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The unbiased advisory community Cetera Monetary Group has agreed to accumulate the retail wealth enterprise of Securian Monetary Group, a diversified monetary providers agency primarily based in St. Paul, Minn.
Beneath the settlement, Cetera will purchase sure belongings associated to Securian—its dealer/seller, registered funding advisor and insurance coverage company, in addition to the fairness of Securian Belief Firm— and Securian will distribute its particular person life and annuity merchandise by Cetera’s affiliated monetary professionals.
The acquisition will add greater than 1,000 monetary professionals and 30 unbiased companies to the Cetera community, representing $47.4 billion in belongings below administration and $24.8 billion in belongings below administration. Branded as Cetera Wealth Administration Group, Securian shall be built-in as a “distinct neighborhood” inside Cetera Advisor Networks.
Employment affords shall be prolonged to the administration workforce and all eligible staff of Securian’s wealth enterprise, based on the announcement, and the belief firm will grow to be a standalone Cetera entity and proceed serving current advisors and shoppers whereas increasing to serve Cetera’s different companies.
“We’ve lengthy admired Securian Monetary’s dedication to their managing companions, their highly effective unbiased working mannequin and devoted neighborhood of unbiased monetary professionals,” Cetera CEO Adam Antoniades mentioned in a press release. “[W]e envision untapped development potential for the unbiased monetary professionals becoming a member of the Cetera community.”
“Cetera delivers on all vital features of our acquisition associate choice standards, together with neighborhood focus, differentiating scale, and industry-leading expertise alternative and product platforms,” added Securian President and CEO Chris Hilger. “This transaction permits Securian Monetary to extend our strategic focus and speed up development in our precedence markets, whereas on the identical time proceed our dedication to the retail wealth enterprise.”
Based in 1983, Cetera now has greater than 8,000 advisors throughout its platforms—Cetera Advisors, Cetera Advisor Networks, Cetera Funding Providers and Cetera Monetary Specialists, all FINRA/SPIC-registered. On the finish of final yr, the Cetera community claimed round $322 billion in belongings below administration and $115 billion below administration.
The Securian transaction is anticipated to shut within the third quarter of 2023, pending regulatory approval. Phrases will not be being disclosed.
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