Cetera Adds $265M Firm from Osaic
Cetera is partnering with Callero Capital Management, a registered investment advisor (RIA) with $265 million in assets under administration (AUA).
The firm, based in the northwest suburbs of Chicago, provides comprehensive wealth management and retirement planning services to individuals, families, and business owners.
Veteran advisors and cousins Matthew Callero and Christopher Callero will join Cetera Financial Specialists within Cetera’s Tax & Accounting channel. The team says it chose Cetera as a partner for its organic and inorganic growth opportunities.
“The decision to move has been many months in the making and followed an exhaustive search among independent broker-dealers. We believe that Cetera’s back-office support is vital for a growth-minded advisory firm like ours,” said Matthew Callero, president of Callero Capital Management. “We’re honored to partner with Cetera to support our client service model and pursue our firm’s growth goals. Cetera is the premier partner that truly supports our vision for Callero Capital’s future.”
The firm had recently been affiliated with Woodbury Financial Services, which rebranded as Osaic in a larger acquisition. The move was driven by “challenges stemming from Osaic’s integration of broker-dealers,” according to a statement by Callero Capital.
At Cetera, Matthew Callero says the firm looks forward to partnering with like-minded advisors on its succession plans within the next few years.
“We’re positioned to welcome additional producing advisors who share our client-first philosophy,” he adds. “With many advisors approaching retirement themselves, local advisors are seeking succession solutions and are reaching out to ensure their clients’ futures.”
He continued, “We will be active in pursuing local acquisition opportunities over the next 3 to 5 years. Just as we were uber selective when choosing to partner with Cetera, we will be equally as selective when partnering with advisors on succession – only service-minded practices with a loyal client base will align with our approach. We have the systems and experienced staff in place to help ensure continuity for their clients.”
Cetera firms managed over $625 billion in AUA and $284 billion in assets under management (AUM) as of September 30.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
