LPL to Buy Atria Wealth Solutions

LPL Financial says it is buying Atria Wealth Solutions, which has about 2,400 advisors and ties to roughly 150 banks and credit unions that manage some $100 billion of brokerage and advisory assets. The financial terms of the deal were not disclosed.

The deal was signed Monday and LPL expects to close the transaction in the second half of 2024, while the conversion of advisors and firms should be completed in mid-2025, subject to regulatory approval and other conditions.   

Atria says its network of broker-dealers will move their brokerage and advisory assets to the LPL platform.

The network includes CUSO Financial Services and Sorrento Pacific Financial, which work with banks and credit unions, and Cadaret Grant, NEXT Financial Group, SCF Securities, Western International Securities and Grove Point Financial, which support independent financial professionals.    

“Atria has built a great community of advisors and institutions, led by their client-centered culture,” LPL President and CEO Dan Arnold said in a statement. “We look forward to … helping them optimize their success by providing the capabilities, technology and services to differentiate and win in the marketplace and run thriving businesses.”   

As of Dec. 30, LPL Financial had 22,660 advisors in its network. The firm’s total client assets were $1.35 trillion.