Cetera has signed a definitive agreement to acquire certain assets related to the independent financial planning channel of Voya Financial’s investment advisor and broker-dealer Voya Financial Advisors (VFA).

Under the deal, around 900 independent financial professionals serving 385,000 retail customers with approximately $40bn in assets will become part of Cetera.

Cetera CEO Adam Antoniades said: “We have always respected VFA’s commitment to their business owners, independent operating model and strong community of financial professionals. We share an unwavering purpose in providing more American investors with sound independent financial guidance.

“By helping financial professionals grow and by bringing new financial professionals to the network, Cetera continues to empower more financial professionals to deliver an Advice-Centric Experience to more clients. We meet financial professionals where they are to help them grow the businesses of their dreams and leave the legacy they envision.”

The VFA legal entity and around 600 field and phone-based financial professionals supporting retirement business are not part of this deal.

Voya expects that the deal will generate around $300m in deployable proceeds at closing.

The deal is expected to close in the second or third quarter of this year, subject to customary closing conditions and regulatory approvals.

Voya Financial chairman and CEO Rodney O. Martin, Jr. said: “This transaction is an opportunity to position our financial advisory teams for continued success, with our field and phone-based financial professionals being an important and strategic part of Voya and enabling us to meet the growing financial wellness needs of employers, employees and their households.”