Cetera Financial Group says it will work to find buyers, finance deals or buy practices owned by advisors who have to leave the job due to an accident or other unforeseen problem.
The news comes about a month after Cetera, which has about 7,000-plus advisors, said it's acquiring some broker-dealer and advisory-business assets from Foresters Financial, which has some 500 independent advisors.
Cetera's Legacy Builder Program aims to "monetize the value of an advisor's life's work and provides financial stability through the client transition process to the next generation of owners," the company explains. The program includes access to Truelytics' online valuation platform.
"Having facilitated over 250 advisor practice acquisitions since 2015, Cetera has observed that the value of an advisory practice decreases by as much as 75% within the first 60 days of an unplanned exit, if no executable continuity plan is in place," according to Richard Whitworth, head of Business Consulting for Cetera.
