Somewhat over a 12 months in the past, LPL Monetary introduced plans to amass Atria Wealth Options, the community of dealer/sellers based in 2017 by former Morgan Stanley govt Doug Ketterer. The $805 million deal, with further funds due based mostly on advisor retention, closed final fall. Now, Ketterer and his founding companion and Chief Working Officer Eugene Elias Jr. are stepping down, in line with a LinkedIn put up.
Ketterer will depart on the finish of April. Elias will exit on the finish of June, in line with the executives.
“For us, as founders of Atria, these previous 14 months have given us an opportunity to mirror on the unimaginable journey now we have been on over the past eight years,” Ketterer stated within the LinkedIn put up. “From first conceiving and creating the daring thought of a very distinctive impartial wealth administration agency targeted 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 proper companion in LPL, this has been an expertise in contrast to another in our careers.”
A spokeswoman for LPL stated the remaining Atria management staff will proceed to spearhead the combination of the 2 b/ds.
“We thank Doug and Eugene for his or her distinctive management through the years and assist their resolution,” the spokesperson stated. “LPL is dedicated to sustaining a robust partnership with the present management staff 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, observe administration assist and funding capital.
Over time, Atria clocked quite a few acquisitions, beginning with sister dealer/sellers CUSO Monetary Providers 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 really particular and distinctive within the business,” Ketterer wrote. “All of us strived to be the perfect in order that they could possibly be the perfect for his or her shoppers and members and collectively this mission was completed. The group and tradition we created inside Atria made this doable because it was one based mostly on caring, ardour, dedication and respect. These attributes enabled us to collectively construct and develop our companies into what they’re at this time 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, whilst 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 12 months 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 12 months.
