Acquisition of Grove Point Financial brings about 400 independent financial professionals to $15 billion The number of assets under management of the rapidly growing Atria Wealth Solutions. Grove Point will maintain existing clearing and custody relationships and will not re-engage clients.
new york, April 18, 2023 /PRNewswire/ — Atria Wealth Solutions, Inc. (Atria), a multi-channel wealth management holding company, today announced a definitive agreement to acquire Grove Point Financial, LLC (Grove Point). Grove Point is an independent asset management firm founded as H. Beck, Inc. in 1984 and in 2017 he was acquired by Kestra Holdings (Kestra). Rockville, MarylandGrove Point serves approximately 400 independent financial professionals. $15 billion on client property. In total, Atria’s subsidiaries will represent approximately 2,700 financial professionals after the transaction closes. $115 billion in assets under management.
Doug KettererAtria’s CEO and Founding Partner said: Our combined organization makes us stronger as we continue to support and meet the growing demands of financial professionals and their clients.The same is true for our new relationship with Grove Point. Our company cultures, priorities and philosophies are more aligned than ever, and our ability to grow and deliver differentiated experiences is more assured than ever. ”
Since its inception, Atria has invested aggressively in the people, solutions and services that drive the scale and efficiency of independent financial professionals, meet the complex needs of their clients and help them stay at the forefront of a competitive environment. I’ve been Atria’s unique, award-winning products, including Unio, a financial professional platform, Clear1, a client portal, and Contour, a paid advisory platform, are the best way to solve today’s challenges and help users seize tomorrow’s opportunities. occupy the position of Financial professionals associated with Atria’s subsidiaries, combined with a differentiated support model that includes access to a comprehensive product platform, extensive business management resources, a wide range of marketing tools, and strategic support services such as virtual assistants, We are uniquely positioned to grow and provide the best possible service to our customers. .
Grove Point financial professionals also benefit from Atria’s field-based practice management consultants, in-branch recruitment support, and the ability to collaborate and interact with new colleagues across the Atria family. Year.
James Pohr, Kestra CEO added: In this new chapter, our top priority is to ensure Grove Point’s continued success and the company is best positioned for the future. We are very excited about our home, our clients, and our employees…with what lies beyond Atria. “
Michelle Barry, president of Grovepoint, said: Atria looks forward to maximizing our collective value proposition to both our associates and financial professionals and to continuing to grow together. The company’s long-term commitment to providing the most comprehensive, competitive and innovative solutions is exactly what we need for our next chapter. “
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 acted as financial advisor to his Kestra, William Blair & Company, LLC is acting as financial advisor to Atria in this transaction.
About Atria Wealth Solutions
Atria Wealth Solutions, Inc. (Atria), headquarters location new york cityis a wealth management solutions holding company focused on providing financial professionals, financial institutions and their clients with a clear path to the future of financial advice. Atria’s broker-dealers and his RIA subsidiaries are located across the United States, providing independent financial professionals and institutions with a sophisticated suite of tools, services and capabilities that deepen client relationships and maximize operational efficiency doing.
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. Together, Atria’s subsidiaries support approximately 2,300 financial professionals, with approximately $100 billion of assets under management. Each broker/dealer he is a member of FINRA/SIPC and each advisory firm is a federally registered investment adviser. For more information, visit atriawealth.com.
Atria Wealth Solutions Media Contacts
heaven tower group
Julian Allenson
424 317 4865
[email protected]
About Globe Point Financial
Grove Point Financial, LLC (Grove Point) Rockville, MarylandThe company provides broker-dealer and RIA services to approximately 400 financial professionals nationwide. Grove Point is guided by a mission to provide superior service based on relationships that thrive in a close and accessible culture where all financial professionals value partnership above all else.
Securities offered through Grove Point Investments, LLC, member FINRA/SIPC. Grove Point Advisors, LLC, Grove Point Investments, LLC and investment advisory services provided through Grove Point Advisors, LLC are subsidiaries of Grove Point Financial, LLC. Grove Point Financial, LLC is a subsidiary of Kestra Holdings.
Grove Point Financial Media Contacts
heaven tower group
Julian Allenson
424 317 4865
[email protected]
About Kestra Holdings
Kestra Holdings provides an industry-leading wealth management platform for independent wealth management professionals nationwide. With an innovative culture that celebrates independence, the company strives to provide the advisory industry with the expertise every financial professional needs to succeed in the market today and in the years to come, through superior service, cutting-edge technology and exceptional resources. aims to redefine the future of
Co-directed by Kestra Holdings companies $128 billion We manage Asset Administration (AUA) and support more than 2,400 independent financial professionals nationwide to provide clients with comprehensive securities, trust and investment advisory services.
Kestra Holdings has direct or Indirect parent company. /SIPC and Kestra Advisory Services, LLC, Kestra Private Wealth Services, LLC, Grove Point Advisors, LLC, and Kestra Institutional Services, LLC are all federally registered investment advisors.
Kestra Holdings Media Contacts
Gregory FCA
Hailey Rosa 610-228-2805
[email protected]
Source Atria Wealth Solutions
