Matt Fries, who had been at Cetera Financial Group for the last 10 years, has left the firm, according to regulatory filings. Fries, who most recently served as head of investment products and partner solutions, exited the company voluntarily; his departure was not part of any workforce reduction at Cetera.
A Cetera spokesperson declined to comment on his departure, and Fries did not respond to a request for comment.
Fries spearheaded Cetera’s recent expansion of its alternative investment capabilities. In July, the firm announced that it would incorporate alternative investment model portfolios into its product lineup. Cetera Blended Alternatives Model-Moderate comprises six funds that focus on private equity, private credit and private real estate assets.
Fries also led the team that created the formal policy on Cetera advisors’ use of bitcoin ETFs in 2024.
Before joining Cetera in 2015, Fries was the chief operating officer and chief investment officer at Questar Capital, an independent broker/dealer that moved to Woodbury via a recruiting deal in 2019.
Last week, Cetera announced that Tom Gooley would retire from his position as chief operating officer at the end of the first quarter. Cetera currently has about 12,000 advisors across its various channels. They collectively oversee more than $625 billion in assets under administration and $284 billion in assets under management.
