Retention rates include over 91% of Securian Financial Service's financial professionals, and $50 billion in client assets exceeding the $47 billion previously stated at signing
All managing partners and financial advisors will form a new community in the Cetera ecosystem known as Cetera Wealth Management Group
SAN DIEGO, Aug. 10, 2023 /PRNewswire/ -- Cetera Financial Group (Cetera), the premier financial advice Wealth Hub, announced today that it has completed its acquisition of the retail wealth and trust business of Securian Financial Group, Inc. (Securian Financial). More than 91% of the invited financial professionals, representing nearly $50 billion in client assets, made the choice to join Cetera, which is in line with Cetera's transition projections. The financial professionals and their teams are now a distinct community, branded as Cetera Wealth Management Group, within Cetera Advisor Networks (CAN). Cetera purchased certain assets related to Securian Financial Services, Inc., as well as the equity of Securian Trust Company, NA., which is now a standalone Cetera entity named Cetera Trust Company, N.A., and will continue to serve its existing advisors and clients and expand to serve those in Cetera's other businesses. The transaction is the largest in Cetera's history, and nearly 150 team members are joining the Cetera home office staff from Securian Financial.
"We are thrilled to welcome so many Securian Financial professionals to Cetera, where we know they will grow and thrive as an integral pillar of the Cetera Advisor Networks community," said Tom Taylor, chief sales and growth officer at Cetera. "The close of this important partnership represents the beginning of a new phase of opportunity for the professionals who are joining us as well as everyone affiliated with Cetera. We look forward to a bright future for the managing partners, financial professionals and team members who now call Cetera home."
Taylor continued, "It's worth noting, cultural fit is everything in making unions successful, in both the near and long term. It's refreshing and reassuring how similar our cultures are, and how these top-caliber professionals and their leadership team feel like family. We share the same ethos of client-centricity and innovation and can't wait to get to work serving clients together, with even more products, solutions and support than before."
"I am excited and eager to begin our bright future at Cetera, and to offer its exponential growth, scale and optionality to our valued financial professionals, managing partners and team members," said Kjirsten Zellmer, president of Cetera Wealth Management Group. "The Cetera team has partnered with us to execute a strategic, expert onboarding and integration process that minimized business disruption and will position us for great success as Cetera Wealth Management Group. Cetera's financial stability and growth potential, with Mike Durbin and Adam Antoniades at the helm, position us as a true disruptor in a commoditized and crowded space. The human side of Cetera, its familial culture of caring, diversity and collaboration, is what made the choice to join Cetera an easy one."
Amid the transition, Cetera's customer service continues to shine, providing dedicated support advisors need to succeed in their business and serve their clients. Among Cetera advisors, satisfaction currently ranks among all-time highs with an overall satisfaction score of 4.7 out of 5 stars, based on more than 23,000 reviews. In addition, Cetera's Net Promoter Score (NPS) – considered the gold standard of customer-service metrics – is 53. An NPS over 50 is considered excellent, according to Bain & Company, which created the net promoter system to help companies measure and manage customer loyalty. The metrics underscore Cetera's track record of deep and proven service capabilities and represent a strong foundation for consistent, industry-leading support for advisors across Cetera communities.
Additionally, Cetera is accelerating the delivery of its digital experience and technology roadmap, with a focus on providing solutions designed to simplify and streamline core business activities for financial professionals and their teams, enhance the end-client digital experience to drive retention and acquisition, and enable business success through a unique and differentiated approach to growth. Cetera continues to prioritize and increase its investments in new and improved technology as a core component of its overarching growth strategy.
About Cetera Financial Group®
Cetera Financial Group (Cetera) is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.
Home to more than 8,000 financial professionals and their teams, Cetera oversees approximately $330 billion in assets under administration and $116 billion in assets under management, as of March 31, 2023. In a recent advisor satisfaction survey of more than 23,000 reviews, Cetera's Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it's ranked 4.7 out of 5 stars.
"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. All firms are FINRA/SIPC members. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries.
SOURCE Cetera Financial Group