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Cetera Monetary Group has acquired a minority stake in Prosperity Advisors, a $1.7 billion Kansas Metropolis area-based workplace of supervisory jurisdiction led by trade veteran Paul Ewing. The agency makes use of Cetera Advisors, certainly one of Cetera’s unbiased dealer/sellers, for brokerage enterprise.
That is the second such deal for Cetera, and this newer possibility is a part of the agency’s associate follow program, the place the agency will make strategic, minority investments in wealth administration practices. These practices can then use Cetera’s proprietary development options and know-how to develop their companies.
“This expanded partnership with Cetera prompts our potential to achieve new heights, higher serve shoppers and broaden our companies in new methods for years to come back,” Ewing stated in a press release. “Cetera totally understands our enterprise targets, shares our imaginative and prescient and embraces our client-first strategy, and we stay up for shut collaboration.”
Prosperity Advisors has over 60 workers members in 4 places, together with Overland Park, Kan.; Akron, Ohio; Carmel, Ind.; and Toledo, Ohio. The agency, which was based by Ewing in 1989, has been affiliated with Cetera since 1999.
This deal follows Cetera Monetary Group’s minority funding in October in CCR Wealth Administration, a Westborough, Mass.-based hybrid agency with $2.5 billion in belongings, additionally with Cetera Advisors.
Different unbiased dealer/sellers have made comparable acquisitions within the advisory companies they serve.
Advisor Group, one other community of IBDs, not too long ago entered the M&A marketplace for registered funding advisors for the primary time, with the agency making a minority funding in Signature Property & Funding Advisors, a Los Angeles-based hybrid RIA, alongside Reverence Capital Companions, the b/d community’s majority proprietor. Advisor Group CEO Jamie Value stated it was the first of many strategic investments in rising RIAs the corporate plans to make within the coming years.
In November, LPL Monetary acquired certainly one of its personal department places of work for the primary time. Monetary Assets Group Funding Companies (FRGIS) is an LPL department workplace primarily based in Fort Mill, S.C., working with about 800 advisors and 85 banks and credit score unions all through the nation.
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