MetLife Selling Tower Square Securities And Walnut Street Securities To Cetera Advisor Networks Hot

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.

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