Voya Completes Sale of Independent Financial Planning Channel to Cetera

Cleary Gottlieb represented Voya Financial Inc. (Voya) in the sale of the independent financial planning channel of Voya Financial Advisors Inc. (VFA), Voya’s registered investment advisor and broker-dealer, to Cetera Financial Group Inc. (Cetera).

Under the terms of the agreement, approximately 900 independent financial professionals serving retail customers with approximately $40 billion in assets became part of Cetera. The VFA legal entity and approximately 600 financial professionals who support Voya’s retirement business and clients remained with Voya.

The transaction signed on February 8, 2021, and closed on June 9, 2021.

Voya, together with its affiliates, is a premier retirement, investment, and insurance company with individual and institutional customers in the United States that offers its customers services to save, grow, protect, and enjoy their wealth.

Cetera is one of the nation’s largest networks of independently managed broker-dealers.