Atria Buys $15B Firm From Kestra

Atria Wealth Solutions said Tuesday it signed a definitive agreement to acquire Rockville, Maryland-based independent wealth management firm Grove Point Financial from Kestra Holdings.

Grove Point, founded in 1984 as H. Beck, was bought by Kestra Holdings in 2017. It serves about 400 independent financial professionals with $15 billion in client assets, according to Atria.

Upon closing, Atria’s operations should include about 2,700 financial professionals with about $115 billion in total assets under administration, it said.

“Our combined organization will make us stronger as we continue to support and meet the ever-growing demands of financial professionals and their clients,” according to Doug Ketterer, CEO and founding partner of Atria.

“What is of critical importance in any partnership is fit — both cultural and strategic,” Ketterer said in a statement. “This is very much true of our new relationship with Grove Point — the cultures, priorities and philosophies of our firms could not be more aligned, and our ability to grow and deliver a differentiated experience has never been more certain.”