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In July 2018, Genstar Capital announced the intention to acquire the majority interest in the Cetera Financial Group.<ref>{{Cite web|url=https://www.investmentnews.com/article/20180717/FREE/180719921/genstar-capital-buys-majority-stake-in-cetera-financial-group|title=Genstar Capital buys majority stake in Cetera Financial Group|last=Iacurci|first=Greg|website=www.investmentnews.com|date=17 July 2018|access-date=2018-10-18}}</ref> The transaction was completed in October 2018.<ref>{{Cite news|url=https://www.financial-planning.com/news/cetera-financial-group-completes-genstar-capital-deal|title=Cetera builds out recruiting team, advisor support after Genstar deal|work=Financial Planning|access-date=2018-10-18|language=en}}</ref>
In July 2018, Genstar Capital announced the intention to acquire the majority interest in the Cetera Financial Group.<ref>{{Cite web|url=https://www.investmentnews.com/article/20180717/FREE/180719921/genstar-capital-buys-majority-stake-in-cetera-financial-group|title=Genstar Capital buys majority stake in Cetera Financial Group|last=Iacurci|first=Greg|website=www.investmentnews.com|date=17 July 2018|access-date=2018-10-18}}</ref> The transaction was completed in October 2018.<ref>{{Cite news|url=https://www.financial-planning.com/news/cetera-financial-group-completes-genstar-capital-deal|title=Cetera builds out recruiting team, advisor support after Genstar deal|work=Financial Planning|access-date=2018-10-18|language=en}}</ref>


==Mergers and acquisitions==
==Awards==


In January 2023, Cetera entered into a definitive agreement to acquire the retail wealth business of Securian Financial Group, Inc. The new community will be rebranded as Cetera Wealth Management Group, a region within Cetera Advisor Networks.<ref>{{cite web|title=Cetera to Buy Securian Financial's Retail Wealth Business |url=https://www.wealthmanagement.com/industry/cetera-buy-securian-financials-retail-wealth-business|publisher=Wealth Management|date=25 January 2023}}</ref>
* WealthManagement.com Industry Awards (2017)<ref>{{Cite web|url=http://events.wealthmanagement.com/2017-finalists/|title=2017 Finalists {{!}} Wealth Management Awards|website=events.wealthmanagement.com|date=16 May 2017|language=en-US|access-date=2018-08-15}}</ref>
** Finalist: Practice Management for Broker-Dealers with 1,000+ Advisors
** Finalist: Technology for Broker-Dealers with 1,000+ Advisors
* BISA Technology Awards (2017)<ref>{{Cite web|url=http://www.bisanet.org/?page=TechAwardPastRecpts|title=BISA Technology Innovation Award Past Recipients - Bank Insurance & Securities Association|website=www.bisanet.org|access-date=2018-08-15}}</ref>
** Won two Bank Insurance & Securities Association Technology Innovation Awards for DOL DynamIQs and Cetera Fastpath programs


==Legal==
==Legal==

Revision as of 18:48, 27 June 2023

Cetera Financial Group Inc
Company typePrivate.[1]
IndustryFinancial services
Founded2010[2]
Headquarters655 W. Broadway, 12th Floor
San Diego, CA 92101
Key people
Adam Antoniades, CEO
Jeff Buchheister, CFO
Tom Gooley, COO
RevenueUS$$2.7 billion as of December 31, 2022[3]
Number of employees
1,832 (2022)[4]
Websitewww.cetera.com

Cetera Financial Group (commonly referred to as Cetera) is an independent wealth hub and financial services provider comprising, among other companies, one of the largest families of independent registered investment advisers and broker-dealers in the United States. As such, Cetera provides financial advisors, tax professionals, and financial institutions with market and investment research, client-service platforms and technologies, trade execution and portfolio management services, and back-office support.[5]

As of December 31, 2022, Cetera oversees approximately $322 billion in assets under administration and $115 billion in assets under management, serving over 8,000 independent financial professionals and 400 banks and credit unions representing 1.8 million investors. Cetera has corporate offices throughout the United States, including San Diego, El Segundo, and Walnut Creek, California; Greenwood Village, Colorado; Atlanta, Georgia; Schaumburg, Illinois; and St. Cloud, Minnesota.[6][7]

Cetera’s firms are members of FINRA and SIPC.

History

Cetera was established in February 2010 when ING Group sold three broker-dealers, Financial Network Investment Corp., Multi-Financial Securities Corp. and PrimeVest Financial Services Inc., to an investment fund managed by Lightyear Capital LLC, a private equity firm specializing in financial services.[8][9] The firms kept their names, but operated under the new group name Cetera Financial Group. In April 2012 the group purchased Genworth Financial’s broker-dealer and investment adviser firms, Genworth Financial Securities Corp. and Genworth Financial Advisors Corp.[10]

On September 4, 2012, Cetera rebranded each of the firms; Financial Network was renamed Cetera Advisor Networks, Multi-Financial became Cetera Advisors, and PrimeVest became Cetera Investment Services (marketed as Cetera Financial Institutions).[11] The Genworth firms became Cetera Financial Specialists, the broker-dealer, and Cetera Investment Advisers, the registered investment adviser.[12]

RCS Capital Corporation purchased Cetera on April 29, 2014,[13] along with other independent broker-dealer and investment advisors including: First Allied on September 25, 2013.;[14] Investors Capital Holdings Ltd. [15] and Summit Brokerage[16] on June 11, 2014 ; JP Turner on June 13, 2014, Girard Securities[17] on March 18, 2015, and VSR Group[18] on May 12, 2015.

