More than $12 billion in AUA and $4 billion in AUM now part of Cetera
SAN DIEGO, Feb. 26, 2025 /PRNewswire/ -- Cetera Financial Group, the premier financial advisor Wealth Hub, successfully closed its asset acquisition of Concourse Financial Group Securities, Inc. (CFGS), a subsidiary of Protective Life Corporation (Protective). CFGS comprises Protective's affiliated retail distribution system, dually registered broker-dealer and registered investment advisor. Approximately 350 financial professionals with CFGS overseeing more than $12 billion in assets under administration and $4 billion in assets under management have joined the Cetera Wealth Partners community. CFGS financial professionals now have access to the established community resources available through Cetera Wealth Partners.
"We are pleased to successfully close this important acquisition with high asset retention exceeding our target, and we welcome the Concourse team to Cetera, where they can keep growing as part of the Cetera Wealth Partners community," said Mike Durbin, CEO of Cetera. "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. We expect to continue participating in current market consolidation trends, deploying scale- and capability-focused M&A as part of inorganic growth that complements our organic growth strategies."
"The team at Cetera Wealth Partners, led by Tom Halloran and Ryan Hollenbach, has welcomed us with open arms, and we already feel very much at home at Cetera," said Libet Anderson, President, CFGS. "Cetera has the size, scale and sophistication to support our growth goals, and their community architecture gives us a strong sense of belonging and optimism. Cetera's proven tools, resources and growth solutions specifically designed for firms like Concourse means we've found the right home for our business and our clients."
"With the completion of this transaction, Concourse Securities financial professionals and clients join leaders in their field with Cetera, and we are confident they will have strong futures," said Aaron Seurkamp, SVP, President of the Protection & Retirement Division for Protective. "This transaction also allows Protective to focus on our core competencies as an insurance provider and continue growing our business."
The acquisition represents the latest example of Cetera's inorganic growth strategy, as well as 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.
Visit www.cetera.com for more information.
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.
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 $545 billion in assets under administration and $235 billion in assets under management, as of September 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.
SOURCE Cetera Financial Group