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Advisor Group seeking nearly $1M in lawsuit against Venerable

Advisor Group seeking nearly $1M in lawsuit against Venerable
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In Advisor Group lawsuit, the right hand is suing the left

In Advisor Group lawsuit, the right hand is suing the left The independent broker-dealer, backed by Reverence Capital Partners, is suing an annuity company owned, in part, by the same private equity firm. April 21, 2021 2 MINS It’s a tale perhaps only possible in an era when the financial services industry is awash in private equity money: A large network of broker-dealers, Advisor Group Inc., is claiming in a lawsuit that an annuity manufacturer, the former Voya Insurance and Annuity Co., is in breach of contract and has turned its back on a marketing agreement that paid Advisor Group $300,000 per year.

Cetera to acquire Voya Financial Advisors independent advisory arm in $300M deal

Cetera to acquire Voya Financial Advisors’ 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.

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