Cetera announced Thursday the acquisition of the wealth management business of Darnall Sikes Wealth Partners in a deal expected to bring about $1.9 billion to the firm’s registered investment advisor channel and build on a longstanding affiliation between Darnall Sikes and Avantax, which Cetera acquired in 2023.
The Darnall Sikes team serves clients in more than 40 states from four locations across Louisiana. The acquisition aims to bolster the firm’s growth trajectory and deliver succession-planning solutions for team members.
Likewise, the announcement states, Darnall Sikes will have the “opportunity to evolve” within the Cetera network.
Separately, Darnall Sikes and Frederick, an affiliated Louisiana-based CPA firm, remains independent and has entered a long-term, strategic partnership with Cetera to further support shared clients.
“This strategic partnership with Cetera brings clear and compelling benefits to our team, our shared clients, and the long-term growth of our business,” said John Armato, president of Darnall Sikes and Frederick, in a statement. “This next chapter reflects our shared commitment to putting clients first, and we are confident that expanding our collaboration with Cetera provides a strong foundation for the future.”
Jen Hanau, RIA and branches channel leader at Cetera, said the expanded relationship with Darnall Sikes underscores Cetera’s goal of supporting advisors throughout every phase of their careers.
Jed Inzerella, financial advisor at Darnall Sikes, commended Cetera’s commitment to ensuring continuity for clients and for providing proven succession pathways for the team.
“By maintaining our affiliation within the Cetera community, we’re expanding the services we offer, deepening client relationships, and growing our business with a clear, strategic vision for the future,” Inzerella said.
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