Next Financial President Barry Knight is pleased and busy with the details of Atria’s purchase of the independent broker-dealer that he leads.
“It’s been [more than] 10 days since this was announced, but it feels like one big long day,” Knight said enthusiastically in a recent interview about the deal, which was announced on Jan. 8.
Next’s operations include 500 indie financial advisors and $13 billion in client assets. It has about 300 shareholders — including FAs, employees and some outside investors, who have bought shares in the company over the past 20 years.
These shareholders have until Feb. 8 to approve the Atria deal. “We have been getting back the proxies, and the reactions have been overwhelmingly favorable,” Knight said.
(Atria wrapped up its purchase of broker-dealer Cadaret Grant in October.)
As for what Next advisors can expect in terms of their payout grid and benefits going forward, “We spent much time in discussions with Atria prior to the transaction,” he explained.
“In the short term, nothing is going to change,” Knight said. “And much will be added in terms of resources, technology, and intellectual and financial capital, which [Atria] brings to the table.”
He points to technology and processing platforms, such as those used by Atria-owned Cuso Financial, as an example of what Next “would have had to develop and build on its own with limited resources.”