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With Voya Deal, Cetera Nears ‘Critical Mass’ to Go Public: Recruiter

21:06 08 February in In the News by rafferty

February 8, 2021 By Jeff Berman, ThinkAdvisor But a number of factors will determine Cetera's success at retaining Voya's 900 advisors, says recruiter Jon Henschen   Industry experts on Monday weighed in on what they saw as the potential positives and negatives of the announcement that Cetera Financial Group is acquiring the independent financial planning channel of insurer Voya Financial. The Voya deal should bring about 900 independent financial professionals with $40 billion in client assets to Cetera, giving it a total of roughly $300 billion in assets and nearly 9,000 financial professionals when the deal is completed later this year, the broker-dealer network said. Voya said in a statement that the deal would provide it with more than $300 million in deployable proceeds at closing. Moody updated its outlook on Cetera Financial Group holding company Aretec Group last...

SPACs: Not So SPACtacular

17:14 04 February in Articles Written by Jon Henschen by rafferty

February 3, 2021 By Jon Henschen, WealthManagement.com Blank check companies are a great deal—for their sponsors. For investors? The results so far have been abysmal, argues Jon Henschen.   Special Purpose Acquisition Companies, or SPACs, have been on a hockey stick growth chart since 2016. This alternative method of going public versus the traditional IPO process has been getting the attention of RIAs and broker/dealers such as Cetera’s Adam Antoniades, who has said SPACs may be a viable consideration for that firm going public. Longstanding IBD executives are also now directly involved with SPACs. That includes Larry Roth, who has held the CEO spot at both Cetera and Advisor Group, now raising capital for Britain-based Kingswood Holdings, whose blank check company Kingswood Acquisition Corp. recently went public with the intention of using raised capital to firms in the...

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Atria to buy a $4B firm using growth capital

17:29 03 February in In the News by rafferty

February 3, 2021 By Tobias Salinger, FinancialPlanning.com A wealth management holding company with a different approach than most private equity-backed acquirers is buying its sixth independent broker-dealer. Atria Wealth Solutions agreed to acquire SCF Securities, a Fresno, California-based IBD with 150 registered representatives and $4 billion in assets under administration, the firms announced Jan. 27. The parties didn’t disclose the financial terms of the deal, which they expect to close by July. Atria is buying 100% of the IBD, its insurance agency, and its RIA, dubbed SCF Investment Advisors. Read the fulll article on FinancialPlanning.com...

Atria Purchases California’s SCF, Reaches $95B In Assets Under Administration

17:23 03 February in In the News by rafferty

February 2, 2021 By Eric Rasmussen, FinancialAdvisor New York City-based wealth management holding company Atria announced last week it would purchase Fresno, Calif., broker-dealer SCF Securities, a firm with 150 independent financial professionals. With the latest deal, Atria’s broker-dealer subsidiaries will have $95 billion in assets under administration and 2,500 advisors. According to SCF’s Form ADV, it had $1.2 billion in regulatory assets under management as of September, as well as $178 million in non-discretionary assets and some 6,300 individual clients, as well as 200 institutional and corporate clients. The firm opened for business as “Securities Consultants Financial Inc.” in 1992, according to its website. Randy Meadows, the president and CEO of SCF, will continue in his role of president after the acquisition of SCF. The deal was for a 100% purchase of SCF...