Cetera Financial Group, which has a strong presence in the accounting market, was acquired Thursday by RCS Capital for $1.15 billion in cash, making RCAP the nation’s second-largest independent broker-dealer by advisor count.
The deal was driven by RCAP’s desire to target the $7.5 trillion mass affluent market that is increasingly focusing on retirement needs, RCAP chief executive William Kahane said at a press conference. “This is a market whose reliance on good financial advice is more important than it's ever been,” Kahane said.
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