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Cetera buys RIA

Cetera is acquiring The Retirement Planning Group (TRPG), a registered investment advisory (RIA) firm that has $1.4 billion in assets.

Leadwood, Kansas-based TRPG provides tax solutions and payroll and bookkeeping services to 1,825 high-net-worth individual investors, families, and retirees, and employs 40 professionals, including 14 advisors.

The deal signals a serious move into the RIA space from Cetera, the parent company of Cetera Financial Group, who just last month hired former Fidelity Investment senior executive Mike Durbin as its CEO.

Cetera previously made minority investments in NetVEST Financial, LLC, and Prosperity Advisors, LLC. Cetera earlier this year, announced that it had entered into an agreement to acquire the retail wealth business of Securian Financial Group.

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