Cetera has acquired MAGIS Financial Partners, a Philadelphia-based financial services firm.
MAGIS currently supports over $490 million in assets under management, operating a separate RIA that will transition to Cetera. Through this transaction, MAGIS who, according to a press release, is already leveraging the Cetera platform for a portion of its business will now become a Cetera-owned group. This, according to the firms, will allow its producers, led by President Steven Zimmerman, to also transition their RIA business to Cetera, while retaining their culture and benefiting from the resources and scale Cetera offers.
MAGIS, an RIA previously owned by a Genstar portfolio company, is primarily focused on financial planning and holistic advice to more than 350 households. Financial terms of the transaction will not be publicly disclosed.
