LPL Financial Closes Its Acquisition of Atria Wealth Solutions
LPL Financial Holdings Inc. (NASDAQ: LPLA) has announced the completion of its acquisition of Atria Wealth Solutions, Inc., a wealth management solutions holding company. This strategic move brings approximately 2,400 Atria advisors and nearly 150 banks and credit unions under LPL's umbrella, enhancing their capabilities with advanced technology and services.
Rich Steinmeier, LPL's managing director and chief growth officer, emphasized the alignment of Atria's mission with LPL's focus on prioritizing the advisor experience. Doug Ketterer, Atria's CEO, highlighted the significant value this merger brings to all stakeholders. LPL expects to meet or exceed its retention target of 80%. Atria will operate as a fully owned portfolio company, with the onboarding of Atria advisors expected to be complete in mid-2025.
LPL Financial Holdings Inc. (NASDAQ: LPLA) ha annunciato il completamento dell'acquisizione di Atria Wealth Solutions, Inc., una società di gestione patrimoniale. Questa mossa strategica porta circa 2.400 consulenti Atria e quasi 150 banche e cooperative di credito sotto l'ombrello di LPL, migliorando le loro capacità con tecnologie e servizi avanzati.
Rich Steinmeier, direttore generale di LPL e chief growth officer, ha sottolineato l'allineamento della missione di Atria con l'obiettivo di LPL di mettere al primo posto l'esperienza del consulente. Doug Ketterer, CEO di Atria, ha evidenziato il valore significativo che questa fusione porta a tutti gli stakeholder. LPL si aspetta di raggiungere o superare il suo obiettivo di retention dell'80%. Atria opererà come una società portafoglio interamente posseduta, con l'inserimento dei consulenti Atria previsto per metà del 2025.
LPL Financial Holdings Inc. (NASDAQ: LPLA) ha anunciado la finalización de su adquisición de Atria Wealth Solutions, Inc., una empresa de soluciones de gestión de patrimonios. Este movimiento estratégico reúne aproximadamente 2,400 asesores de Atria y cerca de 150 bancos y cooperativas de crédito bajo el ala de LPL, mejorando sus capacidades con tecnología y servicios avanzados.
Rich Steinmeier, director general y director de crecimiento de LPL, enfatizó la alineación de la misión de Atria con el enfoque de LPL en priorizar la experiencia del asesor. Doug Ketterer, CEO de Atria, destacó el valor significativo que esta fusión aporta a todas las partes interesadas. LPL espera alcanzar o superar su objetivo de retención del 80%. Atria operará como una empresa de cartera de propiedad total, con la integración de asesores de Atria prevista para mediados de 2025.
LPL Financial Holdings Inc. (NASDAQ: LPLA)는 Atria Wealth Solutions, Inc.의 인수 완료를 발표했습니다. Atria는 자산 관리 솔루션을 제공하는 홀딩스 회사입니다. 이번 전략적인 조치는 약 2,400명의 Atria 상담사와 거의 150개의 은행 및 신용 조합을 LPL의 네트워크에 포함시켜, 첨단 기술과 서비스를 통해 그들의 역량을 강화합니다.
LPL의 관리 이사이자 성장 책임자인 Rich Steinmeier는 Atria의 사명이 LPL의 상담사 경험 우선 접근과 잘 맞아떨어진다고 강조했습니다. Atria의 CEO인 Doug Ketterer는 이번 인수가 모든 이해관계자에게 가져다 줄 중요한 가치를 강조했습니다. LPL은 80%의 유지 목표를 달성하거나 초과할 것으로 예상합니다. Atria는 완전 소유 포트폴리오 회사로 운영되며, Atria 상담사의 온보딩은 2025년 중반에 완료될 것으로 예상됩니다.
LPL Financial Holdings Inc. (NASDAQ: LPLA) a annoncé l'achèvement de son acquisition d'Atria Wealth Solutions, Inc., une société holding spécialisée dans les solutions de gestion de patrimoine. Ce mouvement stratégique regroupe environ 2 400 conseillers Atria et près de 150 banques et coopératives de crédit sous l'égide de LPL, améliorant ainsi leurs capacités grâce à des technologies et des services avancés.
