A bit of over a yr in the past, LPL Monetary introduced plans to accumulate Atria Wealth Options, the community of dealer/sellers based in 2017 by former Morgan Stanley government Doug Ketterer. The $805 million deal, with further funds due primarily based on advisor retention, closed final fall. Now, Ketterer and his founding companion and Chief Working Officer Eugene Elias Jr. are stepping down, based on a LinkedIn submit.
Ketterer will go away on the finish of April. Elias will exit on the finish of June, based on the executives.
“For us, as founders of Atria, these previous 14 months have given us an opportunity to replicate on the unimaginable journey now we have been on over the past eight years,” Ketterer mentioned within the LinkedIn submit. “From first conceiving and creating the daring concept of a really distinctive impartial wealth administration agency centered on serving to monetary professionals and monetary establishments deepen and enrich the relationships they’ve in flip with their shoppers, to executing on that technique, to constructing the increasing partnership throughout the Atria household, to in the end discovering the right companion in LPL, this has been an expertise not like some other in our careers.”
A spokeswoman for LPL mentioned the remaining Atria management crew will proceed to spearhead the mixing of the 2 b/ds.
“We thank Doug and Eugene for his or her distinctive management through the years and help their resolution,” the spokesperson mentioned. “LPL is dedicated to sustaining a robust partnership with the present management crew at Atria and appears ahead to delivering a easy transition expertise for Atria advisors and establishments.”
The executives based Atria in 2017 with the backing of personal fairness agency Lee Fairness Companions, intending to supply their underlying b/ds recruiting pipelines, apply administration assist and funding capital.
Through the years, Atria clocked quite a few acquisitions, beginning with sister dealer/sellers CUSO Monetary Companies and Sorrento Pacific Monetary.
It additionally acquired Western Worldwide Securities, NEXT Monetary Group, Cadaret Grant, Grove Level Monetary and SCF Securities.
“We created one thing actually particular and distinctive within the trade,” Ketterer wrote. “All of us strived to be the perfect so that they could possibly be the perfect for his or her shoppers and members and collectively this mission was achieved. The neighborhood and tradition we created inside Atria made this potential because it was one primarily based on caring, ardour, dedication and respect. These attributes enabled us to collectively construct and develop our companies into what they’re right now and function a basis for all to proceed to thrive with LPL.”
Way back to 2019, Atria fended off rumors it was eyeing a sale, at the same time as consolidation amongst dealer/sellers was accelerating. In June 2023, WealthManagement.com reported that the agency misplaced 5 recruiters within the first 5 months of 2023, together with the departure of Gary Bender in March, who joined Atria one yr earlier from Securities America.
LPL closed on the acquisition of Atria final October, saying it expects retain 80% of the agency’s advisors. It plans to finish the onboarding of Atria advisors by the center of this yr.
