LPL Financial 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.”
LPL’s Dan Arnold
“Atria has built a great community of advisors and institutions, led by their client-centered culture,” said Dan Arnold, LPL Financial president and CEO. “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.”
The purchase agreement was signed on Feb. 12, 2024. LPL expects 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.
According to the transaction summary, the deal is structured as an equity purchase with an upfront price of ~$805 million, with the potential for a second payment of up to $230 million, based on retention ranging from 80% to 100%.
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.
“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 CEO 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.”
LPL serves more than 22,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 570 registered investment advisor firms nationwide.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.