Cetera Grabs $640M Group From LPL

Cetera Financial says Chicago-based Megent Financial, which works with $640 million in client assets, is now part of Cetera Advisors. Megent Financial offers retirement and investment services to union members, as well as to individuals and businesses.

The group includes more than 20 financial professionals and was associated with LPL Financial for the prior two years. Earlier it worked with FSC Securities (2012-2016), after being an affiliate with LPL for the prior decade (2001-2011).

“At our core, Cetera is about helping America’s investors live and retire well. Megent shares this same belief,” according to Cetera Advisors President Mimi Bock. “We are honored by its choice and look forward to supporting the firm as it thrives and grows.”

Megent, which is led by President Eric P. Burton and Managing Director Ron Whittingham, says it grew its assets under management by 156% since 2012.

“We’ve never felt more sincerely and genuinely wanted, valued or most importantly, understood,” Burton said in an email to Bock, according to Cetera. “You’re building something very special and we want to be part of it.”

A fourth-generation financial professional, Burton has more than 20 years as an advisor, according to FINRA BrokerCheck; Whittingham has 18 years of industry experience.