Rich Steinmeier, directeur général de LPL et directeur de la croissance, a souligné l'alignement de la mission d'Atria avec l'accent que LPL met sur l'expérience des conseillers. Doug Ketterer, PDG d'Atria, a mis en avant la valeur significative que cette fusion apporte à toutes les parties prenantes. LPL s'attend à
LPL Financial Holdings Inc. (NASDAQ: LPLA) hat den Abschluss der Übernahme von Atria Wealth Solutions, Inc., einer Holdinggesellschaft für Vermögensverwaltungslösungen, bekannt gegeben. Dieser strategische Schritt bringt etwa 2.400 Atria-Berater und fast 150 Banken und Kreditgenossenschaften unter das Dach von LPL und verbessert deren Fähigkeiten durch fortschrittliche Technologien und Dienstleistungen.
Rich Steinmeier, Geschäftsführer von LPL und Chief Growth Officer, betonte die Übereinstimmung der Mission von Atria mit LPLs Fokus auf die Priorisierung der Beratererfahrung. Doug Ketterer, CEO von Atria, hob den bedeutenden Wert hervor, den diese Fusion allen Beteiligten bringt. LPL erwartet, sein Ziel von 80% Retention zu erreichen oder zu übertreffen. Atria wird als vollständig im Besitz befindliches Portfoliounternehmen agieren, und die Eingliederung der Atria-Berater wird voraussichtlich zur Mitte des Jahres 2025 abgeschlossen sein.
- Acquisition of Atria Wealth Solutions adds approximately 2,400 advisors and 150 banks/credit unions to LPL's network
- LPL expects to meet or exceed 80% retention target for Atria advisors
- Merger enhances technology and services offerings for advisors and financial institutions
- None.
Insights
The acquisition of Atria Wealth Solutions by LPL Financial is a significant strategic move that strengthens LPL's market position in the wealth management sector. This deal brings approximately 2,400 advisors and nearly 150 banks and credit unions under LPL's umbrella, substantially expanding their reach and client base.
The expected retention rate of 80% or higher is crucial, as it indicates a smooth transition and potential for immediate value creation. The integration, set to complete by mid-2025, allows for a gradual assimilation of Atria's operations, which should help maintain service quality and minimize disruption.
Financially, while specific figures aren't provided, this acquisition is likely to boost LPL's assets under management and revenue streams. The synergies between LPL's technology investments and Atria's client relationships could lead to enhanced operational efficiencies and cross-selling opportunities.
Investors should monitor the integration process closely, as successful execution will be key to realizing the full potential of this acquisition and driving long-term shareholder value.
This acquisition reflects the ongoing consolidation trend in the wealth management industry, as larger firms seek to achieve economies of scale and expand their service offerings. LPL's move to acquire Atria is a strategic response to this trend, potentially improving its competitive position against other major players in the space.
The deal's focus on technology and advisor support aligns with the increasing demand for advanced digital tools in wealth management. This could enhance LPL's ability to attract and retain top advisor talent, a critical factor for growth in this sector.
The addition of Atria's bank and credit union relationships is particularly noteworthy, as it diversifies LPL's distribution channels and could open up new revenue streams. This expansion into the financial institution space may provide a competitive edge and buffer against market fluctuations.
Investors should consider how this acquisition positions LPL for future growth, especially in light of changing consumer preferences and the evolving regulatory landscape in wealth management.
SAN DIEGO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (NASDAQ: LPLA) (together with its subsidiaries, including LPL Financial LLC, “LPL Financial” or “LPL”) announced the close of its acquisition of Atria Wealth Solutions, Inc., (“Atria”), a wealth management solutions holding company headquartered in New York.
“The team at Atria has built a company which is aligned with our clear mission at LPL, to prioritize the advisor experience so advisors can best serve their clients,” said Rich Steinmeier, managing director and chief growth officer at LPL Financial. “Together, we’re leveraging the strengths of our companies and empowering the approximately 2,400 Atria advisors and nearly 150* banks and credit unions with the advanced technology and services to deliver exemplary financial guidance to their clients while running thriving businesses.”
