Cetera has acquired Philadelphia-based financial services firm MAGIS Financial Partners, which manages over $490m in assets, for an unknown sum.
The acquired company also operates a separate RIA that will transition to Cetera as part of the deal.
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Previously owned by a Genstar portfolio company, MAGIS provides financial planning and holistic advice to over 350 families.
MAGIS already leverages the Cetera platform for a portion of its business. It will now become a Cetera-owned group and benefiting from the company’s resources and scale while retaining its culture.
MAGIS Financial Partners president Steven Zimmerman said: “We have long subscribed to Cetera’s proven growth methodology and have witnessed its benefits firsthand. This, coupled with Cetera’s ability to meet the succession needs of our ownership group, simply aligns the interests of all stakeholders and frees us of the day-to-day burdens of managing an RIA.”
Cetera’s community for independent financial professionals head Brett Harrison said: “The home office team at Cetera is thrilled to continue championing the success and growth of MAGIS in a more direct capacity.
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By GlobalData“Our desire and ability to support advisors through every stage of their business life is unique. Whether it’s an acquisition, ownership change or new affiliation, Cetera stands ready to support the full business lifecycle and inspire growth for financial practices nationwide.”
Cetera’s services suite includes wealth management solutions, advisory services, and retirement plan solutions.
The business also offers regulatory support, market research, and practice management support, among others.
Earlier this month, Cetera signed a definitive agreement to acquire certain assets related to the independent financial planning channel of Voya Financial’s investment advisor and broker-dealer arm, Voya Financial Advisors (VFA).
Last year, Falkner Financial Advisors, a family-run financial services firm managing around $100m in assets, and Nestlehut Financial Services switched their affiliation to Cetera.
