Cetera Monetary Group is buying Concourse Monetary Group Securities, the dually registered dealer/vendor and RIA arms of Protecting Life Corp. The deal will internet Cetera about 350 monetary professionals, greater than $12 billion in belongings underneath administration and $4 billion in managed belongings.
Cetera Holdings CEO Mike Durbin stated the acquisition of the Birmingham, Ala.-based Concourse Monetary represented “an incredible alternative” in a consolidating market and suits into Cetera’s historical past of buying and integrating IBDs initially affiliated with insurance coverage firms.
“This transaction will allow us to strategically align the CFGS group inside the present Cetera Wealth Companions group whereas growing Cetera’s scale and creating new alternatives for development for CFGS advisors,” Durbin stated.
Based on Aaron Seurkamp, senior vp and president of Protecting’s Safety & Retirement Division, the acquisition permits his firm to give attention to its “core competencies” within the life insurance coverage and annuity companies. He stated Protecting made the deal primarily based on earlier Cetera acquisitions of comparable firms.
Dentons LLP served as Cetera’s authorized counsel, whereas Maynard Nexsen and Eversheds Sutherland had been authorized counsel for Protecting and Concourse (Morgan Stanley served because the latter’s monetary advisor within the deal). The transaction is anticipated to shut in 2025’s first quarter.
The Concourse acquisition is Cetera’s newest carve out of the belongings of an insurance coverage firm’s brokerage and advisory companies.
In 2019, Cetera acquired the belongings of Foresters Monetary, bringing about 500 advisors into the agency (in doing so, the agency created Cetera Traders, a definite division of the corporate’s self-clearing b/d). In 2021, Cetera agreed to accumulate the belongings inside Voya Monetary’s unbiased monetary planning channel, bringing over about $37 billion in shopper belongings and 900 unbiased monetary professionals.
Final 12 months, the agency bought Securian Monetary Group’s retail wealth enterprise, bringing about $50 billion in belongings over, in line with Cetera. Securian would distribute its particular person life and annuity merchandise by way of Cetera’s affiliated professionals. In 2012, Cetera acquired Genworth Monetary Funding Companies, the b/d for the Genworth life insurance coverage firm. In 2013, MetLife bought its IBDs Walnut Road Securities and Tower Sq. Securities to Cetera.
Cetera contains 12,000 monetary professionals and their groups, with greater than $521 billion in AUA and $224 billion in AUM as of the tip of June. In 2018, non-public fairness agency Genstar took a majority stake within the firm and reinvested contemporary capital within the firm in 2023, remaining the bulk shareholder.
Nevertheless, there have been modifications within the government stage at a number of Cetera divisions prior to now few months; in August, Todd MacKay, the previous president of the tax-focused wealth agency Avantax that Cetera acquired final 12 months, turned president of Cetera Options, chargeable for development alongside enterprise strains inside the broader agency.
In the meantime, Tom Taylor just lately introduced he would retire as Cetera Monetary Group’s chief gross sales and development officer by the tip of the 12 months. He’d been with the agency for almost 30 years, and the corporate is at the moment looking for his alternative.
