RCS Capital Corporation (RCS Capital) announced today that it completed its acquisition of Girard Securities, Inc. (Girard), an independent broker-dealer (IBD) with 250 financial advisors and over $10 billion in assets under administration.
RSC Capital’s IBD network Cetera Financial Group (Cetera), now manages $236 billion in assets and has about 9,600 financial advisors making it one of the largest networks of independent broker-dealers in the country.
“The acquisition [of Girard] positions Cetera Financial Group to benefit from the anticipated long-term growth of the economy and rising interest rates with the addition of $10 billion in assets under administration,” commented Michael Weil, RCS Capital’s Chief Executive Officer.
Cetera’s network of 11 IBDs includes Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, The Legend Group, Investors Capital Corporation, J.P. Turner & Company, Summit Brokerage Services, VSR Financial Services, and now Girard.
Weil added, “We believe our ability to enable financial advisors and firms access to our existing infrastructure and unlock value through the benefits of scale and enhanced technology continues to resonate as an industry leading value proposition. We look forward to welcoming Girard’s experienced and dedicated financial advisors to the Cetera Financial Group family.”
“Our financial advisors are excited to join the Cetera Financial Group family of broker-dealers,” commented Susie Woltman Tietjen, Chairman and Chief Executive Officer of Girard. “We expect this transaction will allow us to benefit from RCS Capital’s scope and scale to deliver greater benefits to our clients, including access to a diversified portfolio of investment and wealth-planning solutions.”
Established in 1986, the San Diego-based Girard boasts a 99% retention rate amongst its advisors and prides itself on service, personal touch, and loyalty to its advisors.
“The Girard team complements our advisor- and client-focused culture and we look forward to working with their advisors to bring customized and comprehensive financial solutions to the growing number of Americans looking for independent financial advice,” said Larry Roth, Chief Executive Officer of Cetera Financial Group.