Atria adds new affiliation option; approaches 2,500 advisors.
New York, NY and Pasadena, CA – November 21, 2019 – Atria Wealth Solutions, Inc. (Atria), a multi-channel wealth management solutions holding company, today announced an agreement to acquire Pasadena, CA-based independent broker-dealer Western International Securities, Inc. (WIS). WIS was founded in 1995 and serves over 400 independent financial advisors with $13 billion in assets under administration.
Atria’s acquisition of WIS represents another strategic move forward in delivering an industry-leading offering in the fast-changing independent wealth management space. WIS serves independent financial advisors in a variety of models including affiliation through a turnkey branch solution that offers professional office space, integrated technology and dedicated support staff. Additionally, WIS’ strategic clearing partnerships further expand Atria’s solution set for financial advisors.
“We are very excited to announce our agreement to acquire WIS. This is an incredibly strategic acquisition for our firm,” said Doug Ketterer, CEO and founding partner of Atria. “The amount of change impacting our industry today is unprecedented and driven externally by the end-client and internally by financial advisors. It is clear that each constituent wants optionality. We are seeing a greater number of advisors who want independence, but, at the same time, they don’t want to spend time on the array of decisions that come with this choice like finding an office, selecting technology and hiring support staff. Our new partnership with WIS will allow us to meet this growing demand.”
WIS’ flexible affiliation model will expand Atria’s offering to independent financial advisors who want choice in how they do business and manage their practices. With various branch operating models across the nation, the WIS acquisition will advance Atria’s strategic growth plans. Atria is committed to seeking out solutions that meet client demands and enhance an advisor’s competitive advantage.
“WIS has always been about providing a differentiated advisor experience. Our sole purpose is to delight our financial advisors,” said Don Bizub, CEO of WIS. “Atria’s unique and innovative team shares those values. By partnering with Atria, we’re able to take full advantage of their advanced technology, robust product partner lineup and vast operational support network to greatly accelerate the evolution of our offering much faster than we could ever do on our own. Because our industry is changing so rapidly, I’m thrilled to be partnering with such an innovative team who can move quickly, unencumbered by legacy platforms.”
WIS will be the fifth broker-dealer acquired by Atria since 2017 and joins NEXT Financial Group, Inc., Cadaret, Grant & Co., Inc., CUSO Financial Services, L.P. and Sorrento Pacific Financial, LLC as an Atria subsidiary. The transaction is expected to close in the first quarter of 2020 and is subject to customary closing conditions, including regulatory clearances. Upon closing, Atria’s subsidiaries in total will represent close to 2,500 financial advisors with nearly $80 billion of assets under administration.
SunTrust Robinson Humphrey acted as exclusive financial advisor to Atria. Broadhaven Capital Partners, LLC acted as exclusive financial advisor to WIS.
About Atria Wealth Solutions, Inc.
Atria Wealth Solutions, Inc. (Atria) is a wealth management solutions holding company focused on delivering a clear path to the future of financial advice for financial advisors and their clients. Headquartered in New York City, Atria’s broker-dealer subsidiaries empower financial institutions and independent advisors with a sophisticated set of tools, services, and capabilities that drive growth. Atria’s broker-dealer subsidiaries include NEXT Financial Group, Inc., Cadaret, Grant & Co., Inc., CUSO Financial Services, L.P. and Sorrento Pacific Financial, LLC, which together support nearly 2,000 financial advisors with more than $65B of assets under administration. For more information, please visit www.atriawealth.com.
About Western International Securities, Inc.
Western International Securities, Inc. is an independent broker-dealer servicing over 400 independent financial advisors. Established in 1995, the firm is headquartered in Pasadena, CA, and maintains offices nationwide. The firm supports financial advisors in delivering comprehensive securities and investment advisory services to their clients. For more information about Western International Securities, Inc., please visit www.wisdirect.com.