SAN DIEGO – Cetera Financial Group announced Jan. 22 the acquisition of Louisiana-based wealth management company Darnall Sikes Wealth Partners, bringing about $1.9 billion in client assets to Cetera’s registered investment advisor (RIA) platform and bolstering the relationship between Darnall Sikes and Avantax, which Cetera acquired in 2023.
Darnall Sikes’ affiliated CPA firm, Darnall Sikes & Frederick, will remain an independent entity but has joined Cetera as a “long-term, strategic partner,” according to the company.
“This expanded relationship with Darnall Sikes underscores Cetera’s leadership in supporting advisors throughout every phase of their professional journey,” Cetera RIA & Branches Channel Leader Jen Hanau said.
The acquisition is described as a way to support Darnall Sikes growth trajectory and succession-planning solutions for employees.
Cetera is the premier financial advisor wealth hub where financial advisors and institutions optimize their control and value creation. The firm is headquartered in San Diego but also has main office locations in El Segundo, Denver, Schaumburg, Illinois; and St. Cloud, Minnesota.
Cetera and its subsidiaries have roughly 12,000 financial professionals with approximately $625 billion in assets under administration and $284 billion in assets under management, as of September 2025.
Strategic Growth by Acquisition
Darnall Sikes services clients across 40 states — namely high-net-worth individuals, business owners and their families — from four locations across Louisiana.
“As we explored the future of our business, our top priority was ensuring continuity for our clients and providing proven succession pathways for our team,” Darnall Sikes financial advisor Jed Inzerella said. “This transaction delivers best-in-class support in both areas – positioning us for long-term success. By maintaining our affiliation within the Cetera community, we’re expanding the services we offer, deepening client relationships and growing our business with a clear, strategic vision for the future.”
Cetera’s acquisition of Darnall Sikes was closely followed by its acquisition of Texas-based independent practice Plains Wealth Management, announced Jan. 29. The deal brought about $400 million in assets to Cetera as the firm rejoined Cetera’s community after prior affiliation with Avantax.
The move is also meant to deepen Cetera’s RIA platform, welcoming Plains Wealth to Cetera’s employee-based RIA, The Retirement Planning Group (TRPG).
“Increasingly, we see that thriving financial advisory teams seeking to spend more time with clients and less time running their business are finding a supportive home at Cetera and TRPG,” Hanau said in a release. “The Plains Wealth team embraces this approach and will be positioned well for long-term business success at Cetera, where we deliver comprehensive ‘forever home’ resources for independent financial professionals throughout their professional lifecycles.”
Building on RIA Platform
Cetera launched its RIA platform last June as an effort to deliver tailored solutions for advisors operating as an independent RIA within Cetera’s W-2 RIA models or in Cetera’s supported independence model, which has more than 40 branches nationwide.
The new platform is designed to provide advisors with “flexible affiliation models and robust support to grow their practices,” according to the company.
Cetera’s RIA and Branches Channel includes over 600 advisors overseeing approximately $33.5 billion in total client assets as of March 2025. Offerings provided through the channel include:
- Avantax Planning Partners: a tax-focused, hybrid W-2 RIA model partnering with CPA firms to provide holistic wealth management services.
- Cetera Investors: a network of over 40 branch offices enabling financial advisors to operate independently, supported by the infrastructure of a Cetera-managed branches model.
- Cetera Blueprint: a community that teaches advisors about the benefits of owning their own RIA with the assistance of an experienced partner and supports advisors building their RIA.
- TRPG: a fee-only, W-2 RIA model providing clients with wealth management services through comprehensive planning.
Cetera’s RIA platform joins its existing platforms which include the Advisor Channel, Institutions Channel, Large Enterprise Channel and Tax & Accounting Channel.
“I’m honored to lead Cetera’s RIA and Branches Channel and am excited to build a platform prioritizing clients’ best interests,” Hanau said. “Cetera’s commitment to innovation and advisor support aligns perfectly with my passion for empowering advisors to achieve their professional goals while delivering exceptional service to their clients.”
Cetera was formally established in 2010 when ING Group sold three broker-dealers to an investment fund managed by Lightyear Capital LLC. Cetera Advisors and Cetera Financial Specialists were founded in 1981, Cetera Advisor Networks in 1983 and Cetera Investment Services in 1984.
Cetera is owned by Genstar Capital, one of the top performing private equity firms, fifth on the 2023 HEC Paris Business School-Dow Jones Large Buyout Performance Ranking.
Cetera Financial Group
FOUNDED: 2010
CEO: Michael Durbin
HEADQUARTERS: San Diego
BUSINESS: Financial Advisors
ASSETS: More than $545 billion under administration; $235 billion under management
EMPLOYEES: 12,000
WEBSITE: cetera.com
CONTACT: [email protected]
NOTABLE: Durbin has been CEO of Cetera Holdings since 2023, but became chief executive of Cetera Financial Group in January as well after the retirement of previous CEO Adam Antoniades.
Born and raised in San Diego, Madison takes great pride in local storytelling. Her coverage at the San Diego Business Journal includes tourism, hospitality, nonprofits, education and retail. An alumna of San Diego State University’s journalism program, she has written for publications including The San Diego Union-Tribune and The San Diego Sun. At the 2024 San Diego Press Club awards, Madison was recognized for her exemplary profile writing. She was also a speaker for the 2023 TEDx Conference at Bonita Vista High School. When she’s not working on her next story, Madison can be found performing music at a local restaurant or on one of San Diego’s many hiking trails.
