January 26, 2023
On January 25, Willkie client Cetera Financial Group, one of America's largest networks of financial professionals, announced that it entered into a definitive agreement to acquire the retail wealth business of Securian Financial Group, Inc.
Under the agreement, Cetera will acquire certain assets related to Securian Financial Services, Inc. – Securian Financial's broker-dealer, registered investment advisor and insurance agency – as well as the equity of Securian Trust Company, NA. More than 1,000 financial professionals across 30 independent firms representing $47.4 billion in assets under administration and $24.8 billion in assets under management, as of December 31, 2022, will be integrated as a distinct community, branded as Cetera Wealth Management Group, within the Cetera Advisor Networks community.
Willkie previously advised Cetera in its acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors in 2021 and represented Genstar Capital in its acquisition of a majority stake in Cetera in 2018.
An at-scale wealth hub, Cetera Financial Group offers financial professionals and institutions the latest solutions, support and services. It oversees approximately $322 billion in assets under administration and $115 billion in assets under management, as of December 31, 2022.
Securian Financial is a financial services company that provides insurance, investment and retirement solutions.
The Willkie team was led by partners Jeffrey Poss, Manuel Miranda and Thomas Sharkey and included associates Augustine Donati and Robert Quinn and law clerk Heidi Hai.
Under the agreement, Cetera will acquire certain assets related to Securian Financial Services, Inc. – Securian Financial's broker-dealer, registered investment advisor and insurance agency – as well as the equity of Securian Trust Company, NA. More than 1,000 financial professionals across 30 independent firms representing $47.4 billion in assets under administration and $24.8 billion in assets under management, as of December 31, 2022, will be integrated as a distinct community, branded as Cetera Wealth Management Group, within the Cetera Advisor Networks community.
Willkie previously advised Cetera in its acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors in 2021 and represented Genstar Capital in its acquisition of a majority stake in Cetera in 2018.
An at-scale wealth hub, Cetera Financial Group offers financial professionals and institutions the latest solutions, support and services. It oversees approximately $322 billion in assets under administration and $115 billion in assets under management, as of December 31, 2022.
Securian Financial is a financial services company that provides insurance, investment and retirement solutions.
The Willkie team was led by partners Jeffrey Poss, Manuel Miranda and Thomas Sharkey and included associates Augustine Donati and Robert Quinn and law clerk Heidi Hai.
