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Cetera CEO Adam Antoniades

Industry Spotlight > Mergers and Acquisitions

Cetera to Buy Securian Financial's Wealth Unit

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Cetera Financial Group has announced that it is buying the retail wealth business of Securian Financial Group. The deal involves the addition of more than 1,000 financial professionals with 30 independent firms that work with $47.4 billion in assets under administration and $24.8 billion in assets under management as of year-end 2022.

The transaction includes certain assets related to Securian Financial’s broker-dealer, RIA and insurance agency, as well as the equity of Securian Trust Co. 

The transaction is expected to close in the third quarter, pending regulatory approval. Terms of the deal were not disclosed.

“We have long admired Securian Financial’s commitment to their managing partners, their powerful independent operating model and dedicated community of independent financial professionals,” Cetera CEO Adam Antoniades said in a statement. 

Most of Securian’s operations will be branded Cetera Wealth Management Group but will work as “a distinct community” within Cetera Advisor Networks, according to a press release. The deal also lets Securian distribute its individual life and annuity products through Cetera’s affiliated financial professionals.

Cetera says it is extending employment offers to Securian’s management team and all eligible employees in its retail wealth business. Securian Trust Co. will become a standalone Cetera entity.

Cetera includes some 8,000 financial professionals and their teams, who worked with about $322 billion in assets under administration and $115 billion in assets under management as of Dec. 31.

“This transaction allows Securian Financial to increase our strategic focus and accelerate growth in our priority markets, while at the same time continue our commitment to the retail wealth business through our strategic partnership with Cetera,” according to Securian Financial Chairman, President and CEO Chris Hilger.

In 2021, Cetera Financial Group bought the independent financial planning channel of insurer Voya Financial. The deal brought in about 810 financial advisors, $37 billion in assets and 130 employees. When news of the transaction was first announced, the Voya unit included roughly 900 advisors working with $40 billion in assets.

(Photo of Adam Antoniades)