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LPL Monetary says it’s shopping for Atria Wealth Options, which has about 2,400 advisors and ties to roughly 150 banks and credit score unions that handle some $100 billion of brokerage and advisory property. The monetary phrases of the deal weren’t disclosed.
The deal was signed Monday and LPL expects to shut the transaction within the second half of 2024, whereas the conversion of advisors and corporations must be accomplished in mid-2025, topic to regulatory approval and different situations.
Atria says its community of broker-dealers will transfer their brokerage and advisory property to the LPL platform.
The community consists of CUSO Monetary Companies and Sorrento Pacific Monetary, which work with banks and credit score unions, and Cadaret Grant, NEXT Monetary Group, SCF Securities, Western Worldwide Securities and Grove Level Monetary, which help impartial monetary professionals.
“Atria has constructed an ideal neighborhood of advisors and establishments, led by their client-centered tradition,” LPL President and CEO Dan Arnold stated in a press release. “We look ahead to … serving to them optimize their success by offering the capabilities, know-how and providers to distinguish and win within the market and run thriving companies.”
As of Dec. 31, LPL Monetary had 22,660 advisors in its community. The agency’s whole consumer property have been $1.35 trillion.
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