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Midsize Advisor Group IBD SagePoint taps head recruiter as next CEO

20:22 22 February in In the News by rafferty

February 18, 2021 By Tobias Salinger, Financial Planning   A midsize Advisor Group firm tapped its head recruiting executive to be CEO, as the private-equity-backed firm seeks a leg up in the highly competitive advisor talent race. SagePoint Financial picked Desireé Sii to replace retiring CEO Jeff Auld after his 13-year tenure, the independent broker-dealer said Feb. 8. Only five other firms out of 50 in Financial Planning’s annual IBD Elite rankings list women as their chief executive. Phoenix-based SagePoint is the fourth-largest firm in Advisor Group’s network and No. 20 in the sector.   Read the full article on FinancialPlanning.com...

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LPL’s M&A Program Goes Live

20:50 11 February in In the News by rafferty

February 11, 2021 By Diana Britton, WealthManagement.com The new service, out of its pilot stage, is now available to all LPL advisors and promises to shorten the time it takes them to complete acquisitions from six to nine months to 60 to 90 days. LPL Financial said Thursday that its LPL Financial M&A Solutions, a suite of services to help advisors navigate mergers and acquisitions from start to finish, is now available to all of LPL's 17,287 advisors. The offering has been in a pilot program with a small group since 2019. LPL launched the platform to help advisors with all the issues and steps involved in a sourcing and closing acquisitions or mergers, with single point of contact on one platform. LPL will finance the deals from its own balance sheet. The firm has shortened the time to complete deals...

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S&P: Voya Deal Does Not Impact Cetera Credit Rating

17:29 11 February in In the News by rafferty

February 10, 2021 By Diana Britton, WealthManagement.com Cetera's acquisition of Voya's financial planning channel is expected to moderately increase the firm’s leverage, but not enough to change S&P Global Ratings' credit outlook. S&P Global Ratings said this week the acquisition of the independent financial planning channel of Voya Financial Advisors would have only a minimal impact on Cetera Financial Group's debt ratio and will strenghten the firm's market position. The debt rating agency said the deal would not impact the firm's B- credit rating for Aretec Group, the holding company for Cetera Financial Group. WealthManagement.com first reported that the deal was imminent over the weekend. S&P said the deal is expected to moderately increase the firm’s pro forma leverage for 2020 to a range of 5.75x to 6.25x debt to EBITDA, up from the analysts’ previous expectation of 5.5x to...

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Cetera Adds 900 Advisors, $40B in AUM in Voya Deal

02:54 10 February in In the News by rafferty

February 8, 2021 By Samuel Steinberger, Diana Britton, WealthManagement.com The 900 Voya advisors won't have to repaper client accounts, and Cetera will offer some form of transition assistance to retain them. Cetera Financial Group and its private equity parent company Genstar announced early Monday that they have entered into a definitive agreement to acquire the assets within the independent financial planning channel of Voya Financial Advisors. Cetera’s acquisition will see 385,000 retail clients and nearly $40 billion in assets becoming a part of Cetera, as 900 independent "financial professionals" transition to the firm, according to an announcement from Voya. WealthManagement.com first reported that the deal was imminent over the weekend. Two groups of financial advisors—encompassing about 600—are not part of the deal and will remain at Voya, including the firm’s phone desk professionals who work with...