LPL Closes Acquisition of Atria Wealth Solutions
The firm said it expects to meet or exceed its 80% advisor retention goal.
LPL Financial has officially closed its acquisition of Atria Wealth Solutions, the independent broker-dealer announced Tuesday.
The purchase was first announced in February and came after LPL had been courting Atria for some time. The deal included an initial payment to Atria of about $805 million and the potential for a second payment of up to $230 million, based on a retention rate of 80% to 100%, according to an investor presentation.
At that time, sources said the acquisition should help LPL solidify its competitive position at a time of intense consolidation and as broker-dealers’ profit margins are squeezed. Specifically, they argued buying Atria would help LPL make further inroads with a big growth market: outsourcing wealth management services for enterprise clients such as banks, credit unions and insurance companies.
In a statement shared with ThinkAdvisor on Tuesday, the firm said it expects to meet or exceed the 80% retention goal. The firm declined to elaborate on how many advisors and assets have thus far moved to LPL’s platform.
Doug Ketterer, Atria Wealth Solutions chief executive officer and founding partner, said joining forces with LPL Financial delivers significant value to Atria’s advisors and institutions, their clients and their employees.
Led by Ketterer and the current Atria leadership team, Atria will operate as a fully owned portfolio company through the onboarding of Atria advisors, which is expected to be complete in mid-2025.
Credit: LPL Financial