Cetera Monetary Group is buying Concourse Monetary Group Securities, the dually registered dealer/seller and RIA arms of Protecting Life Corp. The deal will web Cetera about 350 monetary professionals, greater than $12 billion in belongings below administration and $4 billion in managed belongings.
Cetera Holdings CEO Mike Durbin mentioned the acquisition of the Birmingham, Ala.-based Concourse Monetary represented “an amazing alternative” in a consolidating market and suits into Cetera’s historical past of buying and integrating IBDs initially affiliated with insurance coverage corporations.
“This transaction will allow us to strategically align the CFGS staff throughout the present Cetera Wealth Companions neighborhood whereas rising Cetera’s scale and creating new alternatives for progress for CFGS advisors,” Durbin mentioned.
Based on Aaron Seurkamp, senior vp and president of Protecting’s Safety & Retirement Division, the acquisition permits his firm to concentrate on its “core competencies” within the life insurance coverage and annuity companies. He mentioned Protecting made the deal based mostly on earlier Cetera acquisitions of comparable corporations.
Dentons LLP served as Cetera’s authorized counsel, whereas Maynard Nexsen and Eversheds Sutherland have 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 Buyers, 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 accordance with Cetera. Securian would distribute its particular person life and annuity merchandise through 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 offered its IBDs Walnut Avenue 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 top of June. In 2018, personal fairness agency Genstar took a majority stake within the firm and reinvested recent capital within the firm in 2023, remaining the bulk shareholder.
Nonetheless, there have been modifications within the govt 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, accountable for progress alongside enterprise traces throughout the broader agency.
In the meantime, Tom Taylor lately introduced he would retire as Cetera Monetary Group’s chief gross sales and progress officer by the top 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.
