InvestmentsCetera Makes Strategic Investment in CCR Wealth Management

In addition to its robust suite of succession, buyout, and practice-pairing options, Cetera is also investing in minority positions in unique, wealth management practices
PRNewswire PRNewswireOctober 26, 20227 min

Cetera Financial Group, one of America’s largest networks of financial professionals, announced today that it has made a strategic, minority investment in Boston-area based CCR Wealth Management, led by industry veteran David Borden. The move represents a nascent option in the independent broker dealer space. Now, select advisors can opt to have Cetera take a minority stake in their firm and utilize agile, proprietary growth solutions and technology to profoundly grow assets.

“We are selective in the firms we support with this type of investment and are proud to partner with David – a proven and respected industry leader,” said Adam Antoniades, CEO at Cetera. “To me, David and his formidable team represent the ‘practice of the future.’ It’s compelling to see how Cetera’s growth solutions have attracted even more capital to CCR’s highly impressive assets. Moreover, it’s tremendously rewarding to offer advisors an additional path, outside of our succession and buyout solutions.”

Antoniades added, “This truly puts Cetera’s skin in the game, so to speak. We win if the advisor wins, meaning the practice grows exponentially. Based on the success we’ve seen with CCR, we look forward to more of these selective investments. It’s important each one of our financial professionals know how deeply we care about the entire life cycle of their business. We want to be a wealth hub to our valued advisors, offering them as many options and opportunities as we can. There is no ‘one-size fits all’ at Cetera.”

CCR Wealth Management’s Managing Partner, Borden has led CCR’s growth from a two-person firm to a full-service wealth advisory team with more than 35 team members. The partnership represents Cetera’s commitment to achieve asset growth and shared business success, building on an established relationship. Cetera has helped drive considerable asset growth for CCR Wealth Management since its affiliation with Cetera Advisors, LLC in 2000, and the investment represents the next step in the evolution of the firms’ partnership.

“Our business is grounded in independent, unbiased financial advice, and Cetera’s support unlocks our potential to expand our services and grow our business in ways that were not previously possible,” Borden said. “This partnership provides our dedicated employee team with even more resources to deliver a customized, client-centric approach. As we look to the future, the CCR team is energized by and optimistic about this partnership. We look forward to many more shared successes with Cetera.”

Cetera is also partnering with advisors to provide a suite of succession solutions, including advisor-to-advisor support, business continuity solutions and practice monetization. Recent examples include:

  • In early 2022, father-son-led team Costanzo Financial Group, which manages more than $500 million for clients and had been affiliated with Cetera Advisors for 20 years, approached Cetera looking to preserve their independence as the father neared retirement. Cetera purchased the firm in March 2022, preserving Costanzo Financial Group’s business structure and relationship with Cetera while enhancing firm operations and growth potential.
  • In January 2021, Cetera acquired financial services firm BAR Financial, which managed nearly $4 billion in assets under on Cetera’s My Advice Architect® advisory platform. BAR founding partners John BrackettEric A. Huck, CFP®, and Anthony Tarantino determined that the partnership with Cetera offered the best path for the firm’s growth and created the future they envisioned for their business, their families and their clients.
  • In March 2021, Cetera acquired financial services firm MAGIS, an RIA focused on providing financial planning and holistic advice to more than 350 households. The ownership change was designed to fuel additional growth for the firm, which manages approximately $500 million for clients.

The investments in CCR and the aforementioned advisory practices diversify and position Cetera for growth, hedging the impact of mercurial market and economic uncertainty, which have affected others in the sector.

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