On May 25, 2016, Cetera completed a transformation into an independent, privately held organization under parent company, Aretec Group, Inc.[19][20] Through this restructuring process, a new board of directors[21] was established.

On May 11, 2016, Cetera announced the launch of its advisory platform, My Advice Architect,[22] the first segment of the firm’s Advice Architect Ecosystem.

In early 2017, Cetera implemented The Advice-Centric Experience, a new strategic blueprint for redefining the delivery of retail financial advice for individuals and families seeking financial well-being. [citation needed]

In July 2018, Genstar Capital announced the intention to acquire the majority interest in the Cetera Financial Group.[23] The transaction was completed in October 2018.[24]

Mergers and acquisitions

In January 2023, Cetera entered into a definitive agreement to acquire the retail wealth business of Securian Financial Group, Inc. The new community will be rebranded as Cetera Wealth Management Group, a region within Cetera Advisor Networks.[25]

In December 2020, Cetera Advisor Networks, Cetera Advisors, and Cetera Financial Specialists agreed to pay the Financial Industry Regulatory Authority (FINRA) a $1 million fine following allegations that the firms had failed to supervise their dually registered representatives.[26]

References

  1. ^ "Private Company". Bloomberg News.
  2. ^ "Founded 2010". Bloomberg News.
  3. ^ "Total Revenue". 3 September 2013.
  4. ^ "Total Employees".
  5. ^ "In a Shift, Cetera to Gather Its BDs at '18 National Conference | ThinkAdvisor". ThinkAdvisor. Retrieved 2018-08-15.
  6. ^ "Member Regulation | FINRA.org". www.finra.org. Retrieved 2018-08-15.
  7. ^ Corporation, Securities Investor Protection. "SIPC - Search". www.sipc.org. Retrieved 2018-08-15.
  8. ^ Goff, John (7 February 2010). "Lightyear wraps up purchase of B-Ds, re-brands as Cetera". www.investmentnews.com. Retrieved 2018-08-15.
  9. ^ "ING Sells Three B/Ds | ThinkAdvisor". ThinkAdvisor. Retrieved 2018-08-15.
  10. ^ "Cetera Acquires Genworth, Rounds Out Business Mix". Wealth Management. 2012-01-09. Retrieved 2018-08-15.
  11. ^ "Cetera's Rebranding: A Savvy Move?". 4 September 2012.
  12. ^ "Cetera's Rebranding: A Savvy Move?". Wealth Management. 2012-09-04. Retrieved 2018-08-15.
  13. ^ Driebusch, Corrie (2014-01-16). "RCS Capital to Acquire Cetera Financial for $1.15 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-08-15.
  14. ^ "First Allied to Be Acquired by RCAP". Financial Planning. Retrieved 2018-08-15.
  15. ^ "Investors Capital to be sold for $52.2m - The Boston Globe". BostonGlobe.com. Retrieved 2018-08-15.
  16. ^ Kelly, Bruce (10 January 2014). "Schorsch snaps up Summit for $49M". www.investmentnews.com. Retrieved 2018-08-15.
  17. ^ "Cetera Financial Group To Add Girard Securities". www.fa-mag.com. Retrieved 2018-08-15.
  18. ^ "He's At It Again: Schorsch Scoops Up VSR Financial". Wealth Management. 2014-08-06. Retrieved 2018-08-15.
  19. ^ Brickley, Peg (2016-03-28). "Cetera Financial Files for Bankruptcy to Complete RCS Workout". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-08-15.
  20. ^ "Cetera Out of Bankruptcy". Wealth Management. 2016-05-25. Retrieved 2018-08-15.
  21. ^ "Cetera Completes Board of Directors". www.fa-mag.com. Retrieved 2018-08-15.
  22. ^ "Cetera Works With Envestnet to Unify Advisor and Client Technology". Wealth Management. 2017-05-11. Retrieved 2018-08-15.
  23. ^ Iacurci, Greg (17 July 2018). "Genstar Capital buys majority stake in Cetera Financial Group". www.investmentnews.com. Retrieved 2018-10-18.
  24. ^ "Cetera builds out recruiting team, advisor support after Genstar deal". Financial Planning. Retrieved 2018-10-18.
  25. ^ "Cetera to Buy Securian Financial's Retail Wealth Business". Wealth Management. 25 January 2023.
  26. ^ "Acceptance, Waiver, and Consent Agreement" (PDF). brokercheck.org. Retrieved 2021-01-11.
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