San Diego – August 10, 2023 –Cetera Financial Group announced today that it has completed its acquisition of the retail wealth and trust business of Securian Financial. More than 91% of the invited financial professionals, representing nearly $50 billion in client assets, made the choice to join Cetera, which is in line with Cetera’s transition projections. The financial professionals and their teams are now a distinct community, branded as Cetera Wealth Management Group, within Cetera Advisor Networks (CAN). Cetera purchased certain assets related to Securian Financial Services, Inc., as well as the equity of Securian Trust Company, NA., which is now a standalone Cetera entity named Cetera Trust Company, N.A., and will continue to serve its existing advisors and clients and expand to serve those in Cetera’s other businesses. The transaction is the largest in Cetera’s history, and nearly 150 team members are joining the Cetera home office staff from Securian Financial.
“We are thrilled to welcome so many Securian Financial professionals to Cetera, where we know they will grow and thrive as an integral pillar of the Cetera Advisor Networks community,” said Tom Taylor, chief sales and growth officer at Cetera. “The close of this important partnership represents the beginning of a new phase of opportunity for the professionals who are joining us as well as everyone affiliated with Cetera. We look forward to a bright future for the managing partners, financial professionals and team members who now call Cetera home.”
Taylor continued, “It’s worth noting, cultural fit is everything in making unions successful, in both the near and long term. It’s refreshing and reassuring how similar our cultures are, and how these top-caliber professionals and their leadership team feel like family. We share the same ethos of client-centricity and innovation and can’t wait to get to work serving clients together, with even more products, solutions and support than before.”
“I am excited and eager to begin our bright future at Cetera, and to offer its exponential growth, scale and optionality to our valued financial professionals, managing partners and team members,” said Kjirsten Zellmer, president of Cetera Wealth Management Group. “The Cetera team has partnered with us to execute a strategic, expert onboarding and integration process that minimized business disruption and will position us for great success as Cetera Wealth Management Group. Cetera’s financial stability and growth potential, with Mike Durbin and Adam Antoniades at the helm, position us as a true disruptor in a commoditized and crowded space. The human side of Cetera, its familial culture of caring, diversity and collaboration, is what made the choice to join Cetera an easy one.”
Amid the transition, Cetera’s customer service continues to shine, providing dedicated support advisors need to succeed in their business and serve their clients. Among Cetera advisors, satisfaction currently ranks among all-time highs with an overall satisfaction score of 4.7 out of 5 stars, based on more than 23,000 reviews. In addition, Cetera’s Net Promoter Score (NPS) – considered the gold standard of customer-service metrics – is 53. An NPS over 50 is considered excellent, according to Bain & Company, which created the net promoter system to help companies measure and manage customer loyalty. The metrics underscore Cetera’s track record of deep and proven service capabilities and represent a strong foundation for consistent, industry-leading support for advisors across Cetera communities.
Additionally, Cetera is accelerating the delivery of its digital experience and technology roadmap, with a focus on providing solutions designed to simplify and streamline core business activities for financial professionals and their teams, enhance the end-client digital experience to drive retention and acquisition, and enable business success through a unique and differentiated approach to growth. Cetera continues to prioritize and increase its investments in new and improved technology as a core component of its overarching growth strategy.