Cetera Wraps Up Purchase of Voya Unit
The unit, now operating as Cetera Wealth Partners, has some $37 billion of assets and 130 new employees.
Cetera says it has completed its purchase of the independent financial planning channel of Voya Financial Advisors.
The unit, now operating as Cetera Wealth Partners, has some $37 billion of assets under administration and 130 new employees. According to Cetera, it retained some 93% of the pre-acquisition assets tied to the business.
The deal was the company’s third transaction of the year, and the second acquisition of an insurance-related business since 2018.
More transactions could be in the works, according to Tom Taylor, Cetera’s chief sales and growth officer: “With support for multiple affiliation models, Cetera is a ready buyer of large enterprise businesses that desire to retain their identity and culture,” he said in a statement.
When news of the deal broke in February, industry sources said the purchase of Voya Financial Advisors could add over 1,000 financial professionals, including a large number of independent advisors, to Cetera’s base of roughly 8,000.