In further broadening its network, LPL Financial Holdings, along with its subsidiaries, announced that it has entered into a definitive agreement to acquire New York-based wealth management holding company Atria Wealth Solutions.
According to the announcement, 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 with a sophisticated set of services and capabilities to help deepen client relationships and maximize efficiencies in their practices.
“Atria has built a great community of advisors and institutions, led by their client-centered culture,” stated Dan Arnold, president and chief executive officer of LPL Financial. “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.”
“LPL shares our fundamental belief of putting advisors at the center of everything we do,” added Doug Ketterer, chief executive officer and founding partner of Atria Wealth Solutions. “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, including Cadaret Grant, NEXT Financial Group, SCF Securities, Western International Securities and Grove Point Financial.
The purchase agreement was signed on Feb. 12, 2024. LPL expects to close the transaction in the second half of 2024, while the conversion is expected to be completed in mid-2025, subject to receipt of regulatory approval and other conditions.
LPL Financial currently serves more than 22,000 financial advisors, including advisors at approximately 1,100 enterprises and 570 RIA firms nationwide.
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.
