Sonnenfeld Financial Group, based in Winona, Minn., and Lincoln Capital Inc., based in San Diego, are the latest affiliates to join the El Segundo, Calif.-based Cetera Advisor Networks, adding nearly $400 million in total assets, Cetera announced today in a news release.
The Sonnenfeld team, led by Terry Sonnenfeld, an investment advisor with nearly 30 years of experience, serves clients from offices in Edina, as well as Winona, Minn., overseeing $150 million in assets under administration, and providing investment management and retirement services. The practice joins Cetera through AdvisorNet, one of the largest regional teams within Cetera’s network.
“After careful consideration and thorough due diligence, we are pleased to affiliate our business with Cetera,” Sonnenfeld said in a prepared statement. “The people at AdvisorNet and Cetera have been extremely welcoming and collaborative, and we are encouraged by the planning resources and tools that this new affiliation provides. We look forward to a bright future for our clients and our business at Cetera.”
The Lincoln Capital team of four manages $245 million for individuals, families and businesses. The practice joins through another of Cetera’s regional teams, Summit Financial Networks. Mike Lincoln, lead advisor at Lincoln Capital, said in the news release that he and his team had conducted extensive due diligence and numerous discussions with other independent broker-dealers before settling on Cetera as their partner.
“We prioritized better resources and a stronger partnership that would ultimately benefit our clients and our business,” Mike Lincoln said in the news release. “Cetera’s technology suite is a welcome upgrade for our practice, and we look forward to leveraging the award-winning AdviceWorks and My Advice Architect platforms to better serve our clients. We are excited by this new affiliation and proud to call Summit and Cetera home.”
With these two latest affiliations, Cetera has attracted more than $1.1 billion in total assets in just May alone by pursuing an aggressive agenda of business development efforts. According to John Pierce, Cetera’s head of business development, the affiliations are a win-win for everyone involved.
"We are thrilled to welcome multiple, well-established, veteran teams to Cetera in the same week and look forward to collaborating to help them achieve even greater business success,” Pierce said in the news release. “Our internal sourcing and engagement team continues to successfully recruit financial professionals to large entities to grow enterprise value. We welcome these teams to Cetera and are confident their practices will thrive."
Founded in 2010, Cetera Financial Group serves affiliates making up the second-largest family of independent broker-dealers in the nation. As of December 31, 2021, the company reported overseeing approximately $353 billion in assets under administration and $122 billion in assets under management.