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Friday, February 10, 2023

Cetera Takes Minority Stake in $1.7B Kansas Metropolis OSJ

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, one in all 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 apply program, the place the agency will make strategic, minority investments in wealth administration practices. These practices can then use Cetera’s proprietary progress options and know-how to develop their companies.

“This expanded partnership with Cetera prompts our potential to succeed in new heights, higher serve purchasers and increase our providers in new methods for years to come back,” Ewing mentioned in a press release. “Cetera absolutely understands our enterprise objectives, shares our imaginative and prescient and embraces our client-first method, and we look ahead to shut collaboration.” 

Prosperity Advisors has over 60 employees 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 property, additionally with Cetera Advisors.

Different unbiased dealer/sellers have made related acquisitions within the advisory companies they serve.

Advisor Group, one other community of IBDs, just lately 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–primarily based hybrid RIA, alongside Reverence Capital Companions, the b/d community’s majority proprietor. Advisor Group CEO Jamie Value mentioned 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 one in all its personal department places of work for the primary time. Monetary Sources Group Funding Providers (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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