Cetera Financial Group, a network of independent broker-dealer firms, has agreed to sell Legend Group Holdings to Lincoln Investment Capital Holdings for an undisclosed sum.
Under the terms of the deal, Lincoln Investment will acquire Legend Group’s common interests and assets, primarily held in 403(b) plans.
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The independent financial advisors supported by the group will transition to Lincoln Investment but continue to use Legend Group name.
The Palm Beach Gardens, Florida headquarters of Legend Group will continue to operate as part of Lincoln Investment.
Lincoln Investment president and CEO Ed Forst said: "This is a transaction that enhances our scale, and by extension, our ability to remain independent, while positioning Lincoln Investment to compete more effectively in the mass affluent to high net worth investor space."
The combined entity will have over 1,100 advisors and $30bn in client assets.
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By GlobalDataCetera CEO Robert Moore said: “As publicly disclosed earlier this year, our exploration of a potential sale of The Legend Group was guided by our plan to exit businesses that were not core to our future growth plans, combined with our commitment to identify a transaction opportunity with a company that understands and supports The Legend Group's unique strengths in the 403(b) plan space.
“We see this transaction as a very positive development for the advisors and institutions Cetera supports, as well as the advisors affiliated with The Legend Group."
The deal is expected to be concluded by early next year, subject to regulatory approval.
