Cetera to acquire Voya Financial Advisorsâ independent advisory arm in $300M deal
Monday, February 8, 2021 3:29 PM
Voya Financial Inc. announced today that it has entered into a definitive agreement with Cetera Financial Group Inc. for Cetera to acquire the independent financial planning channel of Voya Financial Advisors, Voya’s registered investment adviser and broker-dealer.
Through the transaction, approximately 900 independent financial professionals serving retail customers with about $40 billion in assets will become part of Cetera, which is one of the largest U.S. networks of independently managed broker-dealers. The VFA legal entity and about 600 field and phone-based financial professionals who support Voya’s retirement business and clients will remain with Voya, the companies said in a news release.