Cetera acquires Minneapolis wealth practice The SFI Group

Cetera Financial Group has acquired the assets of The SFI Group, a Minneapolis wealth management practice with about $200 million in AUA, as part of a succession plan for founder and lead advisor Terry Sonnenfeld. The practice moves onto the Cetera Planning Partners platform, Cetera's national employee-advisor RIA with about $20 billion in AUA.

Terry Sonnenfeld, his wife and office manager Tracy Sonnenfeld, and a two-person support staff join Cetera Planning Partners. Cetera will keep The SFI Group's Minneapolis office open, giving Cetera Planning Partners a physical advisor presence in Minnesota.

Terry Sonnenfeld said remaining within the Cetera network, rather than moving clients to an outside firm, was the deciding factor in his succession planning. Cetera said the deal lets the practice keep serving its clients, many of them multigenerational families, with the same personal level of service.