Investment empowers Prosperity Advisors to pursue key strategic initiatives and positions the firm for growth
Cetera’s partner practice program continues to invest in unique wealth management practices, complementing its suite of succession, buyout, and practice-pairing options
LOS ANGELES, Feb. 9, 2023 — Cetera Financial Group, (Cetera), one of America’s largest networks of financial professionals, announced today that it has made a strategic, minority investment in Kansas City-area based Prosperity Advisors, led by industry veteran Paul Ewing, CFP®. With over 60 staff in four locations – Overland Park, KS, Akron, OH, Carmel, IN and Toledo, OH – advisors of Prosperity Advisors have been affiliated with Cetera since 1999, and the investment represents the next step in the evolution of the firms’ partnership. Cetera has helped drive considerable asset growth for Prosperity Advisors since 1999 and aims to accelerate growth and success through this investment.
“Paul and his team are a shining example of the industry’s best independent, client-first practices, and we are proud to partner to achieve long-term growth and success,” said Adam Antoniades, CEO at Cetera. “These investments put Cetera’s skin in the game to help practices grow in ways that are most meaningful and important to each advisor and their business. We look forward to more of these selective investments as we continue to serve as a wealth hub to our valued advisors. It is important that our advisors know that Cetera is here to support them through all stages of their careers with financial backing and growth resources paired with independence to best serve their clients.”
“This expanded partnership with Cetera activates our potential to reach new heights, better serve clients and expand our services in new ways for years to come,” Ewing said. “Cetera fully understands our business goals, shares our vision and embraces our client-first approach, and we look forward to close collaboration. Our team is enthused and inspired about a bright future for our business and our clients under this new partnership.”
Ewing founded Prosperity Advisory Group in 1989 and has worked in the financial services industry since 1980. He has consistently earned several industry recognitions throughout his career, including Financial Times 400 Top Advisor from 2015-2020, Forbes Finance Council, and Barron’s Top Team. He is a member of the Advisors Panel for the Insured Retirement Institute.
The investment is the latest in Cetera’s partner practice program, which provides select advisors the option to have Cetera invest in a minority stake in their firm and utilize agile, proprietary growth solutions and technology to grow their business. In October 2022, Cetera completed a minority investment into CCR Wealth Management, a $2.5 billion AUM practice, as of October 2022, which is designed to help CCR Wealth Management accelerate it business growth. The investments in Prosperity Advisors and CCR Wealth Management diversify and position Cetera for growth, hedging the impact of market volatility and economic uncertainty.
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 managed more than $400 million in AUA for clients through Cetera Advisors as of March 2022, 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 AUM on Cetera’s My Advice Architect® advisory platform, as of January 2021. BAR founding partners John Brackett, Eric A. Huck, CFP®, and Anthony Tarantino determined that the partnership with Cetera Advisor Networks, LLC 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 managed approximately $500 million in AUM for clients, as of March 2021.
Visit www.prosperityadvisors.com and www.cetera.com for more information.
About Cetera Financial Group®
An at-scale wealth hub, Cetera Financial Group (Cetera) offers financial professionals and institutions the latest solutions, support, and services. Breaking away from a commoditized and homogenous IBD model, Cetera instead creatively addresses advisors’ and institutions’ unique needs, whether they are seeking to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.
Cetera’s approach empowers advisors to affiliate in whichever way they deem most appropriate. During the professional life cycle of their practice, the Cetera wealth hub ensures each advisor’s affiliation model identifies and ignites growth levers in a way that maximizes the value of their practice, people, and legacy. Cetera delivers holistic, unbiased financial planning and advice to Main Street investors, helping them achieve their version of financial wellbeing at all life stages. For financial professionals, Cetera provides growth and succession resources, an enhanced advisor tech stack and importantly, an experience where financial professionals don’t feel like a number, but an integral part of Cetera’s rich and thriving ecosystem.
Home to more than 8,000 financial professionals and their teams, Cetera oversees approximately $322 billion in assets under administration and $115 billion in assets under management, as of December 31, 2022. In a recent advisor satisfaction survey of more than 14,000 reviews, Cetera’s Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it’s ranked 4.7 out of 5 stars.
Visit www.cetera.com, and follow Cetera on LinkedIn, YouTube, Twitter and Facebook.
“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. All firms are FINRA/SIPC members. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
*Financial Times 400 Top Advisor is an independent listing produced by the Financial Times. The FT 400 is based on data gathered from firms and verified by broker-dealer home offices, regulatory disclosures, and the FT’s research. The listing reflects each advisor’s performance in six primary areas. The factors are: 1. Assets under management; 2. AUM growth rate; 3. Years of experience; 4. Compliance record; 5. Industry certifications; 6. Online accessibility. Neither the brokerages nor the advisors pay a fee to the Financial Times in exchange for inclusion in the FT 400. Listing in this publication and/or award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the advisor by any client. Recognition from rating services or publications is no guarantee of future investment success. Working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluations. Forbes Finance Council is a collective of vetted professional networking communities for senior executives and business owners in a variety of industries. Barron’s Top Team: A ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms, and the quality of the advisors’ practices. The scoring system assigns a top score and rates the rest by comparing them with the top-ranked advisor/teams. Listing in this publication and/or award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the advisor by any client.
SOURCE Cetera Financial Group
