As the consolidation of the independent advisor business follwing the 2008 financial crisis continues to play out, Cetera Advisor Networks is acquiring Tower Square Securities and Walnut Street Securities from MetLife Inc.
Tower Square and Walnut Street together had approximately $25 billion in assets under management and 850 advisors as of December 31, 2012. After the deal closes, Cetera Financial Group will serve more than 7,000 advisors and have more than $130 billion in total client assets. The company has been built by acquiring BDs in the last four years and is now a major force in the independent BD segement of the financial advice business.
Cetera Advisor Networks is one of four broker-dealers owned by Cetera Financial Group, one of the nation’s largest privately-held, independent broker-dealer and investment adviser families.
MetLife says the transaction allows its U.S. retail division to focus its resources on its core distribution relationships, including its affiliated broker-dealer organization, accordiong to a press release.