Cetera sees 9% of Securian advisors bolt after acquisition
Over the first half of 2023, Securian Financial Services Inc., the broker-dealer and registered investment advisor that was part of the wealth management business of Securian Financial Group, has seen 95 of its more than 1,000 financial advisors leave the firm to join competitors, according to InvestmentNews data.
The advisor departures from Securian come after Cetera Financial Group announced in January that it was acquiring Securian’s wealth business for an undisclosed sum, in a deal scheduled to close sometime in the third quarter.
In May, InvestmentNews reported that 43 financial advisors had left Securian, so the pace of advisors leaving the firm for another broker-dealer appears to have picked up slightly. Competitors typically swarm on financial advisors of a firm that is being acquired.
At the time the sale to Cetera was announced, Securian’s wealth business included more than 1,000 advisors who oversee $24.8 billion in assets under management and $47.4 billion in assets under administration.
The top broker-dealers recruiting the Securian advisors over the first half of the year were: LPL Financial, with 21; Raymond James Financial Services Inc., with 19; StanCorp Equities Inc., 13; and Commonwealth Financial Network, 11.
Those four firms recruited two-thirds of the advisors who have left Securian so far this year.
It’s no wonder the Securian advisors would be so highly prized. In an interview over the winter, Cetera Financial CEO Adam Antoniades noted that the average production per advisor, meaning total annual fees and commissions, was in the range of $650,000 at Securian, which is more than double the figure at LPL Financial.
Meanwhile, industry recruiters who spoke confidentially to InvestmentNews noted
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