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


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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