Cetera Picks Up $2.5B RIA
Patriot Financial Group, formerly affiliated with Advisor Group's Securities America, has 70-plus advisors in seven states.
Cetera Financial Group has added a registered investment advisor managing over $2.5 billion of client assets from Advisor Group’s Securities America.
The Patriot Financial Group, with more than 70 advisors across five northeastern U.S. states, along with Florida and Nebraska, has affiliated with the Cetera Financial Specialists’ group, Cetera said Tuesday.
The latest development “rounds out a record year of recruiting and business development” for Cetera, it said in a statement. The firm added that it attracted $6.3 billion in assets through its recruiting efforts in the third quarter.
“We are pleased to welcome the Patriot family to Cetera as a valued partner who shares our client-first mindset and growth aspirations,” according to John Pierce, head of business development at Cetera.
“As we continue to evolve our strategies to help advisors and firms meet their goals, this partnership is focused on growth and designed to help both firms thrive for the long-term,” Pierce added.
Cetera oversaw about $322 billion in assets under administration and $115 billion in assets under management as of Dec. 31, 2022.
Cetera has “proven resources and expertise to support and elevate our market penetration and position,” according to David M. O’Donnell, chairman of Patriot Financial, which he founded 18 years ago.
“With access to leading solutions on our RIA platform and Cetera as our new broker-dealer platform, our reps are well equipped to best serve their clients with best-in-class resources, tools and support,” O’Donnell added.
Advisor Group declined to comment about Patriot Financial’s departure.
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