Cetera Acquires Protective Life Subsidiary CFGS
Cetera Financial Group has agreed to acquire, via asset acquisition, Concourse Financial Group Securities, Inc. (CFGS), a subsidiary of Protective Life Corporation.
Financial terms of the deal, which is expected to close in the first quarter of 2025, were not disclosed.
CFGS, headquartered in Birmingham, AL, is Protective’s connected retail distribution system, as well as a dual-registered broker-dealer and registered investment advisor. Cetera Wealth Partners expects to gain roughly 350 financial professionals who manage over $12 billion in assets under administration and $4 billion in assets under management as part of the transaction.
CFGS financial professionals will have immediate access to Cetera Wealth Partners resources, up on closing, which will be supplemented by CFGS team resources.
“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 and retirement division for Protective.
Cetera has added another insurance company to its portfolio with the latest acquisition. Cetera bought Securian Financial Group‘s retail wealth division, now Cetera Wealth Management Group, in January 2023, boosting the company’s assets by around $50 billion.
In 2021, Cetera acquired Voya Financial Advisors’ $37 billion independent financial planning channel, now Cetera Wealth Partners.Two years earlier, the firm acquired the assets of Foresters Financial’s U.S. brokerage and investment advisory business, now Cetera Investors, onboarding approximately 500 advisors.
Cetera oversaw more than $521 billion in assets under administration and $224 billion in assets under management as of June 30, 2024.
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.