Business hands holding puzzle pieces (Image: Shutterstock)

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.

In a separate transaction, Toronto-based Foresters Financial is selling its U.S. asset management business, including First Investors mutual funds, to Macquarie Investment Management, which owns the Delaware Funds.

“When Foresters Financial decided to continue to focus and invest in its core life insurance business, it sought a firm that it felt would best offer its national network of diverse and client-centric financial advisors a path for continued growth,” according to LeAnn Rummel, president of Cetera Financial Insitutions.

“We also look forward to offering these advisors access to our expertise and automation of our fixed and variable annuity and life insurance shelf,” she said.

— Check out Moore’s Exit Raises Deeper Questions at Cetera on ThinkAdvisor.