Home Alts News Cetera Makes Strategic Investment in $1.7 Billion Prosperity Advisors

Cetera Makes Strategic Investment in $1.7 Billion Prosperity Advisors

Cetera Financial Group, one of the nation’s largest networks of independently managed broker-dealers, announced that it has made a minority investment in $1.7 billion Kansas-based Prosperity Advisors, led by industry veteran Paul Ewing.

With more than 60 staff in four locations – Overland Park, Kansas, Akron, Ohio, Carmel, Indiana and Toledo, Ohio – advisors of Prosperity Advisors have been affiliated with Cetera since 1999.

“Paul and his team are a shining example of the industry’s best independent, client-first practices, and we are proud to partner to achieve long-term growth and success,” Adam Antoniades, chief executive officer at Cetera, said. “These investments put Cetera’s skin in the game to help practices grow in ways that are most meaningful and important to each advisor and their business. We look forward to more of these selective investments as we continue to serve as a wealth hub to our valued advisors. It is important that our advisors know that Cetera is here to support them through all stages of their careers with financial backing and growth resources paired with independence to best serve their clients.”

Ewing founded Prosperity Advisory Group in 1989 and has worked in the financial services industry since 1980. He is a member of the advisors panel for the Insured Retirement Institute.

The investment is the latest in Cetera’s partner practice program, which provides select advisors the option to have Cetera invest in a minority stake in their firm and utilize “agile, proprietary growth solutions and technology to grow their business.”

Cetera says it is also partnering with advisors to provide a suite of succession solutions, including advisor-to-advisor support, business continuity solutions and practice monetization.

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 $322 billion in assets under administration and $115 billion in assets under management, as of Dec. 31, 2022.

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