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Atria Wealth Solutions Announces Acquisition Of Independent Wealth Management Firm Grove Point Financial

Apr 18, 2023•over 2 years ago

Acquiring Company

Atria Wealth Solutions

Acquired Company

Grove Point Financial

New YorkFinanceLendingFinanceFinancial Services

Description

Atria Wealth Solutions, Inc. (Atria), a multi-channel wealth management holding company, announced today its definitive agreement to acquire Grove Point Financial, LLC (Grove Point). Grove Point is an independent wealth management firm founded in 1984 as H. Beck, Inc., and was acquired by Kestra Holdings (Kestra) in 2017. Based in Rockville, Maryland, Grove Point serves approximately 400 independent financial professionals with $15 billion in client assets. Upon closing, Atria's subsidiaries will collectively represent nearly 2,700 financial professionals with approximately $115 billion in assets under administration.

Company Information

Company

Atria Wealth Solutions

Location

New York, New York, United States

About

Atria Wealth Solutions, Inc. is a wealth management solutions holding company headquartered in New York. Established in 2017, Atria supports approximately 2,400 advisors and 150 banks and credit unions, managing approximately $100 billion of brokerage and advisory assets. Atria operates a network of broker-dealer subsidiaries focused on supporting independent financial advisors and institutions nationwide.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed