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.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
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.
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."
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.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
