The retail wealth business of the US-based Securian Financial includes over 1,000 financial professionals across more than 30 independent firms, which represent $47.4bn in assets under administration and $24.8bn in assets under management
Cetera Financial Group, an American network of financial professionals, has agreed to acquire the retail wealth business of Securian Financial Group for an undisclosed price.
The deal will give Cetera Financial certain assets associated with Securian Financial Services and the equity of Securian Trust.
Securian Financial Services is Securian Financial’s broker-dealer, registered investment advisor (RIA), and insurance agency.
According to Cetera Financial, over 1,000 financial professionals from 30 independent firms will be integrated as a distinct community dubbed Cetera Wealth Management Group, within the community of Cetera Advisor Networks.
As of 31 December 2022, the independent firms represent $47.4bn in assets under administration and $24.8bn in assets under management.
Securian Trust will become an independent entity of Cetera Financial and will continue to cater to its existing advisors and clients, and expand to serve those in the other businesses of the latter.
Cetera Financial CEO Adam Antoniades said: “We have long admired Securian Financial’s commitment to their managing partners, their powerful independent operating model and dedicated community of independent financial professionals.
“Our Wealth Hub, which uniquely brings choice and flexibility to our financial professionals as well as best-in-class growth capabilities, is complementary and synergistic to Securian Financial’s operating model, and we envision untapped growth potential for the independent financial professionals joining the Cetera network.”
The deal also has an arrangement under which Securian Financial will distribute its individual life and annuity products through the affiliated financial professionals of Cetera Financial.
Securian Financial chairman, president, and CEO Chris Hilger said: “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.”
The deal, which is subject to regulatory approval, is anticipated to close in Q3 2023.