LPL Financial to Add $100B Atria Wealth Solutions

LPL Financial Holdings Inc. is adding to its financial adviser network with the acquisition of Atria Wealth Management Solutions Inc., the San Diego-based firm announced Tuesday.

LPL plans to add New York-based Atria’s 2,400 advisers, 150 banks and credit unions, and about $100 billion in brokerage and advisory assets to its network for financial and retirement plan professionals. LPL will pay $805 million upfront, plus additional “earn-outs” of up to $230 million, depending on the percentage of advisers that stay with the firm, according to an investor presentation. The deal will be paid for with a combination of cash and debt, and it is expected to close in the second half of the year.

Atria, founded in 2017 and backed by private equity firm Lee Equity Partners, runs a network of broker/dealer subsidiaries supporting both independent financial advisers and institutions. The firm, which had been doing its own share of acquisitions in recent years, will transition its brokerage and advisory assets custodied with its network of broker/dealers to the LPL platform, according to the announcement.

Those broker/dealers include CUSO Financial Services and Sorrento Pacific Financial, which both focus on banks and credit unions, along with Cadaret Grant, NEXT Financial Group, SCF Securities, Western International Securities and Grove Point Financial, which all focus on independent advisers. The conversion is expected to be completed in mid-2025, subject to regulatory approval and other conditions.

Atria signed the purchase agreement on Monday, according to the firms. LPL is anticipating closing costs of about $300 to $350 million, according to the presentation. It also expects a 6% increase in assets via its adviser channel to $1.09 trillion and an 11% increase in its enterprise channel to $365 billion.

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

LPL’s network has more than 22,000 financial advisers, including those who offer retirement plan advisement services such as retirement plan consulting, small business solutions and 3(38) fiduciary services.