Cetera Financial Group, the renamed and rebranded broker-dealer group once owned by ING and now owned by the private equity firm Lightyear Capital, announced on Monday that it has completed the acquisition of Genworth Financial Investment Services. Genworth Financial becomes Cetera’s fourth broker-dealer and investment advisory firm, composed mainly of accountants (similar to HD Vest) who complement their practice by providing financial and investment advice to clients.
The announcement also said Cetera and the firm are working together to establish a new name, which will be announced in the coming months.
Genworth Financial, which claims 1,800 advisors, will join Cetera’s three other independent broker-dealer and investment advisory firms: Financial Network Investment Corp., with 2,100 advisors; Multi-Financial Securities Corp., with 1,100 “entrepreneurial” advisors, and PrimeVest Financial Services, a self-clearing broker-dealer that focuses on 1,500 bank channel advisors.
Combined, Cetera now claims a total of more than 6,500 advisors.