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