Cetera Financial Group, the premier financial advisor Wealth Hub, has agreed to acquire Concourse Financial Group Securities (CFGS), a subsidiary of Protective Life (Protective).
Based in Birmingham, Alabama, CFGS runs Protective’s affiliated retail distribution system, dually registered broker-dealer and registered investment advisor.
The acquisition would add around 350 financial professionals, handling over $12bn in assets under administration (AUA) and $4bn in assets under management (AUM) to Cetera portfolio.
It is expected to be completed in the first quarter of 2025, subject to regulatory approval.
Upon closing, CFGS financial professionals will gain immediate access to the community resources offered through Cetera Wealth Partners.
Its community resources will be complemented by the CFGS team resources, said Cetera.
Cetera Holdings CEO Mike Durbin said: “Cetera has a proven track record of acquiring and successfully integrating independent broker-dealers affiliated with insurance organisations.
“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.”
CFGS president Libet Anderson said: “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.”
The acquisition of CFGS represents Cetera’s latest carve-out in the insurance sector.
In 2019, Cetera acquired Foresters Financial’s US brokerage and investment advisory business, now operating as Cetera Investors, adding around 500 advisors.
In 2021, the financial advisor acquired Voya Financial Advisors’ independent financial planning channel, now Cetera Wealth Partners, adding around $37bn in assets.
Last year, it purchased Securian Financial Group’s retail wealth business, now known as Cetera Wealth Management Group, adding around $50bn in assets.
Dentons served as legal counsel to Cetera Financial, while Maynard Nexsen and Eversheds Sutherland served as legal counsel and Morgan Stanley & Co. as financial advisor to Protective and CFGS.
Protective SVP and protection and retirement division president Aaron Seurkamp said: “This transaction allows Protective to focus on our core competencies in the life insurance and annuity businesses.
“It enables 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 organisations to their platform gives us great confidence in this deal and underscores why Cetera is the right fit for this business.”