“Joining forces with LPL Financial delivers significant value to all our constituents, especially Atria’s advisors and institutions, their clients and our employees,” said Doug Ketterer, Atria Wealth Solutions chief executive officer and founding partner. “LPL’s well-respected position of industry leadership, investments in innovative technology and deep commitment to helping foster advisors’ continued success align with the very purpose of why we founded Atria eight years ago. The benefit of our combined companies offers unprecedented opportunities for the clients we serve.”
LPL expects to meet or exceed its retention target of
Financial and Legal Advisors to the Transaction
Morgan Stanley & Co. LLC acted as financial advisor to LPL, with A&O Shearman serving as LPL’s legal counsel. Ardea Partners LP acted as lead financial advisor to Atria, with Ropes & Gray LLP serving as Atria’s legal counsel. William Blair & Company, LLC also provided financial advice to Atria.
Forward-Looking Statements
Certain of the statements included in this release, such as those regarding LPL and its potential growth, business strategy and plans, including the expected benefits of LPL’s acquisition of Atria, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on current expectations and beliefs concerning future developments and their potential effects upon LPL, Atria or both. In particular, LPL Financial can provide no assurance that the assets reported as serviced by financial advisors affiliated with Atria (“Atria Advisors”) will translate into assets serviced by LPL Financial, that Atria Advisors will transition registration to LPL Financial, that institutions served by Atria or Atria Advisors (“Atria Institutions”) will join LPL or that the benefits that are expected to accrue to LPL Financial, Atria and their respective advisors and stockholders as a result of the transaction described herein will materialize. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, and there are certain important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include disruptions to the parties’ businesses as a result of the announcement of the transaction; difficulties and delays in recruiting Atria Advisors or Atria Institutions, or onboarding the clients or businesses of Atria Advisors or Atria Institutions; the inability by LPL Financial to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transaction, which depend in part on LPL Financial’s success in onboarding assets currently served by Atria Advisors; disruptions of LPL Financial’s or Atria’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with their respective financial advisors and their clients, employees, other business partners or governmental entities; the inability to implement onboarding plans and other consequences associated with acquisitions; the choice by clients of Atria Advisors not to open brokerage and/or advisory accounts at LPL Financial or move their assets from Atria to LPL Financial; unforeseen liabilities arising from the acquisition of Atria; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; the effects of competition in the financial services industry, including competitors’ success in recruiting Atria Advisors; and the other factors set forth in the “Risk Factors” and “Special Note Regarding Forward Looking Statements” sections included in LPL Financial’s 2023 Annual Report on Form 10-K and in subsequent filings with the Securities and Exchange Commission. Except as required by law, LPL Financial specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, and you should not rely on those statements as representing LPL Financial’s views as of any date subsequent to the date of this press release.
About Atria Wealth Solutions, Inc.
Atria Wealth Solutions, Inc., headquartered in New York City, is a wealth management solutions holding company focused on delivering a clear path to the future of financial advice for financial professionals, financial institutions and their clients. Atria’s broker-dealer and RIA subsidiaries, located throughout the U.S., empower independent financial professionals and financial institutions with a sophisticated set of tools, services and capabilities that deepen client relationships and maximize efficiencies in their practices.
Atria operates the following wealth management subsidiaries that provide brokerage and advisory services: CUSO Financial Services, Sorrento Pacific Financial, Cadaret Grant, NEXT Financial Group, Western International Securities, SCF Securities and Grove Point Financial. Atria’s subsidiaries together support approximately 2,400 financial professionals with nearly
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.
Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Atria Wealth Solutions and LPL Financial are separate entities.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.
We routinely disclose information that may be important to shareholders in the "Investor Relations" or "Press Releases" sections of our website.
*Approximated based on asset and holding details provided to LPL from February 12, 2024.
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FAQ
What is the expected completion date for onboarding Atria advisors to LPL Financial (LPLA)?
How many advisors and financial institutions will LPL Financial (LPLA) gain from the Atria acquisition?
What is LPL Financial's (LPLA) retention target for Atria advisors?
How will Atria Wealth Solutions operate within LPL Financial (LPLA) after the acquisition?
