Atria Wealth Solutions, an independent broker-dealer network acquired by LPL Financial last year, plans to lay off 169 employees in California, Texas and New York this summer, according to state records.
The firm filed Worker Adjustment & Retraining Notification, or WARN, notices this month informing authorities in Texas and California that it plans to lay off 82 employees in San Diego County and 55 in the greater Houston area effective July 4.
In New York, Atria reported plans to lay off 31 employees in Syracuse and one in New York City, effective Aug. 1.
“While the WARN notices provide employees 60-90 days’ advance notice prior to the end of their employment, LPL and Atria have openly shared a detailed employee roadmap outlining transition phases and dates,” an LPL spokesperson told ThinkAdvisor by email Friday.
“Over the past 18 months, LPL has partnered with Atria to transition over 250 employees into roles at LPL that match their experience and career aspirations,” the statement said. “More recently, LPL established a personalized application process that welcomes Atria employees who wish to join LPL to apply for open roles.”
Last month, Atria’s co-founding CEO and chief operating officer announced that they were leaving the firm.
When LPL acquired Atria, the firm’s wealth management subsidiaries included broker-dealers CUSO Financial Services and Sorrento Pacific Financial, which serve banks and credit unions, and independent advisor-supporting firms Cadaret Grant, NEXT Financial Group, Western International Securities, SCF Securities and Grove Point Financial.
In New York, Cadaret Grant has offices listed at addresses in Syracuse and New York City, where Atria indicated it will lay off employees. CUSO Financial, SCF and Sorrento Pacific have offices listed at the San Diego address where layoffs are planned. NEXT Financial is based in Houston.
Atria had about 2,400 independent financial advisors when LPL announced the deal over a year ago. In December, LPL said it had retained roughly 2,200 advisors and expected to meet an 80% retention target.
— Janet Levaux and Katie Rass contributed to this report.
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