Cetera Financial Group has completed the acquisition of Marmo Financial Group, a registered investment advisor based in Johnson City, Tennessee, with approximately $300 million in assets under management. The deal, announced this week, brings founder and principal advisor Scott Marmo, along with his eight-person team, into Cetera Planning Partners as W-2 employees.
Marmo Financial Group, which was not previously affiliated with Cetera, serves roughly 620 clients. The practice will retain its existing office in Tennessee, and Cetera plans to maintain operations there as part of its broader expansion strategy in the region.
Cetera Planning Partners was formed in April through the merger of two existing RIA practices: Avantax Planning Partners and The Retirement Planning Group. With the addition of Marmo, the division now oversees approximately $19 billion in assets under advisement. This acquisition is part of Cetera's ongoing efforts to build out its national employee-advisor RIA platform.
Scott Marmo cited cultural alignment as a key factor in his decision to join Cetera. "We had been approached by a number of large firms, some with very lucrative offers, but culture alignment was the most important thing to me, and it overrode everything else," Marmo said in a statement. He also highlighted the value of adding in-house estate planning, legal support, and CPA services, which he said clients had been requesting.
The acquisition continues a string of recent moves by Cetera. Last week, MTI Financial Advisors, formerly part of Osaic, joined Cetera's Summit Financial Networks community. Based in Edina, Minnesota, with a branch office in Florida, MTI oversees approximately $350 million in assets under advisement.
Cetera's M&A activity reflects a broader trend among wealth management firms seeking to scale through acquisitions. The company has been particularly focused on expanding its employee-advisor model, which offers advisors the stability of W-2 employment while providing access to a larger platform of services.
For Marmo, the decision to join Cetera was driven by both cultural fit and the ability to offer clients a broader suite of services. "What ultimately brought me to Cetera was the combination of that culture fit with the ability to add in-house estate planning, legal support, and CPA services, which are capabilities our clients have been asking for," he said.
The deal also strengthens Cetera's presence in Tennessee, a market where the firm sees growth potential. By retaining Marmo's existing office, Cetera can leverage local relationships while integrating the team into its national platform.
Industry observers note that Cetera's acquisition strategy is part of a larger consolidation trend in the RIA space, as firms seek to achieve scale and diversify service offerings. The addition of Marmo Financial Group brings Cetera's total assets under advisement in its employee-advisor division to nearly $19 billion.
