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Cetera Acquires Super OSJ BAR Financial

19:27 13 January in In the News by rafferty

January 13, 2021 By Diana Britton, WealthManagement.com The acquisition provides a succession plan for the founding partners of BAR, which has 300 advisors and $4 billion in assets under management. Cetera Advisor Networks announced Wednesday morning it has acquired one of its own super offices of supervisory jurisdiction (OSJ), or “regions” as the firm calls them—BAR Financial, which has 300 advisors, about 30 employees and $4 billion in assets under management. Terms of the deal were not disclosed. The move provides a succession plan for BAR’s three founding partners, John Brackett, Eric A. Huck and Anthony Tarantino, who are near retirement age, and it provides a path forward for the firm’s advisors with as little disruption as possible. There will be no repapering involved, and BAR’s management team and support staff will remain in...

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Advisor Group, Cetera Face Heavy Debt, Big Risks

18:09 11 January in In the News by rafferty

January 8, 2021 By Jeff Berman, ThinkAdvisor Credit agencies say these firms' debt loads weigh on their ratings. But the firms say it's a strategy they can manage. (The private equity firm Reverence Capital bought a 75% stake in Advisor Group in 2019.) Advisor Group Comfortable With Debt Level Advisor Group declined to specify how it financed the Ladenburg acquisition or comment on Henschen’s estimate of how much of its cash flow is used to service junk bonds. “As a private company we do not disclose or publicly discuss our financial statements,” Jamie Price, Advisor Group president and CEO, pointed out. Price also said: “Our management and board are comfortable with our leverage given our strong recurring cash flow and high cash position. We are benefiting from lower rates on our variable debt and we have a significant...

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IBD Berthel Fisher in Talks to Sell to Cetera

20:18 15 May in In the News by rafferty

May 15, 2020 By Diana Britton, WealthManagement.com Sources say it would make sense for Berthel Fisher to sell, given the low rate environment and its history with high-risk alternatives. Cedar Rapids, Iowa-based independent broker/dealer Berthel Fisher, which has a couple hundred advisors, is in advanced discussions to be acquired by Cetera, according to sources close to the investment banking community. Other b/ds have looked at buying Berthel Fisher, but Cetera is the only one who has submitted a bid so far. The two companies have been in discussions for at least the last month, and any deal would likely be an asset sale, said one investment banking source, who declined to be named. Another source close to the investment banking community said the deal would likely be done soon and would be a semi-distressed transaction....