Cetera Financial Group announced today that it will acquire, via asset acquisition, Concourse Financial Group Securities, Inc. (CFGS), a subsidiary of Protective Life Corporation (Protective).
Based in Birmingham, Alabama, CFGS works as Protective’s affiliated retail distribution system, dually registered broker-dealer and registered investment advisor (RIA).
In an announcement, Cetera approximates the acquisition will bring in 350 financial professionals who oversee over $12 billion in assets under administration (AUA) and $4 billion in assets under management (AUM) to the Cetera Wealth Partners community.
CFGS financial professionals will have access to community resources available through Cetera Wealth Partners, which will be supplemented by the CFGS team resources at deal close.
“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,” said Mike Durbin, CEO of Cetera Holdings. “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.”
“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,” said Aaron Seurkamp, SVP and president, Protection & Retirement Division for Protective. “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.”
CFGS points to Cetera’s “community architecture,” along with a “significant alignment of shared strategic objections,” for the procurement.
“We look forward to a bright future together with Cetera,” said Libet Anderson, president at CFGS.
The acquisition is the latest 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, which brought in $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 approximately 500 advisors to Cetera.
The transaction is expected to close in the first quarter of 2025, pending regulatory approval. Terms of the deal are not disclosed.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
