Doug Ketterer, Atria Wealth Solutions' CEO, and its chief operating officer, Eugene Elias Jr., say they will be leaving the firm — which LPL Financial acquired last year — at the end of April and June, respectively.
“As you know, every journey comes with a destination, and we have reached ours with Atria,” the two Atria founders said in a LinkedIn post Wednesday, which they also shared with the Atria team.
“Our journey could not have gone any better and, as your individual journey unfolds with LPL, we hope it is one of excitement, opportunity and fulfillment,” they added.
Ketterer and Elias launched Atria in 2017. Before that, the two had worked for Morgan Stanley — Ketterer for 25 years and Elias for 14.
“We are so very proud and honored to have had the opportunity to work with all the employees, financial professionals and programs at the great firms comprising Atria …. ,” the two executives said in their post. “In doing so, we created something truly special and unique in the industry.”
When the deal with LPL was first announced 14 months ago, Atria’s network of independent broker-dealers — Cadaret Grant, CUSO Financial Services, Grove Point Financial, NEXT Financial Group, SCF Securities, Sorrento Pacific Financial and Western International Securities — had about 2,400 advisors and some $100 billion of brokerage and advisory assets.
LPL’s purchase included an initial payment to Atria of about $805 million and the potential for a second payment of up to $230 million, based on a retention rate of 80% to 100%.
In December, LPL said it had retained roughly 2,200 advisors and expected to meet its 80% retention target.
“We thank Doug and Eugene for their exceptional leadership over the years and support their decision,” it said in an emailed statement to ThinkAdvisor. LPL is committed to maintaining a strong partnership with the existing leadership team at Atria and looks forward to delivering a smooth transition experience for Atria advisors and institutions.”
Ketterer and Elias’ departures were first reported by WealthManagement.
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