Advisory M&A

Cetera Retains 91% of Advisers as Securian Deal Closes

Cetera Financial Group has retained more than 91% of the 1,0000 financial professionals it acquired in a deal announced in January for Securian Financial Group’s retail wealth and trust businesses.

In an announcement that the deal, which is Cetera’s largest in company history, has been completed, Cetera said the staff retention brings it more than t $50 billion in client assets. The group is now also a “distinct” team within Cetera Advisor Networks called Cetera Wealth Management Group, according to the announcement.

“The Cetera team has partnered with us to execute a strategic, expert onboarding and integration process that minimized business disruption and will position us for great success,” Kjirsten Zellmer, president of Cetera Wealth Management Group, said in a statement. “Cetera’s financial stability and growth potential, with Mike Durbin and Adam Antoniades at the helm, position us as a true disruptor in a commoditized and crowded space.”

Cetera’s purchase of certain assets related to Securian Financial Services, Inc., as well as the equity of Securian Trust Company N.A., have been made a standalone entity called Cetera Trust Company N.A., according to the firm.

Cetera was founded in 2010 and has more than 8,000 financial professionals overseeing $330 billion in assets under administration and $116 billion in assets under management.

Sequoia Financial to Acquire Wealth Manager Affinia

Sequoia Financial Group LLC has entered into an agreement to acquire Affinia Financial Group LLC, a wealth manager with $418 million in assets under management and a practice focused on clients with special needs. The firms expect the transaction to close this month.

Burlington, Massachusetts-based Affinia manages wealth for high net worth individuals, families, trusts, and estates. Affinia was started in 2019 and has a team of ten, including co-founders John Nadworny and Cynthia Haddad, according to the announcement. In addition, more than half of the households Affinia works with include clients with special needs.

“We look for partners that are making a meaningful impact within specific communities and share our passion for client service, philosophy, and values,” Tom Haught, founder and CEO of Sequoia, said in a statement. “Affinia’s work with families who have members with special needs is an important addition to our firm.”

Upon completion of the transaction, Affinia’s clients will have access to a broader range of investment options, including private market investments, and support from Sequoia’s wealth planning team.

Sequoia, which was founded in 1991, has more than 200 people and $16 billion in AUM.

UBS Hires $640 Million Adviser Team in Ohio

UBS Wealth Management USA, a division of UBS AG, has brought on a four-person adviser team, BG Wealth Management, from Pepper Pike, Ohio.

The acquisition brings on client assets of $640 million with a focus on tailored investment strategies and wealth management advice. The team is led by Charlie Bergman, formerly of KSB Group at Merrill, and a financial adviser at Morgan Stanley. Financial adviser Justine Greenwald will be joining UBS after a previous role at Merrill, where she worked with small businesses, individuals, and families.

Client Associates Lisa Moavero and Alona Porat will also come over in the transaction.

Integrated Partners Adds $225M Colorado-Based RIA

Integrated Partners has added $225 million RIA PRISM Financial Strategies to its advisory.

PRISM will join the firm with lead Jeff Engelman, managing partner and financial strategist, who held prior positions with wirehouses, including Morgan Stanley. Advisers Shelly Schell and Amy Shroff, who have a focus area on serving women investors, will also come over in the deal, according to the announcement.

“Our team will greatly benefit from access to Integrated’s full suite of services, including the dedicated Business Owner Solutions, Corporate and Group Benefits, and Family Office divisions,” Engelman said in a statement.

Integrated has more than 200 advisers working out of 116 regional offices in the U.S.