Cetera, the hybrid RIA giant with more than $625 billion in assets under administration, has deepened its reach in Illinois as it welcomes a multi-generational team from Osaic.
On Tuesday, the firm announced the addition of Callero Capital Management, an advisory firm based in the northwest suburbs of Chicago that oversees approximately $265 million in assets under administration.
The Callero Capital team, led by cousins Matthew and Christopher Callero, has joined Cetera Financial Specialists within Cetera's Tax & Accounting Channel.
Callero Capital Management provides wealth management and retirement planning services to individuals, families and business owners, with a practice structured around a multi-generational team designed to foster service continuity.
The firm's transition to Cetera followed what Matthew Callero described as an extensive search among independent broker-dealers.
"The decision to move has been many months in the making and followed an exhaustive search among independent broker-dealers," Matthew Callero, president of Callero Capital Management, said in a statement. "We believe that Cetera's back-office support is vital for a growth-minded advisory firm like ours."
The Calleros previously operated under Woodbury Financial Services, one of several broker-dealer firms owned by Osaic. They cited ongoing challenges from Osaic's integration of its broker-dealers – a multi-year endeavor that began in 2023, when it initiated its ambitious rebrand and platform transformation – as a factor in their decision to relocate.
According to Matthew Callero, the firm intends to pursue acquisitions and recruit additional advisors over the next three to five years, targeting advisors seeking succession solutions for their practices.
"With many advisors approaching retirement themselves, local advisors are seeking succession solutions and are reaching out to ensure their clients' futures," he said. "Just as we were selective when choosing to partner with Cetera, we will be equally selective when partnering with advisors on succession – only service-minded practices with a loyal client base will align with our approach."
Andy Watts, Cetera's Tax & Accounting Channel Leader, welcomed the firm in a statement. "Matt and Chris are outstanding additions to the Cetera Financial Specialists community," Watts said. "Their client-first approach and ambitious growth mindset make them an excellent fit for Cetera, and we look forward to offering the resources and support they need as they enter their next phase of growth."
The addition follows other recent advisor transitions from Osaic's network. Earlier this month, Priority Financial Group, a firm that has an RIA with $3.1 billion in assets, moved its broker-dealer operations to United Planners' Financial Services of America.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
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