Atria Wealth Solutions, with the backing of Lee Equity Partners, is buying Cadaret Grant — an independent broker-dealer with about 900 advisors and some $23 billion in assets under administration that has been in business since 1985.
The news comes about seven months after Atria was formed by three industry veterans as a wealth management solutions holding company that includes CUSO Financial Services and Sorrento Pacific Financial, both of which serve advisors based in credit unions and banks from their headquarters in San Diego. Its operations encompass about 500 institution-based advisors and some $30 billion in client assets.
“Cadaret Grant is a leader in the independent broker-dealer channel, while we have a strong presence in the financial institutions channel,” said Atria CEO Doug Ketterer in an interview with ThinkAdvisor.
“This development gives us a multichannel strategy … and powerful enterprises to leverage across the business — such as best practices — and at scale, which is very exciting,” explained Ketterer, the former head of field management at Morgan Stanley.
According to Atria and Cadaret, based in Syracuse, New York, Pershing will remain the clearing and custody partner for the two firms and their various entities.
“This whole transaction will not require new forms or changes for advisors’ clients,” said Cadaret CEO Art Grant. “It involves no burden for advisors, no dislocation, and should be very smooth.”