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Cetera Nabs Another Bank Wealth Unit from LPL

January 12, 2018

Investors Bank is moving its wealth management business to the Cetera Financial Institutions platform, Cetera says in a press release.

Investors Financial encompasses more than 65 licensed bankers and 22 “financial professionals” that work across Investors Bancorp’s branches in New Jersey and New York and includes around $700 million in assets under management, according to the press release. The unit’s focus is on mass affluent and high net worth retail investors and company retirement plans, Cetera says.

“Now that we have entered the fiduciary era, it’s clear that Cetera has the scale, resources and expertise that will enable our investment program to not only meet the rapidly evolving expectations of retail investors, but keep pace with the constant flow of changes coursing through the financial services industry,” Glenn Brodwater, president of Investors Financial, says in the press release.

Investors Financial was previously affiliated with INVEST Financial Corporation, part of the National Planning Holdings network whose assets LPL Financial acquired last summer, according to WealthManagement.com. In September, Cathay Bank — which had left Cetera Financial Group to go with LPL during Cetera’s restructuring — came back to CFI, the web publication writes. Investors Financial, meanwhile, plans to add 10 more advisors, according to WealthManagement.com.

LPL Financial bought NPH’s assets from Jackson National Life in August for $325 million, with a contingent payment of up to $123 million if at least 72% of the estimated $120 billion in assets on NPH’s network onboard to LPL. Several firms have opted to part ways with LPL, but the company has so far been able to onboard 71 advice firms managing between $100 million and $499 million, at least seven groups managing between $500 million and $999 million, and four outfits with a combined total of $9 billion in assets.

By Alex Padalka
  • To read the Wealth Management article cited in this story, click here.