The move continues a run of acquisitions and arrivals to Cetera.

Cetera Financial Group, has entered into a definitive agreement to acquire, via asset acquisition, Concourse Financial Group Securities. The RIA and broker-dealer business, based in Birmingham, Alabama, is a subsidiary of Protective Life Corporation.

The transaction is expected to close in the first quarter of 2025, pending regulatory approval. The terms of the deal have not been disclosed.

Cetera will obtain about 350 financial professionals in this deal, collectively looking after more than $12 billion in assets under administration and $4 billion in assets under management. When the transaction closes, CFGS financial professionals will be able to use the community resources available through Cetera Wealth Partners, which will be complemented by the CFGS team resources at deal close.

Busy period
The move continues a run of acquisitions and arrivals to Cetera. In September, a seven-person team, Innovative Premier Financial Services, joined Cetera Wealth Partners. In early August, Cetera announced that California Coast Credit Union was partnering with Cetera Financial Institutions. In late July, Mike McCormick, doing business as Southshore Wealth Management, joined Cetera Advisor Networks via Summit Financial Networks. In September, Cetera Financial Group brought in a former UBS figure to its Wilde Wealth Management Group to head its newly-created W Family Office Division. Drew Kliber, who has managed more than $400 million, leads the organization.

Cetera oversees more than $521 billion in assets under administration and $224 billion in assets under management, as of June 30, 2024

"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," Mike Durbin, CEO of Cetera Holdings, said. "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."

The insurance angle 
In 2023, Cetera acquired Securian Financial Group's retail wealth business, now Cetera Wealth Management Group, bringing around $50 billion in assets to Cetera. In 2021, Cetera acquired Voya Financial Advisors' independent financial planning channel, now Cetera Wealth Partners, bringing around $37 billion in assets to Cetera. In 2019, Cetera acquired the assets of Foresters Financial's US brokerage and investment advisory business (now Cetera Investors) bringing about 500 advisors to Cetera.

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