After nearly 19 years in the big chair, Joshua D. Rogers is stepping down as chief executive officer of Arete Wealth Management and sliding into the role of executive chairman, while the Chicago-based firm elevates David Levine to run day-to-day operations. The company says it closed 2025 on a high note and now oversees roughly $7 billion in assets under advisement, and it is pairing the CEO handoff with fresh C-suite hires meant to deepen its bench as Arete scales its alternative-asset platform.
Arete detailed the moves in a company announcement dated Feb. 6, describing them as part of a broader plan to support an expanded leadership team. As reported by PR Newswire, Rogers will "continue to provide strategic oversight" in the executive chairman role while Levine steps into the CEO post.
New CEO Brings Sales And Platform Experience
Levine first joined Arete as chief operating officer and brings more than two decades of experience running sales and platform operations at national broker-dealers. According to Arete Wealth, he previously led national sales efforts at National Securities and B. Riley Wealth Management, a background that Crain's Chicago Business also noted in its coverage of the leadership change.
Fresh C-Suite Hires Aim To Bolster Operations
The firm is not just swapping nameplates on the CEO's door. Arete said it has hired Glenn Worman as chief financial officer and promoted Micah Rayner to chief operating officer to tighten oversight of its advisor platform and alternative-investment business. The appointments are framed as part of a push to deliver what the company calls operational excellence and stronger support for advisors, according to the firm's announcement as reported by PR Newswire.
SEC Case Casts A Long Shadow
All of this is unfolding while Arete faces an active enforcement action from the U.S. Securities and Exchange Commission. The regulator alleges that certain former advisors sold unapproved shares of Zona Energy and that the firms and some staff violated recordkeeping and antifraud rules, according to the SEC. The complaint says representatives sold millions of dollars in Zona shares and that Arete personnel sought broad releases from affected clients. Industry coverage shows Arete has pushed back, with the firm's lawyers arguing the case and its timing raise broader enforcement concerns, per Financial Planning.
Why The Shuffle Matters For Advisors And Clients
For advisors and clients tied to Arete, the reshuffle is meant to project continuity: the founder shifts to long-term strategy while experienced operators run the shop. The firm leans heavily on alternatives, including advisory services for art, wine, and car collections, and has previously described managing nearly $7 billion in assets under advisement in its own materials. As the revamped leadership team settles in, advisors will be watching whether the promised upgrades to finance, compliance and operations show up in day-to-day oversight while Arete tries to grow its niche alternatives platform under the glare of ongoing regulatory scrutiny.
