LPL Financial to acquire Atria Wealth Solutions, terms not disclosed

LPL Financial Holdings announced that the firm has entered into a definitive purchase agreement to acquire Atria Wealth Solutions, a wealth management solutions holding company headquartered in New York. 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. 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 purchase agreement was signed on Feb. 12, 2024. We expect to close the transaction 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.