Los Angeles-based Cetera Financial Group has announced the sale of Legend Group Holdings to Fort Washington, Pa.-based Lincoln Investment Capital Holdings.
Cetera announced the sale of the Legend Group from affiliate First Allied Holdings to Lincoln Investment in September 2016. Financial terms of the deal were not disclosed. Lazard served as financial advisor to Cetera for the transaction.
Lincoln Investment Capital Holdings is the parent company of Lincoln Investment Planning, a full-service independent broker-dealer and RIA.
“We welcome The Legend Group's financial advisors to the Lincoln Investment community, and we look forward to supporting them in growing their businesses by effectively providing the professional advice their mass affluent and high net worth clients need,” said Ed Forst, president and CEO of Lincoln Investment, in a released statement.
The Legend Group focuses on supporting the delivery of financial advice to 403(b) retirement savings plans, typically available to employees of non-profit and public institutions.