Cetera Closes Acquisition of $16 Billion Concourse Financial Group Securities
Cetera Financial Group has closed its asset acquisition of Concourse Financial Group Securities, Inc., or CFGS. 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, meaning that CFGS professionals now have access to the 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, chief executive officer for Cetera.
CFGS is a subsidiary of Protective Life Corporation and comprises Protective’s affiliated retail distribution system, dually registered broker-dealer, and registered investment adviser.
“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 [mergers and acquisitions] as part of inorganic growth that complements our organic growth strategies,” said Durbin.
According to Cetera, the acquisition of CFGS represents the latest example of its growth strategy, as well as its latest insurance company carve out. 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.
And dating back to 2019, Cetera acquired the assets of Foresters Financial’s U.S. brokerage and investment advisory business, now Cetera Investors, bringing approximately 500 advisers to Cetera.
Both Libet Anderson, president of Concourse Financial Group Securities, and Aaron Seurkamp, senior vice president and president of the Protection and Retirement Division for Protective, expressed enthusiasm about the merger.
“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,” Anderson said.
“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 Seurkamp. “This transaction also allows Protective to focus on our core competencies as an insurance provider and continue growing our business.”
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