Cetera Financial Group is buying some broker-dealer and advisory-business assets from Foresters Financial, which includes 500 independent advisors. The firm is not disclosing the value of the transaction but said the Foresters Financial advisors will join its self-clearing platform.
As part of the deal, Cetera also will have the option of taking over leases on more than 40 branch offices; it also can make offers of employment to staff in Foresters’ brokerage and advisory business.
“The business has an outstanding new entrants program we plan to leverage so that together, we can continue to help more clients achieve financial well-being through an advice-centric experience,” according to Cetera Financial Group President Adam Antoniades.
Like Cetera’s other businesses — Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services — Foresters will operate as a unit of the company, the firm says. The acquired business will be led by Sean Casey.