Cetera Financial Group is taking a significant step forward by merging two of its existing divisions, Avantax Planning Partners and The Retirement Planning Group, to create a new Registered Investment Advisor (RIA) named Cetera Planning Partners.
The newly formed firm will consist of over 100 advisors and manage approximately $19 billion in assets. This consolidation aligns with Cetera’s strategy for its division catering to advisors who function as direct employees.
Similar to other independent broker-dealers, Cetera offers advisors the option to join as independent contractors, allowing them to maintain control over their businesses while receiving a range of support services. However, Cetera Planning Partners presents an alternative affiliation option for advisors who prefer being employees while still retaining autonomy and back-office assistance.
The establishment of the new firm falls under Cetera’s RIA and Branches channel.
Cetera Financial Group
“We built Cetera Planning Partners around a simple idea — advisors should never have to choose between what’s best for their clients today and what’s right for the future,” stated Jennifer Hanau, president of the Cetera RIA and Branches channel.
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Avantax Planning Partners, The Retirement Planning Group bring specialties to the table
The merging of Avantax Planning Partners and The Retirement Planning Group brings together two employee-affiliation businesses, each with distinct areas of expertise.
Avantax Planning Partners serves as the employee arm of Avantax, a firm specializing in tax services that Cetera acquired in 2023. On the other hand, The Retirement Planning Group caters to high net worth clients, laying the groundwork for Cetera’s employee-affiliation option following its acquisition earlier that same year.
Cetera ranks among the largest wealth managers globally, securing the No. 4 spot in Financial Planning’s latest IBD Elite ranking of the largest independent broker-dealers by revenue. The firm oversees assets exceeding $640 billion under administration and supports around 12,000 advisors.
Over the past six years, Cetera has integrated over 70 firms into its RIA channel for employee advisors. Notable additions this year include Darnall Sikes Wealth Partners, based in Lafayette, Louisiana, managing approximately $1.9 billion in client assets.
