Cetera today announced that it has acquired BAR Financial, a California financial services firm comprising nearly 300 independent financial professionals and nearly $4 billion in assets under management.
The terms of the transaction were not disclosed. The announcement said Bar has transitioned to become a Cetera-owned, region-managed group, allowing BAR to retain its brand autonomy while directly benefiting from the resources and scale Cetera offers.
Founded in 1988 by partners John Brackett, Eric A. Huck and Anthony Tarantino, Bar is known for its tiered-services management model. The firm has created a growth model for independent financial professionals and institutions that aligns with Cetera’s strategy to drive growth for its network. In addition to its headquarters in Concord, Calif., BAR has offices in Rancho Cordova, Calif., Punta Gorda, Fla., and Albuquerque, N.M.
BAR's partners will continue to lead the BAR region as regional directors for three years. BAR employees will become Cetera employees, continuing to focus on the BAR business, according to the announcement.
“Cetera now offers us the best opportunity for continued growth with no disruption to our business. We look forward to the additional benefits being part of Cetera will bring in terms of resources and scale,” Brackett said in a statement.
Cetera CEO Adam Antoniades noted that the El Segundo, Calif.-based firm buys both independent financial professionals’ businesses as well as large enterprises and super OSJs, or ‘regions.’ “Succession is not just an exit strategy. When properly designed and implemented, it creates a foundation for growth and optimization and increases the value of a business,” he said.