Cetera has successfully recruited the Pillar Financial Group, a 34-member advisory team, to its Cetera Advisors community.
The team comes to Cetera from Northwestern Mutual Investment Services, where it oversaw some $1.8 billion in client assets under administration. That total includes more than $500 million in retirement plan assets.
Pillar Financial Group is led by seven partners, including CEO Luke Madsen, with advisor ages ranging from their 20s to their 60s. The fiduciary firm serves individuals, families and businesses and has previously expanded through acquisitions.
In a statement, Madsen cited Cetera’s shared vision and significant scale as key drivers of the move.
"We wanted a firm we could grow with, and Cetera's leadership team not only shares our vision but has the scale and focus on technology to support our growth for the long term," Madsen said. "While many large broker-dealers are navigating mergers and acquisitions, Cetera's measured approach to growth ensures we'll receive the personalized attention we need to focus on our clients.”
Madsen noted that Cetera's platform will support the firm's ability to continue to deliver estate planning and high-net-worth solutions, including access to alternative investments and integrated tax planning.
Tom Halloran, Cetera Advisors channel leader, said Pillar Financial Group stands out for its “deeply principled and client-first” approach to the business.
“They value independence and want the flexibility of an open architecture, which Cetera provides in contrast to the more restrictive insurance model,” Halloran said. “We’re eager to support Pillar Financial Group as they expand capabilities and serve a growing base of high-net-worth clients.”
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