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Pershing's Lisa Crafford and Morgan McGovern have resigned from their roles at the RIA custodian.

The move comes several months after Cetera announced it would acquire Securian’s retail wealth business, including its b/d and RIA.

Several industry observers close to Cetera say the timeline is set and former Fidelity executive Mike Durbin, CEO of the holding company, will take control of the firm after an upcoming recapitalization with private equity owner Genstar.

The combined firm will have 100 employees and be headed by F2 founder Doug Fritz.

Former Credit Suisse wealth management head Francesco de Ferrari remains as an advisor to UBS’s private banking head Iqbal Khan.

Cetera announced its first nonhybrid RIA acquisition this week, while Hightower and Wealthspire both added a billion dollars in assets and Mercer, Kestra and tru Independence all announced deals.

Also, Vinay Mehta was appointed CTO at Smarsh, Archer and Brooklyn Investment Group partner to provide AI-powered custom direct indexing and ReachStack launches AI-powered Advisor Sales Intelligence.

Since January, Atria has lost five recruiters, including Gary Bender, who was brought on in April 2022 as head of recruiting.

Even as OpenAI’s GPT-4 integrates into existing applications, many advisors are heading straight to the source, buying subscriptions of the open platforms to enhance their business. Others see more profound disruptions.