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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
