Cetera to Acquire Tower Square Securities and Walnut Street Securities from MetLife
Los Angeles, CA – Cetera Financial Group announced today that it has signed a definitive agreement to acquire Tower Square Securities and Walnut Street Securities from MetLife, Inc. The firms will become part of Cetera Advisor Networks LLC, which specializes in providing local support to advisors through its distinct team structure.
Tower Square and Walnut Street serve advisors via a branch network that is similar to Cetera Advisor Networks’ regional model. Those branches, located throughout the United States, but mostly in the Midwest and Northeast, will become new independent regions, expanding Cetera’s footprint in those areas.
“With acquisitions we look for quality firms that are a cultural fit, and those where we can offer the greatest benefit to the joining advisors,” said Valerie Brown, chief executive officer, Cetera Financial Group. “We are excited to welcome them.”
“Tower Square and Walnut Street advisors are a perfect fit for Cetera Advisor Networks,” said Doug King, president and CEO of Cetera Advisor Networks. “These advisors join a firm of like-minded professionals and get access to the benefits that can only come with our collective scale.”
The new advisors will gain access to Cetera’s comprehensive 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.
Craig Markham, president of Tower Square and Walnut Street will join Cetera Advisor Networks as senior vice president of advisor relations. He will oversee the sales and support teams, including the smooth transition of the two firms.
“The entire Cetera organization serves advisors with a commitment to excellence and strong relationships,” said Markham. “They are truly unique in the industry; it is the best of both worlds.”
After close, Cetera Financial Group will serve more than 7,000 advisors and have more than $130 billion in total client assets.
About Cetera Advisor Networks LLC
Cetera Advisor Networks LLC is an independent broker-dealer and registered investment adviser that utilizes a unique regional director model to support financial advisors through the entire lifecycle of their business. Cetera Advisor Networks is able to build and support regional teams through local service, regional offices and a national home office, facilitating the success of its more than 2,000 financial professionals.
Cetera Advisor Networks, a part of the Cetera Financial Group, is a member of the Securities Investor Protection Corporation (SIPC). For more information, see www.ceteraadvisornetworks.com
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 more than 6,500 independent financial professionals and more than 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.
# # #