Cetera Financial Group, the premier financial adviser Wealth Hub, has signed a definitive contract to acquire Concourse Financial Group Securities (CFGS), a subsidiary of Protective Life Corporation, through asset acquisition.

CFGS is based in Birmingham, Alabama, and includes Protective's connected retail distribution system, as well as a dual-registered broker-dealer and investment adviser.

The transaction is projected to bring about 350 financial professionals who supervise more than $12bn in assets under administration and $4bn in assets under management into the Cetera Wealth Partners network.

Upon closure, CFGS financial professionals will have instant access to Cetera Wealth Partners' existing community resources, which will be supplemented by CFGS team resources at transaction close.

Mike Durbin, CEO of Cetera Holdings stated: "Cetera has a proven track record of acquiring and successfully integrating independent broker-dealers affiliated with insurance organisations, and Concourse Financial Group Securities represents a tremendous opportunity in today's rapidly consolidating market. This transaction will enable us to strategically align the CFGS team within the existing Cetera Wealth Partners community while increasing Cetera's scale and creating new opportunities for growth for CFGS advisers."

Aaron Seurkamp, SVP and President, Protection & Retirement Division for Protective added: "This transaction allows Protective to focus on our core competencies in the life insurance and annuity businesses, while enabling Concourse Financial Group Securities financial professionals and clients to benefit from Cetera's industry leading resources and support for today's top advisers. Cetera's established success transitioning similar organisations to their platform gives us great confidence in this deal and underscores why Cetera is the right fit for this business."

"Cetera's community architecture and proven succession solutions are a natural fit for our business, and we have a significant alignment of shared strategic objectives," shared Libet Anderson, President, CFGS. "We look forward to a bright future together with Cetera."

The transaction is scheduled to finalise in the first quarter of 2025, subject to regulatory approval. The terms of the deal have not been disclosed.

Dentons LLP was Cetera's legal counsel. Maynard Nexsen PC and Eversheds Sutherland LP provided legal counsel to Protective, while Morgan Stanley & Co provided financial advice to Concourse Financial Group Securities.