Cetera Adds $640 Million Wealth Management Practice
Cetera Financial Group continues adding wealth management practices, most recently adding a Chicago-based independent retirement and investment services firm that has a niche in managing assets for members of organized labor, according to Cetera.
Megent Financial has joined Cetera Advisors, one of the independent firms on Cetera Financial Group’s network, according to a press release from Cetera.
Megent’s team of more than 20 people oversees $640 million, which is a 156% rise since 2012, Cetera says. In addition to serving organized labor members, Megent offers advanced planning, financial product integration and coordination of financial decisions to individual investors and businesses, according to the press release. Megent plans to continue growing organically and expanding its advisor ranks, Cetera says.
“We’ve never felt more sincerely and genuinely wanted, valued or most importantly, understood,” Eric Burton, Megent’s managing director and president, wrote in an email to Cetera president Mimi Bock, according to the press release. “Nothing I type here can do my feelings justice and I’m actually stumbling over what to type but I just wanted you to know that your entire team, from the bottom to the top, has been exceptional and has done everything right. You’re building something very special and we want to be part of it.”
Cetera has brought on several large practices in recent months to its network of independent broker-dealers.
In February, the investment services group of the teacher-founded not-for-profit co-op Rogue Credit Union joined the Cetera Financial Institutions platform.
Earlier the same month, Cetera Advisor Networks added a Melville, N.Y.-based wealth management practice overseeing $2.5 billion.
But Cetera Financial Group is also looking for a new CEO to replace Robert Moore, who’s departing at the end of this month due to health reasons.