Cetera Holdings is acquiring The Retirement Planning Group (TRPG), a registered investment advisory (RIA) firm with $1.4 billion in assets.
As of April 30, TRPG provides tax solutions and payroll and bookkeeping services to 1,825 high-net-worth individual investors, families and retirees, and employs 40 professionals, including 14 advisors.
The firm is led by CEO Kevin Conard, and is headquartered in Leadwood, Kansas with offices in St. Louis and Denver.
“As we looked to the future of our business, we quickly realized that Cetera delivers on all the areas that are most important to our business and our clients,” Conard said in a statement. “This partnership sets us up for a bright future as we continue to attract advisors seeking to focus more on taking care of their clients and less on the operational aspects of running a business. Cetera is a great cultural fit for our employees and our clients, and we are excited and honored to call Cetera home.”
The deal signals a serious move into the RIA space from Cetera, the parent company of Cetera Financial Group, who just last month hired former Fidelity Investment senior executive Mike Durbin as its CEO.
It’s also the latest of several moves and acquisitions during the past months. Aside from Durbin’s hiring, Cetera made minority investments in NetVEST Financial, LLC and Prosperity Advisors, LLC. In January, Cetera announced that it had entered into a definitive agreement to acquire the retail wealth business of Securian Financial Group, which works with over 1,000 advisors and oversees 24.8 billion in assets under management (AUM) and $47.4 billion in assets under administration (AUA).
“We admire and embrace TRPG’s values and commitment to helping investors reach their version of financial wellbeing through all life stages,” said Durbin, in a statement on the acquisition. “We welcome TRPG to Cetera and look forward to close collaboration and shared success for many years to come.”
Terms of the acquisition were not provided.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.