US-based wealth management holding company Atria Wealth Solutions has agreed to acquire Grove Point Financial, an independent wealth management firm.
The financial terms of the deal were not disclosed.
Established in 1984, Grove Point Financial was acquired by Kestra in 2017.
Grove Point Financial caters to nearly 400 independent financial professionals with client assets of $15bn.
Through the acquisition, the subsidiaries of Atria Wealth Solutions will together represent about 2,700 financial professionals and are expected to have around $115bn in assets under administration.
The financial professionals at Grove Point Financial are expected to gain from Atria Wealth Solutions’ field-based practice management consultants and in-branch recruiting support.
Grove Point Financial president Michelle Barry said: “The fact that the two firms have common custody and strategic partner firms will enable our financial professionals to continue to focus on their clients, with no need to repaper.
“We look forward to taking full advantage of our collective value propositions for both our associates and our financial professionals and witnessing our continued growth together.”
Headquartered in New York City, Atria Wealth Solutions offers solutions including financial professional platform Unio, client portal Clear1 and a fee-based advisory platform called Contour.
The company operates independent wealth management subsidiaries which provide brokerage and advisory services. The subsidiaries include NEXT Financial Group, Cadaret Grant, SCF Securities, Western International Securities, CUSO Financial Services, and Sorrento Pacific Financial.
Atria Wealth Solutions CEO and founding partner Doug Ketterer said: “Our combined organisation will make us stronger as we continue to support and meet the ever-growing demands of financial professionals and their clients. What is of critical importance in any partnership is fit – both cultural and strategic.
“This is very much true of our new relationship with Grove Point – the cultures, priorities and philosophies of our firms could not be more aligned, and our ability to grow and deliver a differentiated experience has never been more certain.”
Upon closing of the deal, Atria Wealth Solutions will fully acquire Grove Point Financial and its subsidiaries Grove Point Investments and Grove Point Advisors.
Subject to customary closing conditions, the transaction is anticipated to close in the latter half of this year.
