RCS Capital moved to become the nation's second-largest independent broker-dealer by advisor count on Thursday by agreeing to purchase Cetera Financial Group for $1.15 billion in cash.

The deal was driven by RCAP's desire to target the $7.5 trillion mass affluent market that is increasingly focusing on retirement needs, RCAP chief executive William Kahane said at a press conference. "This is a market whose reliance on good financial advice is more important than it's ever been," Kahane said.

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