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S&P: Voya Deal Does Not Impact Cetera Credit Rating

17:29 11 February in In the News by rafferty

February 10, 2021 By Diana Britton, WealthManagement.com Cetera's acquisition of Voya's financial planning channel is expected to moderately increase the firm’s leverage, but not enough to change S&P Global Ratings' credit outlook. S&P Global Ratings said this week the acquisition of the independent financial planning channel of Voya Financial Advisors would have only a minimal impact on Cetera Financial Group's debt ratio and will strenghten the firm's market position. The debt rating agency said the deal would not impact the firm's B- credit rating for Aretec Group, the holding company for Cetera Financial Group. WealthManagement.com first reported that the deal was imminent over the weekend. S&P said the deal is expected to moderately increase the firm’s pro forma leverage for 2020 to a range of 5.75x to 6.25x debt to EBITDA, up from the analysts’ previous expectation of 5.5x to...

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Cetera Adds 900 Advisors, $40B in AUM in Voya Deal

02:54 10 February in In the News by rafferty

February 8, 2021 By Samuel Steinberger, Diana Britton, WealthManagement.com The 900 Voya advisors won't have to repaper client accounts, and Cetera will offer some form of transition assistance to retain them. Cetera Financial Group and its private equity parent company Genstar announced early Monday that they have entered into a definitive agreement to acquire the assets within the independent financial planning channel of Voya Financial Advisors. Cetera’s acquisition will see 385,000 retail clients and nearly $40 billion in assets becoming a part of Cetera, as 900 independent "financial professionals" transition to the firm, according to an announcement from Voya. WealthManagement.com first reported that the deal was imminent over the weekend. Two groups of financial advisors—encompassing about 600—are not part of the deal and will remain at Voya, including the firm’s phone desk professionals who work with...

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With Voya Deal, Cetera Nears ‘Critical Mass’ to Go Public: Recruiter

21:06 08 February in In the News by rafferty

February 8, 2021 By Jeff Berman, ThinkAdvisor But a number of factors will determine Cetera's success at retaining Voya's 900 advisors, says recruiter Jon Henschen   Industry experts on Monday weighed in on what they saw as the potential positives and negatives of the announcement that Cetera Financial Group is acquiring the independent financial planning channel of insurer Voya Financial. The Voya deal should bring about 900 independent financial professionals with $40 billion in client assets to Cetera, giving it a total of roughly $300 billion in assets and nearly 9,000 financial professionals when the deal is completed later this year, the broker-dealer network said. Voya said in a statement that the deal would provide it with more than $300 million in deployable proceeds at closing. Moody updated its outlook on Cetera Financial Group holding company Aretec Group last...