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Cetera Attracts Nearly $50 Billion In 2021

Cetera Attracts Nearly $50 Billion In 2021

Results rank Cetera among top broker dealers in 2021 business development; Female financial professionals joining Cetera in record numbers, aligned with focus on recruiting diverse talent

Cetera Financial Group, one of America’s largest networks of financial professionals, announced that it attracted approximately $50 billion through its business development efforts in 2021, including more than $37 billion from an acquisition of certain assets from Voya Financial Advisors and $10 billion in organic recruiting. Cetera’s acquisition of assets from Voya Financial Advisors in June 2021 created Cetera Wealth Partners, which is part of the regional model at Cetera. More than 90% of the advisors and 93% of the assets under administration that were part of the Voya Financial Advisors asset purchase transitioned to Cetera.

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Cetera’s organic recruiting in 2021 generated $10 billion in assets, including more than $2.5 billion in the fourth quarter. Approximately $1.2 billion of the assets coming to Cetera through organic recruiting in 2021 are managed by female financial professionals and female-led teams, as Cetera continues to recruit financial professionals across the industry from wide-ranging personal and professional backgrounds.

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“2021 was a year of tremendous transformation for the financial advice industry, with advisors flocking to firms that offer independence, community and valuable growth resources,” said John Pierce, Cetera’s head of business development. “We are proud that a diverse cohort of financial professionals made the choice to affiliate with Cetera, and we know their businesses will thrive. In 2022, we plan to grow even more by expanding our recruiting team to continue to attract high-quality financial professionals who value a sense of community and industry-best solutions, resources and support.”

“Advisors who join Cetera recognize the positive impact that we can have on their practices, and how that ultimately empowers them to better serve their clients,” said Tom Taylor, Chief Sales and Growth Officer at Cetera. “Our growth programs, such as Growth360 and LeadEngine, practice monetization expertise and leading-edge technology make Cetera a great home for advisors who value independence and are seeking comprehensive resources and support. With multiple affiliation models and communities, Cetera is the destination of choice for financial professionals looking to grow their businesses and seeking help solving business challenges such as succession planning.”

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Key 2021 recruiting wins include:

  • The Advisors LLC, a full-service wealth management practice with offices throughout Western Pennsylvania that supports a reported $340 million in assets, joined Cetera in April.
  • Theresa Carmagnola, who manages more than $260 million in assets, joined Cetera in July from UBS.
  • Richardson Financial Group, led by father-son team David and Ryan Richardson that oversees more than $160 million, joined Cetera in July.
  • Johnson Financial, LLC – a Mandeville, LA-based family-run tax and financial planning firm founded in 1975 that oversees more than $210 million in assets – affiliated with Cetera in August.
  • Kimberly Brumbaugh, who heads Brumbaugh Wealth Management, a Pennsylvania-based wealth management firm with nearly $400 million in assets under management, affiliated with Cetera in August.
  • Strutzel Family Wealth Management and Martingale Investment Group, which collectively oversee more than $532 million in assets under advisement, joined Cetera from Raymond James and are based in Schaumburg, IL.
  • Two practices managing a combined $350 million joined Cetera through Farpointe Wealth Partners in September.
  • Benjamin Fernandez joined Cetera via Wilde Wealth Management in August, managing $100 million in assets.
  • Industry veteran Shawn Millerick joined Cetera from Voya Financial Advisors, managing $190 million, following Cetera’s acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors in June 2021.
  • Jimmy Woods joined Cetera from LPL in December, managing $137 million in asset

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