slow response for everything. Like simple things like changing your address, or obtaining access to a system.
    -Unorganized upper management, can't even tell you if you're eligible for bonuses or where you stand in the company.
    -So many changes (not for the better) for all employees, it won't stop. It keeps coming. Restructuring here and there. Cetera is what LPL was like in the stone ages days.
    -Morale is not the greatest because they squeeze their employees of everything and expect more work with less pay.
    -Worst than LPL, if you worked at LPL you'll understand what I mean about this. It makes LPL look like the happiest BD to work for, even WITH all the layoffs.

    Advice to Management

    Get your company together! Know how to run a company efficiently and give your employees the right tools to run your business. Stop moving 1 step forward and 5 steps back.


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  5. Helpful (9)

    "Cetera Financial.....a sinking ship"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Executive Management in El Segundo, CA
    Current Employee - Executive Management in El Segundo, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Cetera Financial Group full-time (More than a year)

    Pros

    Location is easy if you live on the Westside

    Cons

    Cetera suffers from years of being handed off by one private equity firm to another. In their latest past life, prior to the 2016 Bankruptcy, RCAP piled on additional acquisitions to a company already beset with crumbling technology, infrastructure, and offices. In the last 5-10 years the lack of investment in the company as left them in dire straits. To this day their IT department has not been given the resources or attention needed to manage a conglomerate and the firm has been glued together with spreadsheets and pixie dust.

    To make matters worse, the current management is years behind the competition when it comes to the eventual move from a mom & pop advisor model to the robo allocation model of business. To keep this short...Cetera is like a cab company trying to catch up to Uber and Lyft. The current strategy by the "top" management has not sufficiently addressed the problem and at best is trying to play catch up far too late.

    In terms of culture, it's mixed between the different departments. Finance and Accounting suffer from a lack of leadership, HR is suffering from turnover, IT is overly dependent on workers in India and contractors to build any real culture. Every single department faces heavy turnover problems...which is why you have probably been contacted by a recruiter and why why you are reading this. They are a recruiters dream becasue turnover is astronomical and moral is abysmal.

    In summary....do your homework before you go work for a company that will either be bankrupt a second time or sold again within a year.

    Advice to Management

    If you don't find a way to significantly alter your business model for the coming wave of change in the industry you will not survive.


  6. Helpful (1)

    "Cetera"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    The hours working there are very flexible. You just have to stay on top of your work but that's never too hard.

    Cons

    They are very disorganized and their tech is horrible. Not very helpful. You need a lot of patience with them.

    Advice to Management

    Worry more about advisers and less about their own personal development. They need to engage more with the advisers to help generate revenue.


  7. Helpful (2)

    "Cetera Advisors LLC"

    Star Star Star Star Star
    • Culture & Values
    • Senior Management
    Current Employee - Financial Advisor in New York, NY
    Current Employee - Financial Advisor in New York, NY
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Cetera Financial Group full-time (Less than a year)

    Pros

    Back office employees are very nice.

    Cons

    Opening an account is a nightmare. Internal website "Smartworks" should be called "Dumbworks". They gave a big song and dance about how "we are a family", so not true. Twice as much paperwork to get something done than any other (2) firm I've worked for in the last 30 years. Really a lousy firm. President pretends to be so caring and then she disappears on you.

    Advice to Management

    From what I hear from fellow brokers, all complaints (written or verbal) to top brass are falling on deaf ears. For brokers who are feeling inundated with Cetera logistics to doing business they suggest hiring someone! Talent Link is one of their recommendations. At your expense, of course.


  8. Helpful (1)

    "Financial Specialist"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial in West Des Moines, IA
    Former Employee - Financial in West Des Moines, IA
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    Provides good day time schedules.

    Cons

    Very disorganized. Training very poor.

    Advice to Management

    Consider needs and hire the appropriate number of staffing so you do not have to cycle through so much of the workforce.


  9. Helpful (3)

    "Company Environment"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Program Manager/Senior Consultant/PMO in El Segundo, CA
    Current Employee - Senior Program Manager/Senior Consultant/PMO in El Segundo, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Cetera Financial Group (More than a year)

    Pros

    Friendly People and recognition program to encourage people for their good work.

    Cons

    Company financial situation is not good due to the parent company RCAP filed for bankruptcy back in Jan. 2016, and many executive level management moved onto the competitor companies.

    Advice to Management

    Will need to re-org quickly with right people to stay strong and offer good packages to retain good resources.


  10. "Transition Operations Specialist"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Transition Operations Specialist in Los Angeles, CA
    Current Employee - Transition Operations Specialist in Los Angeles, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at Cetera Financial Group (More than a year)

    Pros

    Stable pay and dedicated staff.

    Cons

    There is a lot of transitioning occurring. And this happens constantly.


  11. Helpful (3)

    "High pressure"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Consultant in Atlanta, GA
    Former Employee - IT Consultant in Atlanta, GA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Cetera Financial Group full-time (Less than a year)

    Pros

    paid well as a contractor

    Cons

    management spends more time fixing issues and doesn't focus on real problem.
    micro management is the way of life
    Expected to work 45 to 50 hours

    Advice to Management

    maybe meet someone before deciding you don't like them



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