Industry consolidation among independent broker-dealers continues with Cetera Financial Group announcing on Monday morning it had agreed to buy the brokerage and advisory assets of Voya Financial Advisors.
Many have been expecting a sale of Voya Financial Advisors, with about 900 advisers and $40 billion in client assets, for at least the past year. Large, private equity-backed networks like Cetera and Advisor Group have been eager to expand.
And at the end of 2019, the broker-dealer's parent, Voya Financial Inc., said it was selling its individual life insurance business, two years after it said it was selling its annuities businesses. Such company-wide evaluations can lead to the sale of broker-dealer businesses.
Terms of the deal were not disclosed.
In a press release, Cetera and Voya characterized the deal as an "agreement to acquire certain assets related to the independent financial planning channel of Voya Financial Advisors." Genstar Capital is the private equity owner of Cetera Financial Group, a network of five broker-dealers and 8,000 reps and advisers.
Insurance companies 20 years ago swarmed to control independent broker-dealers, seeing them as avenues to sell high-commission products like variable annuities. But since the credit crisis of 2008 and drastically lower interest rates, insurance companies have been selling off their retail brokerage assets.
An earlier version of this story incorrectly reported the number of advisers at Voya Financial as 1,700. The firm has 900 financial advisers.
Firms continue their quest to attract and retain the best advisor teams.
A survey from TacticalMind AI found 69% of advisors say a high-quality AI platform that makes investment recommendations and constructs portfolios is worth $500 monthly, while research-only tools are valued closer to $250.
The alts tech provider's latest integration lets advisors query fund data and surface portfolio insights without leaving their primary workspace.
The regulator is scrutinizing how some firms oversee concentrated positions in complex "worst-of" notes – and wants answers.
Meanwhile, Carson Group fully integrates a decades-old practice in Phoenix, Arizona, and Triad Wealth touts its 5x growth to hit a $2 billion milestone.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
