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Deals Of The Day: The Latest In Wealth Management M&A – Cetera Financial Group
The latest deals and transactions in and around the North American wealth management sector.
Cetera Financial Group
Cetera Financial Group a financial advice wealth hub, has completed its acquisition of the retail wealth and trust business of Securian Financial Group. In line with its transition projections, more than 91 per cent of the invited financial professionals, representing nearly $50 billion in client assets, made the choice to join Cetera. The financial professionals and their teams are now a distinct community, branded as Cetera Wealth Management Group, within Cetera Advisor Networks (CAN).
Cetera purchased certain assets related to Securian Financial Services, as well as the equity of Securian Trust Company, NA, which is now a standalone Cetera entity named Cetera Trust Company, NA. It will continue to serve its existing advisors and clients and expand to serve those in Cetera’s other businesses.
The transaction is the largest in Cetera’s history – nearly 150 team members are joining the Cetera home office staff from Securian Financial.
“The close of this important partnership represents the beginning of a new phase of opportunity for the professionals who are joining us as well as everyone affiliated with Cetera,” Tom Taylor, chief sales and growth officer at Cetera, said.
The acquisition will enable the Cetera Group to offer a greater range of products, solutions and support than before, the firm added.
Additionally, Cetera is accelerating the delivery of its digital experience and technology offering. It is concentrating on providing solutions designed to simplify and streamline core business activities for financial professionals and their teams, enhance the end client digital experience to encourage retention and acquisition, and enable business success through a unique and differentiated approach to growth. Cetera continues to prioritize and increase its investments in new and improved technology as a core component of its overarching growth strategy.
This deal follows the recent acquisition of Powell Financial Parters.
