Two executives from Morgan Stanley and one from AIG Advisor Group have left to form a new wealth management firm that is buying two broker-dealers with more than $30 billion in assets under advisement.

Doug Ketterer, former head of field management at Morgan Stanley; Eugene Elias, former head of client and advisor platforms at Morgan Stanley; and Kevin Beard, former head of acquisition and recruiting strategy at AIG Advisor Group announced today they have formed a wealth management holding company, New York-based Atria Wealth Solutions.

Atria also announced it is acquiring CUSO Financial Services L.P. and its sister company, Sorrento Pacific Financial. The two broker-dealers are headquartered in San Diego and provide investment and insurance services to more than 200 financial institutions nationwide. CFS and SPF also also SEC-registered investment advisory firms that provide retirement, wealth management, insurance and other planning services for individuals and business customers.

As part of the agreement with the B-Ds, Atria will be buying out the equity interests of CFS, while co-founders Valorie Seyfert and Amy Beattie will obtain an equity interest in Atria and will continue to lead CFS/SPF. Atria is backed by Lee Equity Partners, a growth-focused middle market private equity firm.

“Atria Wealth Solutions was founded to create a new and differentiated experience for its subsidiaries’ advisors and their clients. There are transformational events occurring in the wealth management industry today and we believe it is essential for advisors and their clients to have access to and be supported by the next generation of solutions,” said Ketterer, Atria's CEO. “CFS and SPF are an ideal partner for Atria and bring innovative technology, a strong management team and staff, and two decades of successfully supporting financial advisors, credit unions and banks.”

Ketterer added Atria will make significant investments in core areas of the business such as technology, support services, process efficiencies and practice management.

“Our investments will focus on ways to strengthen and deepen the relationship between financial advisors and their clients, relieving advisors and their staff from administrative burdens and enabling them to use data analytics to drive growth," he said. "The combined management team of Atria and CFS, along with the financial backing and support of Lee Equity Partners, will create a unique and innovative wealth management model.”

CFS/SPF will continue to be headquartered and operate from San Diego. The transaction is subject to FINRA approval and is expected to close within 60-90 days. The purchase price was not disclosed.