LPL Financial Holdings Inc. (Nasdaq: LPLA), together with its subsidiaries, including LPL Financial LLC announced the close of its acquisition of Atria Wealth Solutions Inc., a wealth management solutions holding company headquartered in New York.
“The team at Atria has built a company which is aligned with our clear mission at LPL, to prioritize the adviser experience so advisers can best serve their clients,” said Rich Steinmeier, managing director and chief growth officer at LPL Financial. “Together, we’re leveraging the strengths of our companies and empowering the approximately 2,400 Atria advisers and nearly 150 banks and credit unions with the advanced technology and services to deliver exemplary financial guidance to their clients while running thriving businesses.”
Prior to acquisition, Atria managed approximately $100 billion in brokerage and advisory assets. Established in 2017, it operated a network of broker-dealer and registered independent adviser subsidiaries focused on supporting independent financial advisers and institutions throughout the United States.
As previously reported by The DI Wire, Atria agreed to transition its brokerage and advisory assets 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.
“Joining forces with LPL Financial delivers significant value to all our constituents, especially Atria’s advisers and institutions, their clients and our employees,” said Doug Ketterer, Atria Wealth Solutions chief executive officer and founding partner. “LPL’s well-respected position of industry leadership, investments in innovative technology and deep commitment to helping foster advisers’ continued success align with the very purpose of why we founded Atria eight years ago. The benefit of our combined companies offers unprecedented opportunities for the clients we serve.”
LPL expects to meet or exceed its retention target of 80%. Led by Ketterer and the current Atria leadership team, Atria will operate as a fully owned portfolio company through the onboarding of Atria advisers, which is expected to be complete in mid-2025.
LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at more than 1,000 enterprises and 580 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled $1.56 trillion as of Aug. 30, 2024.
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