LPL’s Deal to Acquire Atria
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LPL Financial announced plans Tuesday to acquire Atria Wealth Solutions, an independent broker/dealer network with about $100 billion, roughly 2,400 advisors and 150 banks and credit unions. Industry and equity analysts said the deal reinforces the necessity and power of scale in the wealth management industry.
Steven Chubak , an analyst at Wolfe Research, said Atria’s enterprise business, which includes two b/ds focusing on banks and credit unions (CUSO Financial Services and Sorrento Pacific Financial), was a significant competitor for LPL. He said the addition of Atria Wealth Solutions will turn LPL into a “category killer” and widen its competitive moat in the enterprise space.
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