Atria Wealth Options, the non-public equity-backed wealth administration holding firm launched by former Morgan Stanley govt Doug Ketterer in 2017, has acquired NEXT Monetary Group, a Houston-based unbiased dealer/seller with about 500 advisors and $13 billion in property below administration.
The acquisition, Atria’s fourth because it was launched in August 2017, brings the agency’s advisor headcount to almost 2,000, whereas property below administration high $65 billion.
Ketterer launched into the monetary establishments channel final summer time with the acquisition of sister b/s CUSO Monetary Companies and Sorrento Pacific Monetary, each based mostly in San Diego, Calif. They've a mixed $30 billion in property below administration and 500 advisors at banks and credit score unions.
Most lately, Atria acquired Cadaret, Grant & Co., a Syracuse, N.Y.-based unbiased dealer/seller with about 900 advisors and greater than $23 billion in property below administration. That deal, a part of Atria’s technique to do enterprise in a number of advisor channels, introduced the agency into the unbiased advisor area.
Atria Wealth Options, backed by non-public fairness store Lee Fairness Companions, needs to construct a brand new form of unbiased dealer/seller mannequin—not on indiscriminate acquisitions of present registrations, however by fastidiously constructing a layer of assist for unbiased advisors on high of some well-chosen outposts for future acquisitions. Ketterer was named one in all WealthManagement.com′s Ten to Watch in 2018.
NEXT President Barry Knight will stay in his present management position.