Cetera to Acquire $16B RIA From Insurer

Cetera Financial Group announced another acquisition of a registered investment advisory from an insurer as it continues to grow its network of advisers.

The San Diego-based firm that has about 12,000 financial professionals nationally will add about 350 more with the acquisition of Concourse Financial Group Securities Inc., a subsidiary of Protective Life Corp. Based in Birmingham, Alabama, CFGS uses Protective’s retail distribution system and is a dually registered broker/dealer and RIA.

CFGS is expected to join Cetera at the start of 2025 with more than $12 billion in assets under administration and $4 billion in assets under management. The deal, if approved by regulators, will be done via asset acquisition and will give CFGS advisers access to Cetera Wealth Partners’ resources. The firms declined to provide details of the transaction.

The deal marks the fourth insurance-owned broker/dealer Cetera has acquired in the last five years, according to the firm. That includes a 2023 deal to bring on 1,000 financial professionals from Securian Financial Group Inc. and a 2021 acquisition of Voya Financial Advisors’ independent financial planning business.

“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,” said Mike Durbin, CEO of Cetera Holdings, in a statement.

For Protective, the deal will allow the insurer to “focus on our core competencies in the life insurance and annuity business, while enabling Concourse Financial Group Securities financial professionals and clients to benefit from Cetera’s industry-leading resources and support,” said Aaron Seurkamp, president of Protective’s protection and retirement division, in a statement.

As of June 30, Cetera oversees more than $521 billion in AUA and $224 billion AUM.