Cetera Financial Group is adding Concourse Financial Group Securities to its recent string of wealth management businesses bought from insurance companies.
Birmingham, Alabama-based Concourse is a subsidiary of the insurance company Protective Life Corporation. It has 350 advisors, $4 billion in assets under management and $12 billion under administration. Cetera, a large independent broker-dealer with 12,000 financial professionals and $224 billion under management, said Tuesday it plans to complete its acquisition of Concourse for an undisclosed amount by the first quarter of next year.
Until 2021, the wealth management business now known as Concourse had
"This transaction allows Protective to focus on our 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, the president of the protection and retirement division at Protective Life Corporation, in a statement.
READ MORE:
Besides 350 financial professionals and $4 billion under management, Concourse has $12 billion in assets under administration. With more than $99 million in revenue last year, Concourse ranked No. 24 among independent broker-dealers in
Cetera, which had $3.95 billion in revenue in 2023 when combined with its
Some of Cetera's other recent acquisitions include its purchase in 2023 of
Two years before, it bought parts of
And in 2019, it
"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, Cetera CEO, said in a statement.
