SAN DIEGO –LPL Financial Holdings 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, and manages approximately $100 billion of brokerage and advisory assets, according to the company.
Terms of the deal were not released.
Established in 2017, Atria said it 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 LPL Financial President and CEO Dan Arnold. “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.”
As part of the agreement, the companies said Atria will transition its brokerage and advisory assets currently custodied with its network of broker-dealers to the LPL platform.
The Broker-Dealers
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 organizations stated.
Close of the transaction is expected 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.
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