Greatest Hits: Cetera CEO Mike Durbin on the Future of Independent Financial Advisors

In this Greatest Hits episode of Advisor Talk, Frank LaRosa sits down with Cetera CEO Mike Durbin for a wide-ranging, candid conversation about ownership structure, affiliation flexibility, M&A strategy, custody decisions, and what it really means to build a “forever home” for advisors. From private equity misconceptions to succession solutions, this episode explores how advisors can think strategically - not reactively - about their long-term growth. Mike shares insights from his 35-year career working directly with financial advisors, including leadership roles at Morgan Stanley and Fidelity, and explains why he returned to the independent space to help shape the next decade of advisor evolution   You’ll hear discussion around: • Why multi-custody and multi-clearing can be a strategic advantage. • How private equity ownership can create stability instead of short-term pressure. • The importance of affiliation flexibility as careers evolve. • Why succession solutions should exist inside a firm - not outside it. • How large firms can still create community and localized support. • What “growth support” really looks like beyond recruiting deals. • Why diversification of revenue matters in a changing rate environment. Rather than focusing solely on headline recruiting deals or advisor headcount, this episode centers on a more important theme: Are you aligned with a partner that helps you play offense - not just react to change? As Mike states, it has never been a better time to be in the wealth management business - but it is changing quickly.   If you’re a financial advisor evaluating independence, succession, M&A, or long-term firm alignment, this Greatest Hits conversation offers perspective on how to think about scale, ownership, and growth in a dynamic industry. Chapters: 01:03 – Episode Intro 04:10 – Mike’s Background 09:16 – Private Equity & Ownership 14:35 – Affiliation Flexibility 26:24 – Multi-Custody Strategy 32:30 – M&A & Consolidation 37:31 – Scale vs Community 40:06 – Recruiting Economics 44:00 – Growth & Marketing Support 50:26 – Playing Offense Learn more about Elite and our resources: Elite Consulting Partners | Financial Advisor Transitions https://eliteconsultingpartners.com Elite Marketing Concepts | Marketing Services for Financial Advisors https://elitemarketingconcepts.com Elite Advisor Successions | Advisor Mergers & Acquisitions https://eliteadvisorsuccessions.com JEDI Database Solutions | Technology Solutions for Advisors https://jedidatabasesolutions.com Listen to more Advisor Talk episodes: https://eliteconsultingpartners.com/podcasts/