This week, Cetera acquires the retail wealth and trust business of Securian Financial, The Standard announces new products to its recordkeeping platform, and Lincoln Financial awards RDK Advisors for client service excellence.
Cetera buys Securian Financial’s retail wealth business
Cetera Financial Group (Cetera) has acquired the retail wealth and trust business of Securian Financial Group, Inc. (Securian Financial).
Ninety-one percent of the group’s financial professionals, representing nearly $50 billion in client assets, will join Cetera as part of the acquisition.
The financial professionals and their teams will now be branded as Cetera Wealth Management Group, within Cetera Advisor Networks (CAN). Cetera purchased certain assets related to Securian Financial Services, Inc., as well as the equity of Securian Trust Company, NA., which is now a standalone Cetera entity named Cetera Trust Company, N.A.
The transaction is the largest in Cetera’s history, and nearly 150 team members are joining the Cetera home office staff from Securian Financial.
“We are thrilled to welcome so many Securian Financial professionals to Cetera, where we know they will grow and thrive as an integral pillar of the Cetera Advisor Networks community,” said Tom Taylor, chief sales and growth officer at Cetera. “The close of this important partnership represents the beginning of a new phase of opportunity for the professionals who are joining us as well as everyone affiliated with Cetera. We look forward to a bright future for the managing partners, financial professionals and team members who now call Cetera home.”
“I am excited and eager to begin our bright future at Cetera, and to offer its exponential growth, scale and optionality to our valued financial professionals, managing partners and team members,” said Kjirsten Zellmer, president of Cetera Wealth Management Group. “The Cetera team has partnered with us to execute a strategic, expert onboarding and integration process that minimized business disruption and will position us for great success as Cetera Wealth Management Group. Cetera’s financial stability and growth potential, with Mike Durbin and Adam Antoniades at the helm, position us as a true disruptor in a commoditized and crowded space. The human side of Cetera, its familial culture of caring, diversity and collaboration, is what made the choice to join Cetera an easy one.”
The Standard announces recordkeeping products
The Standard has introduced seven new products and services to its retirement plan recordkeeping business, including pooled employer plans, automated clearing house electronic loan repayment and a practice to return foreign tax credits to participant accounts. The offerings follow The Standard’s recent acquisition of Securian Financial’s retirement plan recordkeeping business.
“We’ve brought together the best of both organizations — Securian and The Standard — to deliver a comprehensive suite of differentiated products and services,” said Jason Burlie, head of retirement plan sales for The Standard.
Among the new products include pooled employer plans; ACH loan repayment; foreign tax credits; financial wellness resources that offer personalized and interactive experiences; a step-up savings service that helps boost retirement savings with automatic annual contribution rate increases; retirement planning resources for Spanish speakers; and TargetAge and Target Risk portfolios.
Lincoln Financial Network awards RDK Advisors
RDK Advisors – a financial services firm based in San Antonio, Texas, headed by Robert D. Kinnally, Jr., – has been awarded the 2022 President’s Trophy by Lincoln Financial Network (LFN).
The President’s Trophy is presented annually in recognition of a firm’s commitment to client service, talent and financial strength. The RDK Advisors group, which includes registered representatives of Lincoln Financial Securities (LFS), was also awarded the honor in 2015, 2016, 2019 and 2020.
“At Lincoln Financial Network, our financial professional community is empowered to maintain independence over their practices, while at the same time leveraging the resources and opportunity for connection and best practice sharing with other financial professionals that our network offers,” said Stafford Moser, head of Lincoln Financial Securities & Agency Distribution, Lincoln Financial Network. “Robert and his team are a prime example of the incredible success you can achieve by taking advantage of all LFN has to offer, and we are truly grateful for their commitment to our network.”
As president and agency leader of RDK Advisors, Kinnally has more than two decades of industry experience and is a registered principal of LFS.
SEE ALSO:
- Corporate Roundup: Mercer and Cetera Acquisitions, Ascensus Expansions
- Corporate Roundup: ShareBuilder Offers 401k Safe Harbor, TIAA RetirePlus Passes Milestone
- Corporate Roundup: Mercer Appoints Global COO, Securian Financial Hires
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.