Protective Life Corporation sells Concourse Securities and Concourse Agency

Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, has entered into agreements to sell Concourse Financial Group Securities (Concourse Securities) and Concourse Financial Group Agency (Concourse Agency).

This includes an asset purchase agreement with Cetera Financial Group (Cetera) to acquire Concourse Securities, and a stock purchase agreement with Simplicity Financial (Simplicity) for the acquisition of Concourse Agency.

Aaron Seurkamp, SVP, President of the Protection & Retirement Division, stated, “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.”

He added, “We are proud of the businesses our teams have built and are confident they will have strong futures with Cetera and Simplicity.”

Cetera is a leading financial advisor hub with around 12,000 affiliated independent financial professionals. Through this acquisition, approximately 350 financial professionals managing over $12 billion in assets under administration and $4 billion in assets under management will join Cetera Wealth Partners.

Once the deal is finalised, Concourse Securities financial professionals will immediately gain access to the extensive resources available through Cetera Wealth Partners. The transaction is expected to close in the first quarter of 2025, pending regulatory approval.

Mike Durbin, CEO of Cetera Holdings, remarked, “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.”

He continued, “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.”

Simplicity is a financial products distribution firm that offers a range of wealth accumulation and financial protection products designed for a consumer-oriented, holistic financial plan. It is the largest and most successful firm in wholesaling annuities and life insurance in the nation. This transaction is expected to close before the end of the fourth quarter of 2024.

Bruce Donaldson, Partner and CEO of Simplicity, said, “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 customised sales support to help them grow their businesses.”

“Our ‘One Simplicity’ platform is built to maximise growth for Concourse Agency’s agents and advisors as they help their clients meet all their key financial objectives,” he concluded.

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