Northwestern Mutual Loses $1.8B FA Team to Cetera 

Cetera Financial Group has added a 34-person wealth management firm, which manages about $1.8 billion in assets under administration from Northwestern Mutual. 

Seattle-based Pillar Financial Group, which is led by seven partners, including CEO Luke Madsen, also manages over $500 million in retirement plan assets. 

Pillar Financial Group, founded in 2011, provides financial planning, retirement planning, risk management, investment solutions, and tax and estate planning to high-net-worth individuals, families, and businesses. 

“We wanted a firm we could grow with, and Cetera’s leadership team not only shares our vision but has the scale and focus on technology to support our growth for the long term,” Madsen said. “While many large broker-dealers are navigating mergers and acquisitions, Cetera’s measured approach to growth ensures we’ll receive the personalized attention we need to focus on our clients. For us, that was the deciding factor.” 

Cetera’s latest addition comes after the firm added Manalapan, NJ-based King Financial Network, which oversees over $1.1 billion in assets under administration. 

Cetera Financial Group manages $590 billion in assets under administration and $263 billion in assets under management, with over 12,000 advisors.