CLIENT
INDUSTRY
Financial services
FEATURING
Oracle
PwC Managed Services
33%
reduction in time required for mergers and acquisitions within the finance and HR departments
A tech-led, people empowered approach to cloud modernization
SITUATION
Empowering progress: Cetera’s ERP evolution
Success thrives on seamless collaboration. Cetera embraced an opportunity to transform its systems and eliminate inefficiencies, unlocking a seamless, data-driven ecosystem built for the future. With help from PwC, Cetera empowered its teams to drive innovation and seamlessly support future acquisitions.
Heading to the cloud
Cetera’s leadership team chose the Oracle Cloud Platform for an integrated enterprise solution, covering human capital, payroll, finance and planning. PwC, known for its deep knowledge of Oracle systems and effective enterprise resource planning (ERP) rollouts, was asked to help bring the vision to life.
PwC created a thorough change management approach to enable a smooth transition. This included tailored training programs focused on upskilling employees, providing the tools and confidence needed to navigate the new system effectively. Most importantly, the Cetera and PwC teams specifically designed the new ERP solution to be easily scalable, allowing it to grow as the company expanded. Flexibility was important. Cetera would soon be empowered to adapt to future business needs and add large user bases as the company grew through multiple acquisitions.
SOLUTION
Moving to a single, scalable solution
The transformation started with a detailed finance roadmap and tech strategy, beginning with a holistic assessment of Cetera's existing data and business processes. The teams collaborated to redesign and simplify the Chart of Accounts (CoA) structure, aligning it with strategic goals. This step was pivotal to enhance clarity and efficiency of financial reporting.
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.
Oracle's end-to-end solutions helped streamline Cetera's financial processes by automating ERP integration and eliminating manual reconciliations. A nearly seamless setup sped up data and metadata load while improving accuracy. By adopting Oracle, Cetera streamlined its finance system into a single cloud platform. The move helped reduce IT costs through efficiencies like decommissioning several on-premise applications used by Finance and Accounting teams which reduced the costs of supporting those applications, particularly because moving onto the Oracle Fusion Cloud provides SSO capabilities. Additionally, the move to Oracle supported growth through mergers and acquisitions while setting the stage for future innovation.
Oracle's scalability has been a game-changer for Cetera as it navigates rapid growth. Since 2018, Cetera has more than doubled in size — from approximately $1.9 billion in revenue in 2018 to approximately $4.8 billion in revenue in 2024 — while also acquiring nearly a dozen companies under its umbrella, all now integrated with Oracle.
When Cetera acquired Avantax, a wealth management company composed of independent tax-focused financial professionals, the team worked with PwC to integrate the new organization onto Oracle's platform in just four months. The integration included everything from general ledger data-mapping and fixed assets to cash management, enterprise planning and budgeting, consolidation, testing and conversion. PwC was integral to this process, offering thorough change management support through training materials, individual-focused office hours and one-on-one sessions to bring Avantax employees up to speed.
RESULTS
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.
“I’m a big fan — a raving fan — when it comes to working with PwC. They’re true architects and engineers as they figure out the goals before implementation. This project was on time and on budget and supplied us with the right technology to grow.”
“Thanks to PwC and Oracle, we now have one streamlined system, making it much easier to manage our data and focus on growth.”
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