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LPL Financial to Acquire $100 Billion-Asset Atria Wealth Solutions

LPL Financial to Acquire $100 Billion-Asset Atria Wealth Solutions. Financial services, broker-dealer, registered independent adviser, RIA, LPL, Atria Wealth Solutions, CUSO Financial Services, Sorrento Pacific Financial, Cadaret Grant, NEXT Financial Group, SCF Securities, Western International Securities, Grove Point Financial

LPL Financial Holdings Inc. (NASDAQ: LPLA) 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 advisers and 150 banks and credit unions, managing approximately $100 billion in brokerage and advisory assets.

Established in 2017, Atria operates a network of broker-dealer and registered independent adviser subsidiaries focused on supporting independent financial advisers and institutions throughout the United States.

“Atria has built a great community of advisers and institutions, led by their client-centered culture,” said Dan Arnold, LPL president and chief executive officer. “We look forward to welcoming their advisers 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.”

“Atria was founded on the vision to help deepen and enrich the relationship between financial advisers and their clients while helping them build strong and growing practices and programs,” said Doug Ketterer, Atria Wealth Solutions chief executive officer and founding partner. “LPL shares our fundamental belief of putting advisers at the center of everything we do. I’m excited for the opportunity that our financial advisers and institutions will have to leverage LPL’s breadth of services, vast resources, and unparalleled value proposition…”

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.

The transaction is expected to close 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.

LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at approximately 1,100 enterprises and 570 RIA firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.35 trillion as of Dec. 31, 2023.

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