Cetera Financial Group announced that it has acquired Regal Wealth Advisors, a wealth management firm in Myrtle Beach, S.C., with $312 million under administration. 

With the deal, Regal has joined Summit Financial Networks, a region of Cetera Advisor Networks from LPL Financial, a company press release said.

Regal Wealth was co-founded by advisors Michael McCarthy and Andrew S. Pincus, and also includes advisor Fred DeVeiga, according to a press release. All three are CFP planners, while Pincus and DaVeiga are also CPAs, the release said.

“We were drawn to Summit because its culture so closely mirrors our own,” McCarthy said in a prepared statement. “At Regal Wealth Advisors, we differentiate ourselves by providing personalized attention to our clients—and we know we can expect the same from Summit.”

Marshall Leeds, president and regional director of Summit Financial Networks, said in the press release that “Summit is an ideal fit for advisors looking for tailored support for the betterment of their clients’ futures."

Cetera Financial Group is the nation's second-largest network of independent broker-dealers, with more than 12,000 financial professionals, more than $475 billion in assets under administration and $190 billion in assets under management as of Dec. 20, according to the company.

Summit Financial, based in Boca Raton, Fla., says on its website that its region generates the highest revenues per advisor within Cetera Advisor Networks, which is the largest of Cetera's four broker-dealers, with 4,000 advisors opperating from more than 45 regions. The other broker-dealers under the Cetera fold are Cetera Advisors, Cetera Investment Services (marketed as Cetera Financial Institutions or Cetera Investors) and Cetera Financial Specialists, according to the company.