Cetera Financial Group said it plans to acquire Genworth Financial Investment Services Inc. from Genworth Financial.
The El Segundo company, which has one of the nation’s largest broker-dealer networks, said Genworth Financial Investment Services will be rebranded and become Cetera’s fourth broker-dealer and investment advisory firm. GFIS, which is based in Shrewsbury, Mass., serves tax and accounting professionals who complement their tax services by providing financial and investment advice to clients.
Chief Executive Enrique Vasquez will remain the head of the firm and serve on Cetera’s executive committee. The deal, terms of which were not disclosed, is scheduled to close in approximately 90 days, pending regulatory approvals. Genworth Financial is based in Richmond, Va.
“GFIS advisors offer a unique value proposition to the market that is complementary to our other firms,” said Chief Executive Valerie Brown in a statement. “GFIS will benefit from Cetera’s singular focus on helping advisors serve their clients … Cetera is an exceptional place to grow a fee-based business.”