Voya Financial has wrapped up the sale of its financial planning channel and broker/dealer arm Voya Financial Advisors (VFA) to Cetera Financial.
The deal, which provides Voya with over $300m in deployable proceeds, was signed by the companies in February this year.
As part of the transaction, over 800 independent financial professionals catering to the needs of retail customers have joined Cetera.
Around 600 field and phone-based financial professionals stay with VFA to continue supporting Voya’s workplace businesses and clients.
Voya Financial chairman and CEO Rodney Martin said that the finalisation of the deal positions the company to advance its strategy and cater to its clients’ health and wealth through the workplace.
According to Marting, this includes providing financial planning support that is closely aligned with the workplace and supporting large to small employers across all market segments and their employees.
He further said: “As we continue to reinvest in our workplace-centered business model, we are equally excited for those who are transitioning to Cetera and wish the very best to our colleagues.”
The addition of VFA is expected to help Cetera drive its growth. Since its acquisition by Genstar in 2018, the company has made a number of deals.
In September 2020, Falkner Financial Advisors, a family-run financial services firm managing around $100m in assets, switched affiliation to Cetera.
Last August, Nestlehut Financial Services, an Illinois-based team overseeing $275m in assets, joined the firm.
In 2017, Cetera closed the sale of Legend Group Holdings to Lincoln Investment Capital Holdings.