Cetera Financial Group, a premier financial advisor Wealth Hub, announced that it has entered into a definitive agreement to acquire Concourse Financial Group Securities (CFGS), a subsidiary of Protective Life Corporation, via asset acquisition. Based in Birmingham, Alabama, CFGS is comprised of Protective’s affiliated retail distribution system, dually registered broker-dealer, and registered investment advisor.
This acquisition is expected to bring approximately 350 financial professionals who oversee over $12 billion in assets under administration and $4 billion under management to the Cetera Wealth Partners community. Upon closing, CFGS financial professionals will gain immediate access to the established community resources available through Cetera Wealth Partners, which will be complemented by the CFGS team resources at the closing of the deal.
This acquisition represents the latest insurance company carve out for Cetera. In 2023, Cetera acquired Securian Financial Group’s retail wealth business, now Cetera Wealth Management Group, bringing approximately $50 billion in assets to Cetera. In 2021, Cetera acquired Voya Financial Advisors’ independent financial planning channel, now Cetera Wealth Partners, bringing about $37 billion in assets to Cetera. In 2019, Cetera acquired the assets of Foresters Financial’s U.S. brokerage and investment advisory business, now Cetera Investors, bringing abpit 500 advisors to Cetera.
The deal is expected to close in the first quarter of 2025, pending regulatory approval. The terms of the deal were undisclosed.
Dentons served as legal counsel to Cetera. And Maynard Nexsen PC and Eversheds Sutherland LP served as legal counsel and Morgan Stanley served as financial advisor, in each case, to Protective and to Concourse Financial Group Securities.
KEY QUOTES:
“Cetera has a proven track record of acquiring and successfully integrating independent broker-dealers affiliated with insurance organizations, and Concourse Financial Group Securities represents a tremendous opportunity in today’s rapidly consolidating market. This transaction will enable us to strategically align the CFGS team within the existing Cetera Wealth Partners community while increasing Cetera’s scale and creating new opportunities for growth for CFGS advisors.”
-Mike Durbin, CEO of Cetera Holdings
“This transaction allows Protective to focus on our core competencies in the life insurance and annuity businesses, while enabling Concourse Financial Group Securities financial professionals and clients to benefit from Cetera’s industry leading resources and support for today’s top advisors. Cetera’s established success transitioning similar organizations to their platform gives us great confidence in this deal and underscores why Cetera is the right fit for this business.”
-Aaron Seurkamp, SVP and President, Protection & Retirement Division for Protective
“Cetera’s community architecture and proven succession solutions are a natural fit for our business and we have a significant alignment of shared strategic objectives. We look forward to a bright future together with Cetera.”
-Libet Anderson, President, CFGS
