Atria Wealth Solutions, Inc. (Atria), a multi-channel wealth management holding company, announced today its definitive agreement to acquire Grove Point Financial, LLC (Grove Point). Grove Point is an independent wealth management firm founded in 1984 as H. Beck, Inc., and was acquired by Kestra Holdings (Kestra) in 2017. Based in Rockville, Maryland, Grove Point serves approximately 400 independent financial professionals with $15 billion in client assets. Upon closing, Atria’s subsidiaries will collectively represent nearly 2,700 financial professionals with approximately $115 billion in assets under administration.
Doug Ketterer, CEO and Founding Partner of Atria, said, “We are thrilled to join forces with Grove Point’s financial professionals, talented executive team and employees. This is the most exciting time in our industry’s history and one that is creating the opportunities of a lifetime for all of us. Our combined organization will make us stronger as we continue to support and meet the ever-growing demands of financial professionals and their clients. What is of critical importance in any partnership is fit – both cultural and strategic. This is very much true of our new relationship with Grove Point – the cultures, priorities and philosophies of our firms could not be more aligned, and our ability to grow and deliver a differentiated experience has never been more certain.”
Since its founding, Atria has aggressively invested in people, solutions and services that drive scale and efficiencies for independent financial professionals, meet the complex needs of their clients and help them stay at the forefront of a highly competitive environment. Atria’s award-winning proprietary offerings, including Unio, the financial professional platform, Clear1, the client portal, and the fee-based advisory platform Contour, solve for today’s challenges and best position users to seize tomorrow’s opportunities. Coupled with a comprehensive product platform, extensive practice management resources, broad array of marketing tools and a differentiated support model that includes access to strategic support services such as virtual assistants, financial professionals associated with Atria’s subsidiaries are uniquely positioned to grow and best serve their clients.
Grove Point’s financial professionals will also benefit from Atria’s field-based practice management consultants, in-branch recruiting support and the ability to collaborate and interact with their new peers across the Atria family at a robust calendar of growth-focused national and regional events throughout the year.
James Poer, CEO of Kestra, added, “We feel very fortunate to have had the opportunity to play a role in Grove Point’s growth over the past five years as we worked together to deliver services and solutions that supported Grove Point’s financial professionals. As Grove Point embarks on this new chapter, our highest priority is to ensure the continuation of Grove Point’s success and for the firm to be best positioned for the future. Atria was the clear choice, and we are so very excited for Grove Point’s financial professionals, clients and employees with what lies ahead with Atria.”
Michelle Barry, President of Grove Point, said, “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. 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. Atria’s substantial and ongoing investment in the business demonstrated to us its long-term commitment to providing the most comprehensive, competitive and innovative solutions in our industry and is precisely what we need for the next chapter of our firm.”
Atria will acquire 100% of Grove Point and its subsidiaries Grove Point Investments, LLC and Grove Point Advisors, LLC. The transaction is expected to close in the second half of 2023 and is subject to customary closing conditions. Goldman Sachs & Co., LLC is serving as financial advisor to Kestra and William Blair & Company, LLC is serving as financial advisor to Atria in this transaction.
About Atria Wealth Solutions, Inc.
Atria Wealth Solutions, Inc. (Atria), headquartered in New York City, is a wealth management solutions holding company focused on delivering a clear path to the future of financial advice for financial professionals, financial institutions and their clients. Atria’s broker-dealer and RIA subsidiaries, located throughout the U.S., empower independent financial professionals and financial institutions with a sophisticated set of tools, services and capabilities that deepen client relationships and maximize efficiencies in their practices.
Atria operates the following independent wealth management subsidiaries that provide brokerage and advisory services: Cadaret Grant, NEXT Financial Group, Western International Securities, SCF Securities, CUSO Financial Services and Sorrento Pacific Financial. Atria’s subsidiaries together support nearly 2,300 financial professionals and approximately $100 billion of assets under administration. Each broker/dealer is a member FINRA/SIPC, and each advisory firm is a federally registered investment adviser. For more information, please visit atriawealth.com.
