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Wednesday, January 25, 2023

Cetera To Purchase Securian Monetary Retail Wealth Enterprise


The impartial advisory community Cetera Monetary Group has agreed to accumulate the retail wealth enterprise of Securian Monetary Group, a diversified monetary providers agency based mostly in St. Paul, Minn.

Beneath the settlement, Cetera will purchase sure belongings associated to Securian—its dealer/supplier, 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 means of Cetera’s affiliated monetary professionals.

The acquisition will add greater than 1,000 monetary professionals and 30 impartial 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 can be built-in as a “distinct neighborhood” inside Cetera Advisor Networks.

Employment gives can be prolonged to the administration staff and all eligible staff of Securian’s wealth enterprise, in accordance with the announcement, and the belief firm will change into a standalone Cetera entity and proceed serving current advisors and shoppers whereas increasing to serve Cetera’s different companies.

“Now we have lengthy admired Securian Monetary’s dedication to their managing companions, their highly effective impartial working mannequin and devoted neighborhood of impartial monetary professionals,” Cetera CEO Adam Antoniades mentioned in a press release. “[W]e envision untapped progress potential for the impartial monetary professionals becoming a member of the Cetera community.”

“Cetera delivers on all necessary points of our acquisition accomplice choice standards, together with neighborhood focus, differentiating scale, and industry-leading know-how alternative and product platforms,” added Securian President and CEO Chris Hilger. “This transaction permits Securian Monetary to extend our strategic focus and speed up progress in our precedence markets, whereas on the similar 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 Companies 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 predicted to shut within the third quarter of 2023, pending regulatory approval. Phrases usually are not being disclosed.

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