Cetera Financial Group announced April 5, 2013, that they are purchasing two independent broker dealers, Tower Square Securities and Walnut Street Securities, from MetLife Inc. Cetera Financial Group currently includes:
- Cetera Advisors Network (formerly Financial Network Investment Corp.)
- Cetera Financial Institutions (formerly PrimeVest Financial Services)
- Cetera Financial Specialists (formerly Genworth Financial)
The acquisition of Walnut Street and Tower Square will bring another 800 financial advisors to Cetera , for a total of over 7000, and is a continuation of Cetera's expansion efforts. Cetera Financial Group will have over $130 billion in client assets following the merger of Walnut Street and Tower Square into Cetera Advisors Network.
Cetera began its independent broker dealer venture in 2010 by purchasing several broker dealers from ING, the Dutch insurer and last year acquired Genworth Financial Investment Services, now called Cetera Financial Specialists.
MetLife will still be in the independent broker-dealer industry with its two other broker-dealers MetLife Securities, Inc. and New England Securities, Inc.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.