Joshua D. Rogers, who founded Chicago-based broker/dealer and investment advisory firm Arete Wealth 19 years ago, has stepped down as chief executive of the firm, transitioning to executive chairman of the firm’s board of directors.
David Levine, Arete’s chief operations officer, will succeed Rogers and serve as CEO of the firm’s holding company, which includes Arete Wealth Management, the broker/dealer; Arete Wealth Advisors, the corporate RIA; and Arete Insurance Agency, a state-licensed insurance agency. Levine was hired in 2022 from National Securities Corporation, which was acquired by B. Riley Wealth Management.
Arete Wealth currently has about $7 billion in assets under advisement across more than 60 offices and 249 registered reps, according to its website.
“Over the past nearly 19 years after I first founded the firm, Arete Wealth has grown into an industry-recognized sophisticated, diversified wealth management platform—and that evolution continues,” Rogers said in a statement. “Our record performance in 2025 is a testament to the talent, dedication and strategic mindset of our entire team. As I transition into the role of executive chairman, I’m proud to elevate a number of our existing leaders and augment our team with new leaders whose vision and leadership will help drive Arete’s future.”
Micah Rayner, vice president of operations, has been promoted to chief operations officer of the broker/dealer, succeeding Levine.
The holding company also brought in Glenn Worman, a former president and CFO at National Holdings, to serve as chief financial officer. He replaces David Hock, who will serve on the board of directors.
Lauren Trousdale has joined as the b/d as financial operations principal. She was previously registered with five firms, including Zeus Financial, Macarthur Strategic Capital, TPEG Securities, Van Clemens & Co. and Chaffe Securities.
Cristina Terrana, transition manager and operations specialist, will now serve as chief of staff, in addition to transition manager.
Cathy Cucharale has joined the company as chief compliance officer of the broker/dealer. Most recently, she ran her own compliance consulting firm. Prior to that, she served as chief operating officer and CCO of M. Griffith Investment Services, which was acquired by Baird.
Arete has hired Patti Almanza to serve as CCO of the RIA subsidiary. Almanza was previously serving as CCO of NFJ Investment Group.
The two women replace UnBo (Bob) Chung, who has been with the company for the last 12 years and was named in a complaint by the Securities and Exchange Commission last year. Last January, the SEC filed charges against Arete Wealth’s broker/dealer and advisory firm (along with Chung), accusing the firm of trying to cover up “allegedly fraudulent conduct” by some of its registered reps. Chung was still registered with Arete as of Feb. 9.
