Cetera Financial Group, which is backed by private equity firm Genstar Capital, has taken a minority stake in Kansas City-area based Prosperity Advisors, a $1.7 billion office of supervisory jurisdiction that’s been affiliated with Cetera for over two decades through its brokerage business – Cetera Advisors. 

The Los Angeles-based financial network did not disclose any details about the transaction. 

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.” 

“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,” said Prosperity Advisor’s founder Paul Ewing. 

In October, Cetera completed a minority investment in hybrid RIA firm CCR Wealth Management, which manages $2.5 billion in assets. 

Cetera is also teaming with advisors to offer a suite of succession solutions, including advisor-to-advisor support, among others. In early 2022, it acquired the $400 million father-son-led Costanzo Financial Group. In 2021, it acquired the $4 billion Bar Financial and the $500 million Magis. 

Cetera has over 8,000 financial professionals who oversee roughly $322 billion in assets under administration and $115 billion in assets under management as of the end of last year. 

Prosperity Advisors was founded by Ewing in 1989 and has a staff of 60 in four locations – Overland Park, KS, Akron, OH, Carmel, IN and Toledo, OH.