The transaction adds nearly 800 advisors and more than $25bn in client assets. Cetera now serves almost 7,400 advisors with more than $141bn in total client assets, including over $33bn in fee-based advisory assets.
Commenting on the acquisition, Cetera CEO Valerie Brown said, "This acquisition will also be a win for our current advisors as we benefit from the expertise that Tower Square and Walnut Street have in the retirement and insurance markets."
Under the terms of the deal, the acquired entities will be absorbed by Cetera Advisor Networks.
The advisors of Tower Square and Walnut Street are located across the country, which will strengthen Cetera’s footprint in the Midwest and Northeast.
The new advisors will gain access to Cetera’s comprehensive broker dealer and registered investment adviser resources such as wealth management and technology platform, fee-based financial consulting programs, and Connect2Clients and C2CSocial marketing platforms.
Cetera Financial Group delivers wealth management and advisory platforms, complete broker-dealer and registered investment adviser services, and new technology for nearly 7,400 independent financial professionals and approximately 600 financial institutions across the US.
