SAN DIEGO, Feb. 13, 2024 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (NASDAQ: LPLA) today announced that the firm has entered into a definitive purchase agreement to acquire Atria Wealth Solutions, Inc., a wealth management solutions holding company headquartered in New York. Atria supports approximately 2,400 advisors and 150 banks and credit unions, managing approximately $100 billion of brokerage and advisory assets. Established in 2017, Atria operates a network of broker-dealer subsidiaries focused on supporting independent financial advisors and institutions nationwide.
“Atria has built a great community of advisors and institutions, led by their client-centered culture,” said Dan Arnold, LPL Financial president and chief executive officer. “We look forward to welcoming their advisors and institutions to the LPL family, and to helping them optimize their success by providing the capabilities, technology and services to differentiate and win in the marketplace and run thriving businesses.”
“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,” said Doug Ketterer, Atria Wealth Solutions chief executive officer and founding partner. “LPL shares our fundamental belief of putting advisors at the center of everything we do. 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. 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.”
As part of the agreement, Atria will transition its brokerage and advisory assets currently custodied with its network of broker-dealers to the LPL platform. The broker-dealers include two with a focus on supporting 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.
The purchase agreement was signed on Feb. 12, 2024. 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.
Financial and Legal Advisors to the Transaction
Morgan Stanley & Co. LLC is acting as financial advisor to LPL, with Allen & Overy LLP serving as LPL’s legal counsel. Ardea Partners LP is acting as lead financial advisor to Atria, with Ropes & Gray LLP serving as Atria’s legal counsel. William Blair & Company, LLC also provided financial advice to Atria.
About Atria Wealth Solutions, Inc.
Atria Wealth Solutions, Inc., headquartered in New York City, is a wealth management solutions holding company focused on delivering a clear path to the future of financial advice for financial professionals, financial institutions and their clients. Atria’s broker-dealer and RIA subsidiaries, located throughout the U.S., empower independent financial professionals and financial institutions with a sophisticated set of tools, services and capabilities that deepen client relationships and maximize efficiencies in their practices.
Atria operates the following wealth management subsidiaries that provide brokerage and advisory services: CUSO Financial Services, Sorrento Pacific Financial, Cadaret Grant, NEXT Financial Group, Western International Securities, SCF Securities and Grove Point Financial. Atria’s subsidiaries together support close to 2,400 financial professionals with nearly $100 billion of assets under administration. Each broker/dealer is a member FINRA/SIPC, and each advisory firm is a federally registered investment adviser. For more information, please visit atriawealth.com.
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and enterprises, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 22,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 570 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and enterprise leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and enterprises, so they can take care of their clients.
