Cetera Financial Group to Sell Broker-Dealer Firm
Cetera Financial Group, a network of independent broker-dealer firms, is selling The Legend Group Holdings, an independent broker-dealer and registered investment adviser focused on retirement plans for teachers and employees of tax-exempt organizations. Lincoln Investment Capital Holdings will acquire the common interests and assets of The Legend Group – which includes 350 financial advisors that oversee approximately $6 billion in assets.
Lincoln Investment Capital Holdings is the parent company of Lincoln Investment Planning, an independent broker-dealer and registered investment adviser. The combined business will have 1,100 financial advisors with more than $30 billion in client assets.
The financial terms of the Legend Group transaction, which is expected to close by early next year subject to regulatory approval, were not disclosed. The Legend Group’s headquarters office in Palm Beach Gardens, Florida will continue to operate as part of Lincoln Investment and will utilize The Legend Group brand.
“We are very pleased with this divestiture, which underscores our renewed focus to build upon our successful track record of helping advisors and institutions deliver holistic wealth management solutions for their clients on a full-service basis,” said Robert Moore, chief executive officer of Cetera.
Moore, the former president of LPL Financial, officially took over as Cetera’s CEO this week after briefly serving as chairman of the board. Larry Roth handed over the reins after steering the company through the pre-planned bankruptcy of its parent company, RCS Capital Corp (RCAP), now Aretec. The bankruptcy was tied to a 2014 accounting scandal at an affiliated firm, and with Moore now in the top spot, Cetera has no remaining ties to RCAP.
Cetera is the second-largest independent financial advisor network in the nation with 9,000 advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.
