Marks Cetera’s Second Acquisition of a Carveout From an Insurance-related Business
New Business, Cetera Wealth Partners, Retains Independent Financial Planning Channel’s Management Team, More Than 90% of Financial Professionals and More Than 93% of Assets Under Administration
Cetera announced that it has successfully completed the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors. The acquisition is the company’s third in 2021, and the second successful acquisition of an insurance-related carveout since 2018. Underpinning Cetera’s inorganic growth strategy is the mission to meet financial professionals where they are to empower them to deliver an Advice-Centric Experience® to more American investors.
The new Cetera Wealth Partners business, with approximately $37 billion of total assets under administration, is part of the regional model at Cetera, which enables large enterprises to leverage the breadth of Cetera resources while retaining flexibility and choice as independent business owners. Over 130 new employees, including those brought over from Voya, will support Cetera’s growing organization.
Tom Taylor, Chief Sales and Growth Officer of Cetera said, “It’s clear that Cetera’s value proposition is hitting the mark in delivering against the current needs of financial professionals. With support for multiple affiliation models, Cetera is a ready buyer of large enterprise businesses that desire to retain their identity and culture. They can easily plug in to our community model and take advantage of our ability to meet them where they are to accelerate growth and best support their clients. The regional model of affiliation also appeals to organizations interested in selling their broker-dealer and wealth management businesses with an eye toward keeping those teams together.”
Daniel J. Rickett, President, Capital Street Financial Services, Inc. said, “We are very excited about our move to Cetera. During this conversion process, Cetera has demonstrated a great deal of professional competency: their weekly presentations and educational modules have helped us quickly understand the breadth and scope of their business model. I can’t wait to have access to their technology.”
Tom Halloran, President of Cetera Wealth Partners, said, “All transitions are complex, but the competence and capability shown by the integration teams at Cetera and Voya is remarkable. Our collective ability to anticipate needs and quickly adapt the integration plan provided us with a smooth onboarding process. Our financial professionals are especially excited about the strong cultural alignment we found through the integration process, as well as the breadth of Cetera’s resources and its state-of-the-art technology.”
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