Cetera strengthens position through acquisition of Concourse Financial Group Securities

The asset manager Cetera has signed a binding agreement to acquire Concourse Financial Group Securities, a subsidiary of Protective Life Corporation. Concourse, based in Birmingham, Alabama, comprises Protective's affiliated retail distribution system, a dual-registered broker-dealer, and investment advisor. Through the acquisition, approximately 350 financial experts, managing over $12 billion and supervising $4 billion in asset management, will be integrated into the Cetera Wealth Partners community. Upon completion of the transaction, Concourse's financial experts will immediately gain access to the established community resources of Cetera Wealth Partners, supplemented by Concourse's team resources. According to Mike Durbin, CEO of Cetera Holdings, the acquisition represents a significant opportunity in a rapidly consolidating market. The transaction enables the strategic positioning of the CFGS team within the Cetera Wealth Partners community and the creation of new growth opportunities. Aaron Seurkamp, senior vice president at Protective, emphasized that the transaction allows Protective to focus on its core competencies in life insurance and annuities, while CFGS's financial experts can benefit from Cetera's leading resources. Cetera's success in integrating similar organizations into its platform underscores the confidence in this deal. Libet Anderson, president of CFGS, noted that Cetera's corporate structure and succession solutions are an excellent fit for their business and that they look forward to a promising collaboration with Cetera.