Cetera Financial Group to Acquire Genworth Financial Investment Services

The firm will become Cetera’s fourth broker-dealer and investment advisory firm focused on tax and accounting professionals

LOS ANGELES--(BUSINESS WIRE)-- Cetera Financial Group, one of the nation’s largest broker-dealer networks, has announced that it plans to acquire Genworth Financial Investment Services, Inc. (GFIS), from Genworth Financial. The proposed acquisition is scheduled to close in approximately 90 days, pending regulatory approvals. The unit will become Cetera’s fourth broker-dealer and investment advisory firm, focusing on tax and accounting professionals who complement their tax services by providing financial and investment advice to their clients.

“GFIS advisors offer a unique value proposition to the market that is complementary to our other firms. This transaction offers us an opportunity to expand our family of broker-dealers, and cements our commitment to support the multiple faces of independence,” said Valerie Brown, Cetera’s chief executive officer. “GFIS will benefit from Cetera’s singular focus on helping advisors serve their clients. Through our sophisticated investment management platforms, industry-leading technology and breadth of products, quite simply, Cetera is an exceptional place to grow a fee-based business.”

The firm will join Cetera’s three independent broker-dealers: Financial NetworkInvestment Corporation whose regional director network provides local support to nearly 1,800 advisors through every stage of their business; Multi-FinancialSecurities Corporation, which provides flexible, customized solutions to more than 1,000 highly entrepreneurial advisors; and PrimeVest Financial Services, a self-clearing broker-dealer that focuses exclusively on serving more than 600 financial institutions.

“We could not have asked for a more strategic move,” said Enrique Vasquez, president and chief executive officer, GFIS. “I’ve known Valerie Brown for many years and admire Cetera’s momentum and leadership in meeting the needs of independent financial advisors. Our shared values and cultural fit make this an exciting opportunity. Leveraging Cetera’s scale, resources and support will help us drive continued growth for our financial advisors and expand our presence in the growing market of tax and accounting professionals. At the same time, we look forward to maintaining a strong relationship with Genworth and continuing to offer their competitive suite of insurance and investment solutions.”

Vasquez will remain the head of the fourth distinct firm, reporting to Brown and serving on Cetera’s executive committee. Additionally, Cetera and the firm will work together to rebrand the broker-dealer.

With nearly 2,000 independent financial advisors, Genworth Financial Investment Services has specialized in helping tax and accounting professionals successfully integrate wealth management into their practices since it was founded in 1981. The business has been a wholly owned subsidiary of Genworth Financial, a leading Fortune 500 company, since 1998.

About Cetera Financial Group

Cetera Financial Group is theparent companyof the nation’s largest privately held family of independent broker-dealers. It provides comprehensive broker-dealer services, competitive advisory programs, and innovative technology for approximately 5,000 independent financial professionals and more than 700 financial institutions and their investor clients, nationwide. Through its three distinct broker-dealer platforms, Financial Network Investment Corporation, Multi-Financial Securities Corporation and PrimeVest Financial Services Inc., Cetera combines the benefits of efficiency and ongoing investment provided by a large broker-dealer with the relationship focus and customized solutions of a smaller firm. Based in Los Angeles, Cetera is committed to helping advisors grow their business and strengthen their relationships with clients. For more information, visit www.cetera.com.

Cetera Financial GroupShayna Inman310-257-7380
[email protected]
www.cetera.com

Source: Cetera Financial Group