To Our Valued Clients, Advisors and Account Holders,
In line with our 20-year anniversary theme, “Thrive Amid Change,” today we announced that we have entered into an agreement with New York-based Atria Wealth Solutions to buy out the equity interests of CFS and have both CUSO Financial Services (CFS) and Sorrento Pacific Financial (SPF) be acquired by Atria as our holding company.
In so doing, CFS and SPF will have access to additional capital, expertise, and resources to more quickly execute our strategic initiatives including the evolution of dataVISION™, our industry-leading technology platform. Additionally, this arrangement will allow us to further enhance our remote delivery systems to provide more collaborative digital engagement and enhanced support services, process efficiencies, and practice management. We are very excited by the opportunities this arrangement will bring to help us further realize our purpose of improving clients’ lives.
While there are multiple benefits to this move we understand that you may also have many questions. First and foremost, let us assure you that there will be no disruption in your services. We will continue to manage operations as we have for the past 20 years from our offices in San Diego, and our technology platform, systems, compliance supervision and processes will all remain the same. Amy Beattie and I, along with the entire senior management team will remain in place, as well as all of our managers, staff and advisors. There will be no staff reductions as a result of this agreement.
In fact, quite the opposite is true. Atria Wealth Solutions brings an elite level of counsel, experience and expertise to the team. Atria's co-founders Doug Ketterer, Eugene Elias and Kevin Beard all have extensive industry experience including wealth management, platform development and practice management.
Most importantly however, Atria shares the core values and mission that have been the foundation of CFS/SPF for the past 20 years. Whether expressed in the credit union philosophy of "people helping people," the community bank philosophy of "personalized service," or the fiduciary responsibility of acting in the customer's "best interest," we share a common purpose that we exist to help improve people's lives. That purpose will remain the cornerstone of CFS, SPF and Atria.
While in the short-term we will be operating business as usual, this agreement creates a new and exciting long-term trajectory for CFS and SPF. The additional resources, scale and expertise will help us to achieve our vision faster than previously possible and makes CFS/SPF an even stronger force in the market. If you have further questions, please review the FAQ's and additional contact information below.
We appreciate your loyalty and look forward to continuing to help you thrive for years to come amid this ever-changing industry.
CUSO Financial Services, LP
Sorrento Pacific Financial, LLC