Cetera Partners with Alma Bank to Push Wealth Capabilities  

Cetera Financial Group has teamed with New York-based Alma Bank to strengthen and expand the bank’s wealth and investment management division, Alma Wealth Management. 

Through the partnership, Cetera has added financial services executive Richard Koll as the bank’s head of its wealth management division and will begin a dual employee program with Cetera Financial Institutions to further develop its wealth management presence. 

Prior to joining Alma Wealth Management, Koll served as SVP of client experience at Osaic Institutions and previously led the wealth program at Investors Bancorp. At Bancorp, Koll previously partnered with Cetera, before the bank was acquired by Citizens Financial Group in 2022. 

Koll joined Cetera because of the firm’s “high-touch service model” and flexibility, Cetera said. 

“Right from the start, their hands-on support and direct engagement from senior leadership made it clear,” Koll said. “This is the right financial institution networking partner to help Alma Wealth Management scale and serve clients on our terms.” 

Alma Bank, founded in 2007, offers “customized” financial solutions, including online banking, to customers across the New York metro area, the bank said. 

This comes as Cetera has rolled out multiple initiatives over the last couple of months to boost its wealth management offerings to clients. In July, Cetera introduced its latest artificial intelligence-driven tool, named IntelligenceEngine, which aims to streamline relationships between financial advisors and their clients.  

IntelligenceEngine incorporates advanced analytics, planning technology, and client engagement tools into a single, seamless growth platform for advisors’ existing books of business, Cetera said. 

Cetera Financial Group manages $590 billion in assets under administration and $263 billion in assets under management, with over 12,000 financial advisors.