ProEquities, a midsize wealth manager owned by a U.S. subsidiary of a giant global insurer, is rebranding to combine business lines and to boost its advisory clients.

ProEquities will become Concourse Financial Group Securities, forming a single firm, effective July 19. The firm also will include Protective Life subsidiaries First Protective Agency and Protective Distributors, the latter of which primarily works with Edward Jones' financial advisors. The three entities are merging to form Concourse Financial Group. This consolidation will add additional positions to the wealth manager's corporate staff, according to Doyle Williams, CEO of Concourse. 

According to Williams, the wealth manager (whose parent is owned by Tokyo-based Dai-ichi Life Holdings) will target advisors with $100 million to $500 million in assets under management. This combined focus on planning with a strong insurance component and asset management services will better serve the firm's advisors, says Williams. 

With $109 million in 2019 revenue, ProEquities is the No. 37 firm on Financial Planning magazine's annual Investment Banking Division (IBD) Elite survey of the largest IBDs in wealth management. With 61 percent of its revenue stemming from commissions, ProEquities is moving more slowly than other firms in the sector, leading to a predominantly fee-based industry. According to Williams, the merged firm can better compete given the marketplace's move to holistic planning in recent years. 

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