Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Cetera building

Industry Spotlight > Mergers and Acquisitions

Cetera Closes on Purchase of Securian’s Wealth Business

Your article was successfully shared with the contacts you provided.

Cetera Financial Group announced Thursday that it completed its acquisition of the retail wealth and trust business of Securian Financial Group.

Over 91% of invited Securian financial professionals, representing almost $50 billion in client assets, opted to join Cetera, “in line with Cetera’s transition projections” but exceeding the $47 billion previously projected, it said.

The financial professionals and their teams now represent a distinct community, branded as Cetera Wealth Management Group, within Cetera Advisor Networks, the firm said.

Cetera acquired certain assets related to Securian Financial Services, as well as the equity of Securian Trust Co., which is now a standalone Cetera entity named Cetera Trust Co. N.A., and will continue to serve its existing advisors and clients and expand to serve those in Cetera’s other businesses, it said.

The transaction is the largest in Cetera’s history, with almost 150 team members joining the Cetera home office staff from Securian Financial, Cetera added.

Advisor, Client Satisfaction

Meanwhile, as the transition continues, Cetera’s client service focused on “providing dedicated support advisors need to succeed in their business and serve their clients,” it explained.

Among Cetera advisors, satisfaction now ranks among all-time highs with an overall satisfaction score of 4.7 out of 5 stars, based on over 23,000 reviews, Cetera said.

Also, Cetera’s Net Promoter Score — a measure of clients’ willingness to make referrals — is now 53, Cetera said, noting an NPS over 50 is considered excellent.

Cetera is also “accelerating the delivery of its digital experience and technology roadmap, with a focus on providing solutions designed to simplify and streamline core business activities … , enhance the end-client digital experience to drive retention and acquisition, and enable business success through a unique and differentiated approach to growth,” it said.

Cetera oversaw about $330 billion in assets under administration and $116 billion in assets under management as of March 31, it said.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.