LPL Financial snags Atria, gaining 2,400 advisors and $100B assets

February 13, 2024
1 min read

In a recent announcement, LPL Financial revealed its plans to acquire Atria Wealth Solutions, a wealth management company with approximately 2,400 advisors and $100 billion in assets under management. The deal will involve LPL paying an upfront price of $805 million to acquire 100% of Atria’s equity and potentially an additional $230 million based on retention.

The acquisition of Atria will significantly expand LPL’s advisor network and increase its assets under management. Atria supports a large number of advisors and has relationships with 150 banks and credit unions. The acquisition aligns with LPL’s strategic goal of expanding its reach in the wealth management industry.

LPL is expected to finance the transaction through a combination of cash on hand and debt. The deal is subject to regulatory approvals and is expected to close in the second quarter of 2024.

This acquisition highlights the trend of consolidation within the wealth management industry. As competition increases and regulatory pressures mount, firms are looking to strengthen their market position through mergers and acquisitions. The acquisition of Atria will enhance LPL’s position as a leading provider of wealth management services.

This deal also showcases the attractiveness of the independent advisor model, which allows advisors to maintain their independence while accessing the resources and support of a larger firm. Atria’s network of advisors and its relationships with banks and credit unions demonstrate the appeal of this model.

Overall, the acquisition of Atria by LPL Financial represents a significant expansion opportunity for LPL and a strategic move to strengthen its position in the wealth management industry. It will provide LPL with a larger advisor network and a substantial increase in assets under management, further solidifying its position as a leader in the industry.

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