Cetera Financial Group, one of the nation's largest broker-dealer and RIA networks, announced today that it has completed its purchase of Genworth Financial Investment Services Inc. (GFIS)
The unit becomes Cetera's fourth broker-dealer and investment advisory firm. GFIS has approximately 1,800 advisors and focuses on tax and accounting professionals who complement their practice by providing financial and investment advice to their clients. Cetera and the firm are working together to establish a new name for GFIS, which will be announced in the coming months.
Cetera's three other independent broker-dealer and investment advisory firms are Financial Network Investment Corporation, whose regional director network provides local support to more than 2,100 advisors through every stage of their business; Multi-Financial Securities Corporation, which provides flexible, customized solutions to more than 1,100 highly entrepreneurial advisors; and PrimeVest Financial Services, a self-clearing broker-dealer that focuses exclusively on serving nearly 500 financial institutions and more than 1,500 advisors. Combined Cetera now has more than 6,500 advisors.
GFIS brings approximately $13 billion in total client assets to Cetera, including $3.7 billion in fee-based advisory assets. Cetera's acquisition of GFIS places its family of broker-dealers among the nation's five largest firms by assets, revenue and total representatives.
The majority owner of Cetera is an affiliate of New York-based Lightyear Capital.