Protective to sell Concourse Financial Group Securities and Concourse Financial Group Agency
Protective Life, a subsidiary of Dai-ichi Life Holdings, has reached agreements to sell Concourse Financial Group Securities, and Concourse Financial Group Agency. Protective has entered into an asset purchase agreement with Cetera Financial Group, which plans to acquire Concourse Securities, and a stock purchase agreement with Simplicity Financial, which plans to acquire Concourse Agency.
Cetera is a financial advisor wealth hub with approximately 12,000 affiliated independent financial professionals and their teams. The acquisition is expected to bring approximately 350 financial professionals, who oversee more than $12 billion in assets under administration and $4 billion in assets under management, to the Cetera Wealth Partners community. Upon closing, Concourse Securities financial professionals will gain access to the established community resources available through Cetera Wealth Partners, which will be complemented by the Concourse Securities team resources at deal close. The transaction is expected to close in the first quarter of 2025, pending regulatory approval.
Simplicity is a financial products distribution firm, delivering a combination of wealth accumulation and financial protection products that “meet the needs of a consumer-oriented holistic financial plan.” Simplicity is the nation’s largest and most successful partnership wholesaling annuities and life insurance. The transaction is expected to close before the end of the fourth quarter of 2024.
Moving forward, Concourse Distributors will continue to provide distribution support to select third parties under Protective’s ownership. These teams support key business customers, and Protective looks forward to continuing these long-standing relationships.
“This transaction allows Protective to focus on our core competencies as an insurance provider, while enabling Concourse Securities and Concourse Agency financial professionals and clients to benefit from joining leaders in their fields with Cetera and Simplicity. We are proud of the businesses our teams have built and are confident they will have strong futures with Cetera and Simplicity.” – Aaron Seurkamp, SVP, President of the Protection & Retirement Division.
“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. This transaction will enable us to strategically align the Concourse Securities team within the existing Cetera Wealth Partners community while increasing Cetera’s scale and creating new opportunities for growth for Concourse Securities advisors.” – Mike Durbin, CEO of Cetera Holdings.
“We are thrilled to work with our longtime partner, Protective, to add Concourse Agency to our unrivalled team of insurance wholesaling professionals and to provide Concourse Agency’s existing agents, advisors and institutional clients access to Simplicity’s full suite of sales and marketing programs, proprietary products, and customized sales support to help them grow their businesses. Our ‘One Simplicity’ platform is built to maximize growth for Concourse Agency’s agents and advisors as they help their clients meet all their key financial objectives.” – Bruce Donaldson, Partner and CEO of Simplicity Group Holdings .
