Atria Wealth Solutions Inc., a wealth management holding company with subsidiaries that serve independent financial advisors and financial institutions, has agreed to acquire NEXT Financial Group Inc., an independent broker-dealer based in Houston that serves more than 500 independent advisors with approximately $13 billion in assets under administration.
The transaction is expected to close during the first quarter of 2019 and is subject to customary closing conditions, including regulatory clearances. Financial terms were not disclosed.
Atria will acquire 100 percent of NEXT and 100 percent its sister companies Next Financial Insurance Services Company and Visionary Asset Management Inc. After the close of the transaction, Atria, through its subsidiaries, will serve nearly 2,000 advisors with approximately $65 billion in in assets under administration.
“As Atria continues to build and grow within the independent advisor channel, we identified NEXT as a perfect partner in our mission to reinvent the entirety of the independent wealth advisor service model,” said Doug Ketterer, CEO and founding partner of Atria.
Atria said that it will continue investing “significant capital and resources” in technology, product solutions, services and support, including advisor/client collaborative technologies, an optimized advisor portal, upgraded client-facing capabilities, and streamlined business processes and analytics.
Barry Knight will remain the president of NEXT and will be a member of Atria’s executive leadership team.
NEXT will be the fourth broker-dealer acquired by Atria since 2017. Currently, Atria serves the investment programs of credit unions and banks through its subsidiaries, CUSO Financial Services L.P. and Sorrento Pacific Financial LLC, and serves independent financial advisors through SPF and Cadaret, Grant & Co.
Atria Wealth Solutions, through its subsidiaries, support more than 1,400 financial advisors with more than $50 billion in assets under administration.