Atria Wealth Solutions, Inc. is a wealth management holding company with subsidiaries that serve independent finanicial advisors and financial institutions. The company has recently agreed to acquire NEXT Financial Group Inc., an independent broker-dealer based in Houston. NEXT Financial Group serves more than 500 independent advisors with approximately $13 billion assets under administration.
Financial terms for this transaction have not been disclosed. However, it is expected to close during the beginning of 2019 and is subject to customary closing conditions.
Atria will acquire 100% of NEXT and all of its sister companies, NEXT Financial Insurance Services Company and Visionary Asset Management Inc. In taking on these new companies, Atria will serve nearly 2,000 advisors with approximately $64 billion in assets under administration.
“As Atria continues to build and grow within the independent advisor channel, we identified NEXT as a perfect partner in our mission to reinvent the entirety of the independent wealth advisor service model,” said Doug Ketterer, CEO and founding partner of Atria.
Atria has stated that it will continue to invest in significant capital and resources in technology, product solutions, and services and support, including advisor/client collaborative technologies, an optimized advisor portal, upgraded client-facing capabilities, and streamlined business processes and analytics.
Barry Knight will remain the president of NEXT and will be part of Atria’s executive leadership team.
Atria has acquired three other broker-dealers since 2017. It currently serves the investment programs of credit unions and banks through its subsidiaries, CUSO Financial Services L.P and Sorrento Pacific Financial LLC. Atria serves independent financial advisors through SPF and Cadaret, Grant & Co.
Atria supports more than 1,400 financial advisors with more than $50 billion in assets under administration.
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