Investment and business solutions provider LPL Financial has agreed to acquire wealth management solutions holding company Atria Wealth Solutions for an undisclosed sum.
Under the terms of the agreement, Atria Wealth Solutions will shift its brokerage and advisory assets currently custodied with its network of broker-dealers to LPL Financial’s platform.
The firm’s broker-dealers include two with a focus on supporting banks and credit unions, namely CUSO Financial Services and Sorrento Pacific Financial and five that support independent financial professionals.
The latter five include Cadaret Grant, SCF Securities, NEXT Financial Group, Western International Securities and Grove Point Financial.
LPL Financial president and CEO Dan Arnold said: “Atria has built a great community of advisors and institutions, led by their client-centred culture.
“We look forward to welcoming their advisors and institutions to the LPL family, and to helping them optimise their success by providing the capabilities, technology and services to differentiate and win in the marketplace and run thriving businesses.”
Founded in 2017, Atria Wealth Solutions operates a network of broker-dealer subsidiaries focused on supporting independent financial advisors and institutions across the US.
The firm is said to serve nearly 2,400 advisors and 150 banks and credit unions. It also manages about $100bn of brokerage and advisory assets.
Atria Wealth Solutions CEO and founding partner Doug Ketterer said: “LPL shares our fundamental belief of putting advisors at the centre of everything we do. I’m excited about the opportunity that our financial advisors and institutions will have to leverage LPL’s breadth of services, vast resources and unparalleled value proposition.
“There is no question that LPL represents the best opportunity for a financial professional, bank or credit union to grow their practice or investment program.”
Subject to receipt of regulatory approval and other conditions, the deal is expected to be completed in the second half of 2024.
Morgan Stanley serves as financial advisor to LPL Financial while Allen & Overy acts as the legal counsel.
Ardea Partners is the lead financial advisor to Atria Wealth Solutions, with Ropes & Gray being the legal counsel. William Blair & Company also provided financial advice to Atria Wealth Solutions.
Last year, Prudential Financial signed an agreement with LPL Financial to improve the customer and financial professional experience for its retail wealth management business Prudential Advisors.
