Cleary Gottlieb is representing 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 will become part of Cetera. The VFA legal entity and approximately 600 financial professionals who support Voya’s retirement business and clients will remain with Voya.
The transaction signed on February 8, 2021, and is expected to close in the second or third quarter of 2021, subject to customary closing conditions, including regulatory approvals.
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.
For more information, see the press release here.