Cetera Holdings said Tuesday that it acquired The Retirement Planning Group, an independent registered investment advisor that manages about $1.4 billion in assets.
TRPG's 40 employees, including 14 advisors, served about 1,825 high-net-worth individual investors, families and retirees as of April 30, said the parent of Cetera Financial Group.
In addition to holistic financial planning services, TRPG offers clients tax solutions, along with payroll and bookkeeping services.
TRPG is led by CEO Kevin Conard and is headquartered in Leawood, Kansas, but has offices in St. Louis and Denver.
Financial terms of the transaction weren't provided. The transaction closed May 5, a Cetera spokesperson told ThinkAdvisor by email. "TRPG considered other options and offers over the course of a 5-year period. They ultimately chose Cetera for several reasons, including the ability to have a seat [at] the table, remain independent, maintain their brand, to continue to move at the speed at which they're moving."
"This acquisition is synergistic on many levels and represents our commitment to constantly identify and deliver multiple options that give advisors a depth of choice and flexibility to affiliate their business with Cetera as they see fit," according to Mike Durbin, Cetera Holdings CEO.
