Voya Financial Inc. (NYSE: VOYA) has completed the sale of Voya Financial Advisors’ independent financial planning channel to Cetera Financial Group. More than 800 independent financial professionals serving retail customers have become part of Cetera, while approximately 600 field and phone-based financial professionals will remain with Voya Financial Advisors to support its workplace businesses and clients.
Cetera retained approximately 90 percent of the 900 Voya financial advisors, and 93 percent of the $40 billion in assets under administration.
The Voya financial planning channel will rebrand as Cetera Wealth Partners, which has approximately $37 billion of total AUA.
The transaction provided Voya with more than $300 million in deployable proceeds.
“All transitions are complex, but the competence and capability shown by the integration teams at Cetera and Voya is remarkable,” said Tom Halloran, president of Cetera Wealth Partners. “Our collective ability to anticipate needs and quickly adapt the integration plan provided us with a smooth onboarding process.”
Cetera Financial Group is a network of independent retail firms 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.