Atria buys Grove Point Financial from Kestra

Atria buys Grove Point Financial from Kestra
Rockville, Maryland-based Grove Point has $15 billion in assets and roughly 400 advisors; it was known as H. Beck before Kestra acquired it in 2017.
APR 18, 2023

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.

Latest News

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.