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Report: LPL Financial, Advisor Group may be frontrunners to acquire Cetera

LPL Financial Holdings Inc. and Advisor Group Inc. are two leading candidates to buy Cetera Financial Group Inc., Financial Advisor reported.

Other possible acquirers include Ameriprise Financial Inc., Raymond James Financial Inc. and Ladenburg Thalmann Financial Services Inc., as well as several private equity firms, according to the report. Several major Cetera investors would reportedly approve of a sale if the company could get a valuation of about $1.5 billion.

Cetera recently launched a review of its capital structure and retained Goldman Sachs & Co. LLC to assist in the process. In a release announcing the review, the company did not say, however, that it was exploring a possible sale.