Cetera Financial Group has made a minority investment in Boston-area-based CCR Wealth Management, which manages $2.5 billion. Financial terms of the arrangement was not disclosed.
Led by David Borden, CCR and its 25 team members have been affiliated with Cetera since 2000.
Cetera said in a statement that such investments could provide a new option for independent-broker dealers. The move represents “an additional path, outside of our succession and buyout solutions,” Adam Antoniades, CEO of Cetera, said in the statement.
“This truly puts Cetera’s skin in the game, so to speak," Antoniades said. "We win if the advisor wins, meaning the practice grows exponentially."
According to the statement, Cetera has purchased three advisory firms outright over the past two years: Costanzo Financial Group, BAR Financial and MAGIS.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
