Protective Life, a US subsidiary of Dai-ichi Life, has completed the sale of Concourse Financial Group Securities and Concourse Financial Group Agency in separate transactions with Cetera Financial Group and Simplicity Group.
Cetera Financial acquired Concourse Financial Group Securities (CFGS) through an asset purchase agreement finalised on 20 February 2025, while Simplicity completed the stock purchase of Concourse Financial Group Agency in November 2024.
Through the acquisition, Cetera Financial, which operates as a financial adviser wealth hub with nearly 12,000 affiliated independent financial professionals, has expanded its network.
Around 350 financial professionals from CFGS, overseeing more than $12bn in assets under administration and $4bn in assets under management, have joined the Cetera Wealth Partners community.
These professionals now have access to Cetera Financial’s established community resources, complemented by Concourse Securities’ team resources.
Previously, Cetera Financial’s acquisitions include Securian Financial Group’s retail wealth business in 2023, adding about $50bn in assets, and Voya Financial Advisors’ independent financial planning channel in 2021, contributing $37bn in assets.
In 2019, Cetera Financial acquired Foresters Financial’s US brokerage and investment advisory business, bringing in around 500 advisers.
Cetera Financial CEO Mike Durbin said: “In Cetera Wealth Partners, the Concourse team joins a group of like-minded financial professionals focused on serving clients first while strategically growing their business for the future.”
Simplicity, a financial products distribution firm specialising in wealth accumulation and financial protection solutions, has integrated Concourse Financial Group Agency into its operations.
The firm is said to be one of the largest annuity and life insurance wholesalers in the US
Following these transactions, Protective Life will retain Concourse Distributors, which will continue providing distribution support to select third parties under Protective’s ownership.
Protective Life stated that these teams will continue to support key business customers, maintaining long-standing relationships.
Protective Life protection and retirement division senior vice president and president Aaron Seurkamp said: “With the completion of these transactions, Concourse Securities and Concourse Agency financial professionals and clients join leaders in their fields with Cetera and Simplicity, and we are confident they will each have strong futures.”
Legal counsel for Cetera Financial was provided by Dentons, while Dentons Sirote represented Simplicity Group. Protective Life was advised by Maynard Nexsen and Eversheds Sutherland, with Morgan Stanley & Co acting as its financial adviser.
