Home Alts News Cetera Buys $490 Million Financial Services Firm

Cetera Buys $490 Million Financial Services Firm

Cetera has purchased MAGIS Financial Partners, a Philadelphia-based financial services firm with more than $490 million in assets under management.

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Cetera has purchased MAGIS Financial Partners, a Philadelphia-based financial services firm with more than $490 million in assets under management that operates a separate registered investment advisor that will transition to Cetera. Financial terms were not disclosed.

Through this transaction, MAGIS, who is already on the Cetera platform for a portion of its business, will now become a Cetera-owned group. This will allow its producers, led by president Steven Zimmerman, to also transition their RIA business to Cetera.

MAGIS, which was previously owned by a Genstar portfolio company, focuses on providing financial planning and holistic advice to more than 350 households.

Cetera Financial Group is a network of independent retail firm that includes Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists, and First Allied Securities. Services include wealth management, retirement planning, advisory services, practice management support, technology, marketing guidance, regulatory support, and market research.

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