LPL To Buy Atria Wealth Solutions

The Acquisition Will Add About $100 Billion In Assets To LPL.
Dan Arnold, CEO & President, LPL Financial; Doug Ketterer, CEO & Founding Partner, Atria Wealth Solutions
Dan Arnold, CEO & President, LPL Financial; Doug Ketterer, CEO & Founding Partner, Atria Wealth Solutions
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report

LPL Financial said Tuesday it signed a definitive purchase agreement to acquire New York-based wealth management solutions holding company Atria Wealth Solutions.

Atria supports about 2,400 advisors and 150 banks and credit unions that, combined, manage approximately $100 billion of brokerage and advisory assets. Its network of BD subsidiaries focuses on supporting independent financial advisors and institutions across the U.S.

As part of the deal, Atria will transition its brokerage and advisory assets now custodied with its network of BDs to the LPL platform.

Atria’s BDs include two that support banks and credit unions – CUSO Financial Services and Sorrento Pacific Financial – and five that support independent financial professionals – Cadaret Grant, NEXT Financial Group, SCF Securities, Western International Securities and Grove Point Financial.

Financial terms of the purchase agreement, signed Feb. 12, were not disclosed.

But LPL said, “We expect to close the transaction in the second half of 2024, and the conversion is expected to be completed in mid-2025, subject to receipt of regulatory approval and other conditions.”

Morgan Stanley & Co. is acting as financial advisor to LPL, while Allen & Overy is serving as LPL’s legal counsel.

Ardea Partners is acting as lead financial advisor to Atria, while Ropes & Gray is serving as Atria’s legal counsel. William Blair & Co. also provided financial advice to Atria.

“Atria has built a great community of advisors and institutions, led by their client-centered culture,” according to Dan Arnold, CEO and President of LPL Financial. LPL will help Atria’s advisors and institutions “optimize their success by providing the capabilities, technology and services to differentiate and win in the marketplace and run thriving businesses,” Arnold said.

“Atria was founded on the vision to help deepen and enrich the relationship between financial advisors and their clients while helping them build strong and growing practices and programs,” according to Doug Ketterer, CEO and Founding Partner of Atria Wealth Solutions.

“LPL shares our fundamental belief of putting advisors at the center of everything we do,” he said. “I’m excited for the opportunity that our financial advisors and institutions will have to leverage LPL’s breadth of services, vast resources and unparalleled value proposition.”

LPL serves over 22,000 financial advisors, including advisors at about 1,100 enterprises and at approximately 570 registered investment advisor firms nationwide. As of Dec. 31, its total advisory and brokerage assets were $1.35 trillion, LPL said Feb. 1, while reporting its fourth quarter and 2023 results.

LPL recently recruited Wausau, Wisconsin-based Equity Design Group, which has about 10 advisors and $520 million in assets; and Austin, Texas-based advisor Blair Waller, who oversees about $150 million.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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