Cetera Financial Group (Cetera), a multi-billion-dollar financial services firm that includes approximately 12,000 financial advisors, saw an opportunity to consolidate systems and align its enterprise-wide cloud strategy. Together with PwC, Cetera designed a more effective, unified data model, shifted offline solutions to the cloud and combined five separate systems into one. PwC Managed Services further supported this transformation by providing ongoing expertise to improve operations, automate processes and help Cetera drive long-term scalability, supporting Cetera’s goal of empowering financial advisors to build their businesses their way.
Moving to a single, scalable solution
With a plan in place, PwC designed a customized solution that supported Cetera’s overall process. Then PwC got to work on the implementation. Simultaneously, the team converted essential financial modules, including the general ledger, fixed assets, accounts payable and procurement, to bring them all under one cloud-based umbrella. Each step paved the way for a more streamlined financial system, reducing manual processes and improving data accuracy.
During the rollout, Cetera’s leadership adjusted employee priorities, freeing up time for necessary tasks and training. This helped reduce distractions and kept everyone's focus on the ideal outcome. To sustain operational efficiency, Cetera worked with PwC Managed Services beyond the initial implementation. PwC provided a team of skilled Oracle support technologists to enhance automation, integrate financial and regulatory reporting and strengthen data governance across Oracle Cloud enterprise performance management (EPM) and ERP applications. The approach helped Cetera standardize business processes and improve its financial operations for continued growth and scalability.
A tool for every need
By integrating Oracle's advanced human capital management (HCM) solution — to include the ERP and EPM platforms — Cetera was able to retire its legacy financial planning and analysis and consolidation processes. The PwC team also used advanced tools to help enhance the organization’s reporting capabilities. With user-friendly interfaces for accessing and analyzing data directly from Excel, along with real-time analytics, the solutions offered deeper insights and greater control over financial data. This improved Cetera’s ability to make data-backed decisions that can inform strategic planning.
Financial reporting for a stronger future
Cetera's work with PwC has revolutionized its financial infrastructure. Cetera unlocked substantial operational improvements and strategic benefits — while baking in standardization and accelerating innovation. A redesigned ledger structure now supports business growth. A centralized reporting platform helps confirm data integrity through automated consolidation.
Working together over time, PwC helped Cetera merge five systems into one integrated cloud platform, leading to a more holistic close. The transformation continues to set the stage for Cetera's future, empowering strong management reporting, standardization and improved procurement capabilities.
Cetera has expanded its cloud success with new Oracle modules, including a narrative reporting tool to reduce manual work and improve collaboration. PwC Managed Services helped Cetera reach steady-state operations in four months and integrate acquisitions into its SaaS setup without extra support resources. The changes streamlined operations, improved efficiency and reduced costs — allowing Cetera to focus on growth and providing financial advisors and institutions the service, support and resources they need to grow. The Cetera ecosystem continues to attract advisors seeking independence with backbone.
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