Voya Financial Inc. announced today that it has entered into a definitive agreement with Cetera Financial Group Inc. for Cetera to acquire the independent financial planning channel of Voya Financial Advisors, Voya’s registered investment adviser and broker-dealer.

Through the transaction, approximately 900 independent financial professionals serving retail customers with about $40 billion in assets will become part of Cetera, which is one of the largest U.S. networks of independently managed broker-dealers. The VFA legal entity and about 600 field and phone-based financial professionals who support Voya’s retirement business and clients will remain with Voya, the companies said in a news release.

“This transaction is an opportunity to position our financial advisory teams for continued success, with our field and phone-based financial professionals being an important and strategic part of Voya and enabling us to meet the growing financial wellness needs of employers, employees and their households,” said Rodney Martin Jr., chairman and CEO of Voya Financial.

Voya expects the transaction will add more than $300 million in deployable proceeds at closing, which “will add to our strong excess capital position and reinforces the significant progress we have made in focusing our operations on workplace solutions and institutional clients,” Martin said. “In addition to returning excess capital to shareholders, we also will continue to reinvest in our retirement, investment management and employee benefits businesses to support our growth plans.”

Three years ago, Voya sold its Voya Insurance and Annuity Co. subsidiary to a consortium led by Apollo Global Management and other investors. Voya currently has 200 full-time employees in Des Moines, according to the 2021 Book of Lists. Voya said it intends to provide more details on the transaction during its fourth-quarter and full-year 2020 earnings call on Wednesday.