Atria Wealth Solutions, the New York City-based wealth management network of independent RIAs and broker-dealers, is acquiring Rockville, Md.-based Grove Point Financial, a unit of Kestra Holdings.
Through its subsidiaries, Atria already supports some 2,300 financial professionals with an aggregate of $100 billion in assets under administration. The acquisition will add to that Grove Point’s 400 financial professionals who, altogether, represent some $15 billion in assets under administration. Grove Point is the former H. Beck.
“Our combined organization will make us stronger as we continue to support and meet the ever-growing demands of financial professionals and their clients,” said Atria’s CEO and founding partner, Doug Ketterer, in a press release.
The terms of the deal were not announced, but Atria will acquire 100% of Grove Point and its subsidiaries. Goldman Sachs and William Blair & Co. are the advisors for the transaction, which is expected to close in the second half of 2023.
When the deal is completed, Atria and its subsidiaries will represent nearly 2,700 financial professionals with approximately $115 billion in assets under administration.
“What is of critical importance in any partnership is fit—both cultural and strategic,” said Ketterer. The cultures, priorities and philosophies of the two firms, he added, “could not be more aligned.”
Atria prides itself on providing services and solutions that drive scale and efficiencies for its independent financial professionals. Among its proprietary offerings are the Unio platform, a client portal called Clear1, and the fee-based advisory platform Contour.
Grove Point, founded in 1984 as H. Beck, was acquired by Kestra Holdings in 2017. It is expected to benefit from Atria's field-based practice management consultants, in-branch recruiting support, and collaborations and interactions with the Atria family of financial professionals, according to the press release.
“We feel very fortunate to have had the opportunity to play a role in Grove Point's growth over the past five years,” said Kestra CEO James Poer, in a statement.
Added Michelle Barry, president of Grove Point: “We are delighted about our new partnership with Atria and the additional resources they will immediately bring to our financial professionals. The fact that the two firms have common custody and strategic partner firms will enable our financial professionals to continue to focus on their clients, with no need to repaper.”
Atria's investment in the business, she said, demonstrated to us its long-term commitment to providing comprehensive, competitive and innovative solutions.
“We look forward to taking full advantage of our collective value propositions for both our associates and our financial professionals and witnessing our continued growth together,” Barry said.