Cetera Financial Group announced Thursday that it completed its acquisition of the retail wealth and trust business of Securian Financial Group.
Over 91% of invited Securian financial professionals, representing almost $50 billion in client assets, opted to join Cetera, "in line with Cetera's transition projections" but exceeding the $47 billion previously projected, it said.
The financial professionals and their teams now represent a distinct community, branded as Cetera Wealth Management Group, within Cetera Advisor Networks, the firm said.
Cetera acquired certain assets related to Securian Financial Services, as well as the equity of Securian Trust Co., which is now a standalone Cetera entity named Cetera Trust Co. N.A., and will continue to serve its existing advisors and clients and expand to serve those in Cetera's other businesses, it said.
The transaction is the largest in Cetera's history, with almost 150 team members joining the Cetera home office staff from Securian Financial, Cetera added.
