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, which is being completed for an undisclosed sum, includes certain assets related to Securian Financial’s broker-dealer, registered investment advisor and insurance agency, as well as the equity of Securian Trust Company.
The transaction is expected to close in the third quarter of 2023, 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.