Cetera Completes Acquisition of MetLife’s Independent Broker-Dealers
The Company Adds Approximately 800 Advisors and More Than $25 billion in Client Assets
Los Angeles, CA – Cetera Financial Group announced today the completion of its acquisition of MetLife’s two independent broker dealer firms, Tower Square Securities and Walnut Street Securities. Cetera now serves approximately 7,400 advisors with more than $141 billion in total client assets, including more than $33 billion in fee-based advisory assets.
“We are excited to be given the opportunity to serve these advisors. Helping them deepen their relationships with their clients and grow their practices is at the core of what we do,” said Valerie Brown, Cetera’s chief executive officer. “This acquisition will also be a win for our current advisors as we benefit from the expertise that Tower Square and Walnut Street have in the retirement and insurance markets.”
Tower Square and Walnut Street will join one of Cetera’s four firms, Cetera Advisor Networks. Its team-based, regional structure offers a strong cultural fit to advisors from Tower Square and Walnut Street who operate within a similar regional structure. Their advisors are located throughout the country, and will expand Cetera’s footprint in the Midwest and Northeast.
“We’ve begun building personal connections with these advisors, and are impressed with how well they fit the culture of this firm,” said Doug King, president and CEO of Cetera Advisor Networks. “We look forward to the new ideas that this group brings to the firm.”
The new advisors will gain access to Cetera’s comprehensive broker dealer and registered investment adviser resources including its award-winning wealth management and technology platform, new fee-based financial consulting programs, and its Connect2Clients™ and C2CSocial marketing platforms that include consulting to help create individualized marketing plans.
About Cetera Financial Group
Cetera Financial Group is one of the nation’s largest privately-held, independent broker-dealer and investment adviser families. It provides award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, and innovative technology for approximately 7,400 independent financial professionals and nearly 600 financial institutions nationwide. Through its four distinct firms, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Financial Specialists LLC, and Cetera Investment Services LLC (Cetera Financial Institutions), Cetera offers the benefits of a large, established and well-capitalized broker-dealer, while serving advisors in a way that is customized to their unique needs and aspirations. Cetera is committed to helping advisors grow their business and strengthen their relationships with clients. For more information, visit www.Cetera.com
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