Cetera takes minority stake in $2.5 billion firm
The firm is investing in a Boston-area-based firm that's been affiliated with Cetera since 2000; it suggests such investments could provide a new option for broker-dealers.
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.
[More: Hancock Whitney Bank moves brokerage clients to Cetera]
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