Cetera Financial Group to Purchase Voya Financial, Brokerage Unit
ADVISOR HUB | February 8, 2021 | Jake Martin
Continuing a trend of consolidation among independent broker-dealers, Cetera Financial Group has agreed to acquire Voya Financial’s retail brokerage business serving around $40 billion in client assets ….
He writes: The deal would add around 900 independent brokers and 385,000 customers to Cetera Advisor Networks, one of five independent broker-dealers under the umbrella of El Segundo, California-based Cetera, according to the company. The transaction is expected to close in the second or third quarter of 2021, the companies said. Terms of the deal were not disclosed, but Des Moines, Iowa-based Voya said it expects to receive more than $300 million in “deployable proceeds” at closing. . . Read Article