Atria Wealth Solutions has agreed to acquire Grove Point Financial, a wealth management firm with $15 billion in assets and roughly 400 advisors, from Kestra Holdings.
Rockville, Maryland-based Grove Point was founded as H. Beck Inc. in 1986 and was acquired by Kestra in 2017.
The transaction is expected to close in the second half; terms were not disclosed.
The acquisition boosts Atria’s assets under administration to $115 billion and the number of financial professionals at its units to nearly 2,700. Private-equity backed Atria is the parent of Cadaret Grant, NEXT Financial Group, Western International Securities, SCF Securities, CUSO Financial Services and Sorrento Pacific Financial.
“We are delighted about our new partnership with Atria and the additional resources they will immediately bring to our financial professionals,” Michelle Barry, president of Grove Point, said in a statement. “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.”
William Blair & Co. advised Atria on the transaction, while Goldman Sachs & Co. advised Kestra.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
