Cetera Pays Close To $80 Million To Add 2,000 Genworth Advisors To Its Network

Tuesday, January 10, 2012 09:47
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Cetera Pays Close To $80 Million To Add 2,000 Genworth Advisors To Its Network

Cetera is adding a fourth unit to its broker-dealer advisory network -- and this one has an interesting twist.

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The firm's new acquisition, Genworth Financial Investment Services, currently has about 2,000 advisors with a focus on tax planning and other accounting-driven services.

 

Parent Genworth Financial is letting it go for $78.5 million and will concentrate on its broader-based brokerage services.

 

Cetera has been aggressively courting individual advisors, but this is its first outright acquisition in awhile.

 

It currently runs Financial Network Investment Corp. (1,800 advisors), Multi-Financial Securities (1,000 advisors), and PrimeVest, which works with 600 banks and other financial institutions.

 

The money is clearly out there for M&A. The question is why other firms can't find bidders -- or won't accept the bids they have.

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