RCS Capital moved to become the nation's second-largest independent broker-dealer by advisor count on Thursday by agreeing to purchase Cetera Financial Group for $1.15 billion in cash.

The deal was driven by RCAP's desire to target the $7.5 trillion mass affluent market that is increasingly focusing on retirement needs, RCAP chief executive William Kahane said at a press conference. "This is a market whose reliance on good financial advice is more important than it's ever been," Kahane said.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access