Financial adviser wealth hub Cetera has entered into a definitive agreement to acquire Concourse Financial Group Securities, a subsidiary of Protective Life Corporation.

Based in Birmingham, Alabama, Concourse comprises Protective’s affiliated retail distribution system, dually registered broker-dealer and registered investment adviser.

In addition, the acquisition is expected to bring approximately 350 financial professionals who oversee more than $12bn in assets under administration and $4bn in assets under management to the Cetera Wealth Partners community.

Upon closing, Concourse financial professionals will gain immediate access to the established community resources available through Cetera Wealth Partners, which will be complemented by the Concourse team resources at deal close.

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

“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.”

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“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,” added Aaron Seurkamp, SVP and President, Protection & Retirement Division for Protective. “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,” stated Libet Anderson, President, CFGS. “We look forward to a bright future together with Cetera.”