Cetera Financial Group said Wednesday that it’s agreed to buy the wealth business of insurance company Securian Financial Group, which includes more than 1,000 advisors who manage $24.8 billion in assets under management and $47.4 billion in assets under administration. It is also acquiring the equity of Securian Trust Co.
The advisors, spread across 30 independent firms, will be branded as Cetera Wealth Management Group and be part of Cetera Advisor Networks.
The deal includes a strategic partnership in which Securian Financial will distribute life and annuity products through Cetera’s reps.
"This transaction allows Securian Financial to increase our strategic focus and accelerate growth in our priority markets, while at the same time continue our commitment to the retail wealth business through our strategic partnership with Cetera," Chris Hilger, Securian Financial's chairman, president and CEO, said in a statement.
The transaction is expected to close in the third quarter. Terms were not disclosed.
Five low-cost index ETFs to anchor Trump Accounts as advisors weigh options against 529 and UTMA plans for clients
A bipartisan proposal aimed at aligning advisor compensation rules with modern business structures is headed to the full House.
Vanilla is extending its estate planning tech to Callan Family Office's ultra-high-net-worth business, while WealthFeed's organic growth engine will now be available to roughly 100 advisors at The Mather Group.
“We are helping families take an important first step toward building a financial foundation for the next generation,” said Franklin Templeton CEO Jenny Johnson
Richard Brothers Financial Advisors joins the fee-only RIA, adding its first Maine office and $240 million in client assets
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
