Cetera Announces Agreement with Protective Life to Acquire Concourse Financial Group Securities

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Oct 08, 2024, 12:30 ET

Approximately 350 financial professionals overseeing more than $12B in AUA and $4B in AUM to join Cetera Wealth Partners community

Protective's retail distribution system, broker-dealer and RIA represent the fourth insurance-owned broker-dealer Cetera has acquired in the last five years

SAN DIEGO, Oct. 8, 2024 /PRNewswire/ -- Cetera Financial Group, the premier financial advisor Wealth Hub, announced today that it has entered into a definitive agreement to acquire, via asset acquisition, Concourse Financial Group Securities, Inc. (CFGS), a subsidiary of Protective Life Corporation (Protective). Based in Birmingham, Alabama, CFGS comprises Protective's affiliated retail distribution system, dually registered broker-dealer and registered investment advisor. The acquisition is expected to bring approximately 350 financial professionals who oversee more than $12 billion in assets under administration and $4 billion in assets 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 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."

"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," said Libet Anderson, President, CFGS. "We look forward to a bright future together with Cetera."

The 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 approximately $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.

Legal and Financial Advisors

Dentons LLP served as legal counsel to Cetera. Maynard Nexsen PC and Eversheds Sutherland LP served as legal counsel and Morgan Stanley & Co. LLC served as financial advisor, in each case, to Protective and to Concourse Financial Group Securities.

Visit www.cetera.com for more information.

About Cetera

Cetera Financial Group, which is owned by Cetera Holdings (collectively, Cetera), is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.

Home to approximately 12,000 financial professionals and their teams, Cetera oversees more than $521 billion in assets under administration and $224 billion in assets under management, as of June 30, 2024. In a recent advisor satisfaction survey of nearly 35,000 reviews, Cetera's Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it's ranked 4.8 out of 5 stars.

Visit www.cetera.com, and follow Cetera on LinkedIn, YouTube, X, and Facebook.

"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.

About Protective

Protective has helped people achieve protection and security in their lives for 117 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 14.4 million people protect what matters most. Protective's more than 3,800 employees put people first and deliver on the company's promises to customers, partners, colleagues and communities - because we're all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc., had $118 billion in assets, as of December 31, 2023. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit www.protective.com.

SOURCE Cetera Financial Group