Cetera Completes Acquisition of CFGS in Line with Expansion Strategy
Deal News | Feb 26, 2025 | EIN
Cetera Financial Group has completed the acquisition of Concourse Financial Group Securities (CFGS), a subsidiary of Protective Life Corporation. The transaction, which closed on February 20, integrates approximately 350 financial professionals managing over $16 billion in assets into the Cetera Wealth Partners network. This acquisition is a part of Cetera's ongoing strategy focusing on inorganic growth through mergers and acquisitions. Previously, Cetera had successfully acquired other wealth management businesses from insurance companies, such as Securian Financial Group's retail operation in 2023 and Voya Financial Advisors' planning channel in 2021. Meanwhile, Protective Life Corporation continues to hone in on its core insurance competencies by divesting non-core subsidiaries like CFGS and its MGA arm, Concourse Financial Group Agency, which was sold to Simplicity.
Sectors
- Financial Services
- Insurance
- Investment & M&A
Geography
- United States – Cetera Financial Group is a major player in the U.S. financial services industry, and Protective Life Corporation is also based in the U.S.
Industry
- Financial Services – Cetera and CFGS operate within the financial services sector, focusing on wealth management and financial advisory services.
- Insurance – Protective Life Corporation and the transactions involving its subsidiaries highlight activities within the insurance industry sector.
- Investment & M&A – The article is centered around mergers and acquisitions, highlighting Cetera's strategy to grow through financial industry-related transactions.
Financials
- Over $12 billion – The assets under administration added to Cetera through the acquisition of CFGS.
- $4 billion – The assets under management integrated into Cetera as part of the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cetera Financial Group | Buyer | Company | A leading provider of wealth management services with a strategy focused on growing through acquisitions. |
| Concourse Financial Group Securities (CFGS) | Target | Company | A financial advisory firm with approximately 350 financial professionals, previously a subsidiary of Protective Life Corporation. |
| Protective Life Corporation | Seller | Company | An insurance provider focusing on its core competencies after divesting non-essential subsidiaries. |
| Simplicity | Buyer (of Concourse Financial Group Agency) | Company | Acquired the MGA branch of Protective's Concourse Financial Group. |
| Mike Durbin | CEO of Cetera | Person | CEO of Cetera Financial Group who commented on the strategic benefits of the acquisition. |
| Libet Anderson | President of Concourse Financial Group Securities | Person | President of CFGS who emphasized the growth opportunities under Cetera. |
| Aaron Seurkamp | Senior Vice President at Protective Life | Person | Spoke on Protective Life's strategic focus on core insurance services after divesting CFGS. |