Cetera Financial Group has closed the acquisition of MetLife’s two independent broker dealer firms, Tower Square Securities and Walnut Street Securities.
With this acquisition, Cetera will now serve approximately 7,400 advisors with more than US$141 billion in total client assets, including more than US$33 billion in fee-based advisory assets.
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According to Cetera, Tower Square and Walnut Street will join one of its 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.
Cetera said that the new advisors will gain access to its comprehensive broker dealer and registered investment adviser resources including its 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.
Cetera CEO, Valerie Brown, said: "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.
"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," Brown added.
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By GlobalDataCetera Advisor Networks president and CEO, Doug King, said: "We’ve begun building personal connections with these advisors, and are impressed with how well they fit the culture of this firm. We look forward to the new ideas that this group brings to the firm."
