Companies Connected by Common Vision to Help Financial Advisors and their Clients
SAN DIEGO and NEW YORK – Dec. 4, 2017 – The acquisition of CUSO Financial Services, L.P. (CFS) and Sorrento Pacific Financial, LLC (SPF) by Atria Wealth Solutions (Atria) completed Thursday, November 30, 2017, the three companies announced today. CFS Limited Partners approved the transaction with over 95 percent of units voting in favor of the acquisition.
Atria Wealth Solutions (Atria), a modern wealth management solutions holding company, was formed to help its subsidiaries empower financial advisors with a set of next-generation tools, services and capabilities that support growth and enable them to prosper in a digitally connected and constantly evolving financial environment. For twenty years, CFS and SPF have built successful investment programs inside credit unions and banks and will continue to do so as subsidiaries of Atria. CFS/SPF co-founders Valorie Seyfert and Amy Beattie will continue to lead CFS/SPF and have obtained an equity interest in Atria.
“We are excited that so many of our partners have been inspired by the vision and can see the tremendous opportunity this partnership provides all of us to better serve our financial institution clients for years to come,” Seyfert said. “We have already begun implementing our collective vision to build the industry’s premier wealth management firm.”
“We are thrilled to see our first acquisition close,” said Doug Ketterer, CEO of Atria. “This partnership will enable CFS and SPF to add capital, resources and decades of knowledge to improve the experience for credit unions, banks, independent advisors and their clients. As we look to 2018, we are excited to build deeper and stronger partnerships with current and future clients by offering new capabilities and services.”
A common vision of the future was a key driver of the deal. Both groups recognize the expertise, agility and resources required to bring to life a vision that will help to improve the lives of financial advisors and their clients. The future, according to Ketterer, includes significant investments in core areas of the business, such as technology, support services, process efficiencies and practice management, to deepen relationships between advisors and clients, and to relieve administrative burdens and drive growth.
As part of the strategic planning process, Atria and CFS/SPF are establishing several new advisory councils consisting of executives, program managers, sales assistants and financial advisors to help guide the strategic direction, technology initiatives and enhancements to operational processes.
“We are intentionally building our services through client engagement in order to fulfill their needs,” said Eugene Elias, COO of Atria. “Input from across the organization is essential to creating a next-generation solution.”
About Atria Wealth Solutions
Atria Wealth Solutions (Atria) is a modern wealth management solutions holding company founded in 2017 by three seasoned wealth management executives, Doug Ketterer, Eugene Elias and Kevin Beard, and designed specifically for today’s advisors and their clients. Headquartered in New York City, Atria’s core mission is to empower its subsidiaries’ financial advisors with a next-generation set of tools, services and capabilities that support their growth and enable them to prosper in a digitally connected and constantly evolving financial environment. For more information, please visit www.atriawealth.com.
About CUSO Financial Services, LP and Sorrento Pacific Financial, LLC
Established in 1997, full-service, sister broker dealers CUSO Financial Services, L.P. and Sorrento Pacific Financial LLC (Members FINRA/SIPC) provide customized investment and insurance solutions to over 200 financial institutions throughout the country, with over $30 billion in AUA. Headquartered in San Diego, with branch offices nationwide, both broker dealers are SEC Registered Investment Advisers, with expertise in key areas including retirement services, wealth management, advisory solutions and insurance products for both individuals and business customers. For more information, see www.cusonet.com or visit their LinkedIn pages: CFS and SPF.