Cetera says it has completed its purchase of the independent financial planning channel of Voya Financial Advisors.
The unit, now operating as Cetera Wealth Partners, has some $37 billion of assets under administration and 130 new employees. According to Cetera, it retained some 93% of the pre-acquisition assets tied to the business.
The deal was the company's third transaction of the year, and the second acquisition of an insurance-related business since 2018.
More transactions could be in the works, according to Tom Taylor, Cetera's chief sales and growth officer: "With support for multiple affiliation models, Cetera is a ready buyer of large enterprise businesses that desire to retain their identity and culture," he said in a statement.
When news of the deal broke in February, industry sources said the purchase of Voya Financial Advisors could add over 1,000 financial professionals, including a large number of independent advisors, to Cetera's base of roughly 8,000.
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