The Cetera Financial Group has just strengthened its presence in Hawaii as the wealth hub’s employee-based RIA makes its second acquisition for the year.
The Retirement Planning Group has announced its acquisition of Lee Financial Group Hawaii. The deal, which was unveiled on Tuesday, brings an additional $225 million in assets under management to TRPG.
Lee Financial Group, founded and led by Terry Lee, specializes in investment management and financial planning services for clients in Hawaii and beyond.
"We are pleased to welcome Terry, his talented team, and their clients to TRPG," Kevin Conard, CEO of TRPG, said in a statement. "The Lee Financial team's commitment to putting clients first aligns with our core values, and we look forward to many shared successes to come."
Six employees from Lee Financial Group will come under the umbrella of TRPG, whose business spans over $2 billion in assets for more than 2,000 clients.
Lee, who will stay involved as a consultant for TRPG, sees his firm’s integration as a strategic fit.
“As we looked to the future for our business, team, and clients, we knew finding the right long-term partner would take time as we were very selective in our search and consideration process," he said. “[I]t became clear this choice made sense on many levels for everyone affiliated with Lee Financial,” he said.
TRPG’s RIA integration strategy began in earnest in February when it acquired 100 percent of the assets of the Dightman Capital Group. That strategy is itself part of Cetera’s broader push to expand its share of the RIA market, a master plan that developed after Mike Durbin’s appointment as the firm’s chief executive.
Cetera made another expansionary move in the Aloha State in March when it forged a strategic partnership with Hawaii State Federal Credit Union, the largest credit union in Hawaii, whose investment services program held almost $400 million in assets.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.
The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.
The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.
Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.