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October 24, 2022 at 02:38 PM
What You Need to Know
- Cetera made a strategic, minority investment in Boston-area based CCR Wealth Management.
- David Borden led CCR’s growth from a two-person firm to a full-service wealth advisory team with over 35 team members, Cetera said.
- Cetera is also partnering with advisors to provide a suite of succession solutions.
Cetera Financial Group said Monday it made a strategic, minority investment in CCR Wealth Management, which is based in the Boston area and manages $2.5 billion in client assets.
Cetera didn’t specify how much of an investment it made and didn’t immediately respond to a request for comment.
“The move represents a nascent option in the independent broker-dealer space,” Cetera said in a news release. “Now, select advisors can opt to have Cetera take a minority stake in their firm and utilize agile, proprietary growth solutions and technology to profoundly grow assets.”
Cetera is “selective in the firms we support with this type of investment and are proud to partner” with David Borden, an industry veteran who serves as CCR managing partner, according to Cetera CEO Adam Antoniades.
“To me, David and his formidable team represent the ‘practice of the future,’” Antoniades said in a statement. “It’s tremendously rewarding to offer advisors an additional path, outside of our succession and buyout solutions.”
Antoniades added, “This truly puts Cetera’s skin in the game, so to speak. We win if the advisor wins, meaning the practice grows exponentially. Based on the success we’ve seen with CCR, we look forward to more of these selective investments.”
Borden led CCR’s growth from a two-person firm to a full-service wealth advisory team with more than 35 team members, Cetera said.
“Cetera has helped drive considerable asset growth for CCR Wealth Management since its affiliation with Cetera Advisors” in 2000, and the “investment represents the next step in the evolution of the firms’ partnership,” he said.
Cetera oversaw about $353 billion in assets under administration and $122 billion in assets under management as of Dec. 31, it said.
