Cetera Acquires RIA Financial Services Firm MAGIS Financial Partners
LOS ANGELES, March 9, 2021 /PRNewswire/ -- Cetera® has acquired MAGIS Financial Partners, a Philadelphia-based financial services firm currently supporting over $490 million in assets under management and operating a separate RIA that will transition to Cetera. Through this transaction, MAGIS who is already leveraging the Cetera platform for a portion of its business will now become a Cetera-owned group. This will allow its producers led by President, Steven Zimmerman to also transition their RIA business to Cetera, while retaining their culture and benefiting from the resources and scale Cetera offers.
Cetera has a commitment to supporting multiple affiliation models and purchasing the RIA is another example which demonstrates success in meeting financial professionals where they are in support of their growth objectives. Known for its industry-leading technology, Cetera has experience in making the process of ownership and succession changes as smooth as possible for financial leaders and their practices.
Through its previous affiliation, the MAGIS team has been a leader in delivering holistic financial planning to investors through Cetera's Advice-Centric Experience®. "We have long subscribed to Cetera's proven growth methodology and have witnessed its benefits firsthand. This, coupled with Cetera's ability to meet the succession needs of our ownership group, simply aligns the interests of all stakeholders and frees us of the day-to-day burdens of managing an RIA," said President Steven Zimmerman. "We can deepen our focus on helping more clients on their journey to financial wellbeing."
Brett Harrison, head of Cetera's community for independent financial professionals, said, "The home office team at Cetera is thrilled to continue championing the success and growth of MAGIS in a more direct capacity. Our desire and ability to support advisors through every stage of their business life is unique. Whether it's an acquisition, ownership change or new affiliation, Cetera stands ready to support the full business lifecycle and inspire growth for financial practices nationwide."
MAGIS, an RIA previously owned by a Genstar portfolio company, is primarily focused on financial planning and holistic advice to over 350 households. Financial terms of the transaction will not be publicly disclosed.
About Cetera Financial Group®
Cetera Financial Group (Cetera) is a leading financial advice firm. It empowers the delivery of an Advice-Centric Experience® to individuals, families and businesses across the country through independent financial professionals as well as trusted tax professionals and banks and credit unions. It's headquartered at 200 N. Pacific Coast Highway, Suite 1200 El Segundo, CA 90245-5670.
Comprehensive services include: wealth management solutions, retirement plan solutions, advisory services, practice management support, innovative technology, marketing guidance, regulatory support, and market research.
"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists LLC, and First Allied Securities, Inc. All firms are members FINRA / SIPC.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
SOURCE Cetera Financial Group