Protective Life completes sale of Concourse Financial Group units to Cetera and Simplicity

Protective Life Corporation, a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), has finalized the sale of Concourse Financial Group Securities, Inc. and Concourse Financial Group Agency, Inc. in a strategic move to sharpen its focus on core insurance operations. The transactions, completed through agreements with Cetera Financial Group and Simplicity Group, align with Protective’s long-term growth strategy. Protective officially closed the asset purchase agreement with Cetera on February 20, 2025, transferring ownership of Concourse Securities. Meanwhile, Simplicity acquired Concourse Agency through a stock purchase agreement in November 2024. These sales signal Protective’s shift away from its broker-dealer and retail advisory segments, allowing the company to concentrate on expanding its life insurance and annuity business.

What Does This Deal Mean for Protective?

The divestiture of Concourse Securities and Concourse Agency allows Protective to refine its business model, ensuring that resources are directed toward its insurance and retirement solutions. Protective’s leadership expressed confidence that the financial professionals from Concourse Securities and Concourse Agency would benefit from their transition to Cetera and Simplicity, both of which have established expertise in wealth management and financial product distribution.

Aaron Seurkamp, Senior Vice President and President of the Protection & Retirement Division at Protective, emphasized that this transition would provide financial professionals with access to specialized resources and broader industry support. He noted that by selling these units, Protective can strengthen its competitive position in the insurance market while ensuring that advisors and clients receive tailored support from leading firms in the financial services industry.

How Will Cetera Integrate Concourse Securities?

Cetera, a leading financial advisor wealth hub, continues to expand its presence in the wealth management sector through acquisitions that bolster its network of independent financial professionals. The addition of 350 financial professionals from Concourse Securities, who oversee more than $12 billion in assets under administration and $4 billion in assets under management, significantly enhances Cetera’s advisory services portfolio.

The transition places Concourse Securities professionals within the Cetera Wealth Partners community, where they gain access to enhanced advisor resources, advanced technology platforms, and comprehensive wealth management tools. Mike Durbin, CEO of Cetera, underscored the success of this acquisition, highlighting higher-than-expected asset retention rates, which he described as exceeding the company’s initial projections.

Durbin reaffirmed that Concourse professionals would benefit from Cetera’s client-first approach and its focus on long-term growth for financial advisors. The acquisition also reflects Cetera’s ongoing expansion strategy, which has seen the firm integrate multiple insurance-affiliated broker-dealers in recent years.

What Does Simplicity Gain from Acquiring Concourse Agency?

Simplicity, a leading distributor of financial products, has strengthened its position in the life insurance and annuity markets through the acquisition of Concourse Agency. By integrating Concourse Agency into its platform, Simplicity extends its sales and marketing capabilities, offering advisors access to proprietary financial products, customized sales support, and advanced marketing tools.

Bruce Donaldson, Partner and CEO of Simplicity, described the transaction as a strategic addition that enhances the firm’s ability to support insurance wholesalers and financial advisors. He noted that Simplicity’s “One Simplicity” platform is designed to drive business growth for advisors by providing access to a full suite of wealth accumulation and financial protection products.

The move also strengthens Simplicity’s wholesale distribution network, allowing it to serve a broader range of financial professionals, advisors, and institutional clients. By incorporating Concourse Agency into its framework, Simplicity reinforces its role as a dominant player in financial product distribution.

How Does This Sale Fit Into Cetera’s Expansion Strategy?

Cetera’s acquisition of Concourse Securities marks the latest step in its strategy to expand through insurance company carve-outs and independent broker-dealer acquisitions. Over the past five years, Cetera has made several high-profile acquisitions to bolster its advisor network and increase assets under management.

In 2023, Cetera acquired Securian Financial Group’s retail wealth business, adding $50 billion in assets and expanding its financial advisory footprint. In 2021, Cetera purchased Voya Financial Advisors’ independent financial planning channel, which brought in $37 billion in assets and reinforced its wealth management capabilities. In 2019, Cetera acquired Foresters Financial’s U.S. brokerage and investment advisory business, integrating 500 advisors into its platform.

These acquisitions demonstrate Cetera’s commitment to consolidating the independent financial advisory sector while maintaining a focus on strategic growth and advisor development. The addition of Concourse Securities aligns with this approach, reinforcing Cetera’s position as a premier wealth management firm.

What Happens to Concourse Distributors?

Although Protective has sold Concourse Securities and Concourse Agency, it retains ownership of Concourse Distributors, a division that continues to provide distribution support for select third-party firms. Protective has reaffirmed its commitment to maintaining long-standing relationships with key business partners through this segment.

This retention allows Protective to preserve its connections within the financial services industry, ensuring continuity in distribution operations while focusing on its primary insurance and annuity offerings.

What Does This Mean for the Financial Industry?

The financial services sector has witnessed a wave of consolidations, particularly in the insurance-affiliated broker-dealer and wealth management segments. Firms like Cetera and Simplicity are actively acquiring independent financial advisory businesses to scale operations, enhance service offerings, and increase market share.

For Protective, the sale of Concourse Financial Group aligns with broader industry trends, where companies are increasingly refining their business models to focus on core competencies. By streamlining its portfolio and divesting its retail advisory units, Protective positions itself for long-term growth in the life insurance and annuity markets.

Meanwhile, Cetera and Simplicity continue to build on their acquisition-driven expansion strategies, leveraging these transactions to strengthen their competitive positions in the evolving financial landscape. As consolidation continues, firms that specialize and innovate are likely to emerge as dominant forces in the market.