Investors Bank, one of the largest bank wealth management programs affiliated with Invest Financial, has opted to move its retail wealth management program to the Cetera Financial Institutions platform. Cetera Financial Institutions is the Cetera firm specifically focused on serving the wealth management programs of banks and credit unions.
Invest Financial is one of four firms in the National Planning Holdings network, which was purchased by LPL Financial last summer for an initial price of $325 million.
Investors Bank’s retail investment program was established in 2011 and supports approximately $700 million in assets under administration, with a focus on serving mass affluent and high net worth retail investors, as well as company retirement plans. The program employs 22 financial professionals and more than 65 licensed bankers.
“We’re very excited about the prospect of working with Cetera Financial Institutions to help us grow our retail investment program,” said Glenn Brodwater, president of Investors Financial. “Now that we have entered the fiduciary era, it’s clear that Cetera has the scale, resources and expertise that will enable our investment program to not only meet the rapidly evolving expectations of retail investors, but keep pace with the constant flow of changes coursing through the financial services industry.”
Investors Bank, a subsidiary of Investors Bancorp Inc., is based in Short Hills, New Jersey and serves consumers, businesses, corporate clients, and public entities through its branches in New Jersey and New York. The full-service community bank has more than $24 billion in assets and a network of more than 150 retail branches.
Cetera Financial Group is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.