Cetera Financial Group, a network of independent broker-dealers, will acquire the retail wealth management business of St. Paul, MN-based life insurer Securian Financial Group, Inc., adding about 1,000 advisors over 30 firms who manage a combined $24.8bn in assets $47.4bn in assets under administration.

As part of the deal, Cetera will own assets related to Securian Financial Services, Inc., which include Securian Financial’s broker-dealer, registered investment advisor and insurance agency, as well as the equity of Securian Trust Company, NA.

Details of the transaction were not made available. The deal is expected to close in the third quarter of 2023.

San Diego-based Cetera said it will offer employment “to the management team and all eligible employees who support Securian Financial’s retail wealth business.” The company will also sell Securian’s life insurance and annuities.

“We have long admired Securian Financial’s commitment to their managing partners, their powerful independent operating model and dedicated community of independent financial professionals,” said Adam Antoniades, CEO at Cetera.

Genstar-backed Cetera employs 8,000 financial professionals and manages about $115 billion in assets under management and $322 billion in assets under administration.