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Cetera Adds $50 Billion of Client Assets with Acquisition of Securian Financial Group

Cetera Financial Group, one of the nation’s largest networks of independently managed broker-dealers, announced that it has completed its acquisition of the retail wealth and trust business of Securian Financial Group Inc.

More than 91% of the invited financial professionals, representing nearly $50 billion in client assets, made the choice to join Cetera, which is in line with Cetera’s transition projections. The financial professionals and their teams are now a distinct community, branded as Cetera Wealth Management Group, within Cetera Advisor Networks.

Cetera says the company purchased certain assets related to Securian Financial Services Inc., as well as the equity of Securian Trust Company N.A., which is now a standalone Cetera entity named Cetera Trust Company N.A. Cetera says it will continue to serve its existing advisors and clients and expand to serve those in Cetera’s other businesses. The transaction is the largest in Cetera’s history, and nearly 150 team members are joining the Cetera home office staff from Securian Financial.

“I am excited and eager to begin our bright future at Cetera, and to offer its exponential growth, scale and optionality to our valued financial professionals, managing partners and team members,” said Kjirsten Zellmer, president of Cetera Wealth Management Group. “The Cetera team has partnered with us to execute a strategic, expert onboarding and integration process that minimized business disruption and will position us for great success as Cetera Wealth Management Group. Cetera’s financial stability and growth potential, with Mike Durbin and Adam Antoniades at the helm, position us as a true disruptor in a commoditized and crowded space. The human side of Cetera, its familial culture of caring, diversity and collaboration, is what made the choice to join Cetera an easy one.”

Cetera Financial Group serves more than 8,000 independent financial professionals and their teams, including tax professionals, banks and credit unions in providing financial planning and wealth management services. Cetera oversees approximately $330 billion in assets under administration and $116 billion in assets under management, as of March 31, 2023.

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