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In the News

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Broker-Dealers to Make Big Push in 2019

17:02 06 February in In the News by rafferty

January 31, 2019 By Janet Levaux, ThinkAdvisor Firms remain focused on attracting and retaining advisors with good compliance records. In January, for instance, LPL Financial said Harbor Financial Group moved to its hybrid platform from Wells Fargo Advisors Financial Network, the bank’s independent channel, where it worked with $360 million of client assets. Separately, West Des Moines, Iowa-based Worsfold Wealth Management moved from Wells Fargo to Carson Wealth, which works with Cetera Advisor Networks. The team, led by Joel Worsfold, has about $500 million in assets....

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After 3-year search, advisor-owned IBD bets on scale in PE deal

16:33 15 January in In the News by rafferty

January 19, 2014 By Tobias Salinger, Financial Planning In a sector that’s increasingly difficult for smaller and midsized players, a financial advisor-owned firm waited years to find a buyer that could keep its culture intact while bringing greater scale. The 500-advisor independent broker-dealer NEXT Financial Group and IBD holding company Atria Wealth Solutions struck a deal that will add to the growing number of private equity-backed companies in the space. NEXT says it will also help the Houston-based firm keep up with its bigger rivals. Before President Barry Knight met Atria Wealth founding partners Doug Ketterer and Eugene Elias for the first time in late 2017 through a mutual acquaintance, NEXT “had about given up hope” on finding a partner, Knight says. The IBD and the Lee Equity Partners-owned firm unveiled their agreement Jan....

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What’s Next for Atria After Buying Next Financial?

18:54 09 January in In the News by rafferty

January 8, 2018 By Janet Levaux, ThinkAdvisor As industry watchers compare Atria to Cetera, management insists the firm is focused on bringing the right services to its advisors.   With news Tuesday that Atria Wealth Solutions is buying Next Financial, some industry watchers are wondering what the parent firm will do as a follow-up act. The Next purchase is Atria’s fourth since it was formed in 2017. Once complete, the group should have more than 1,900 independent advisors and about $65 billion in total assets. But Atria — which has the financial support of Lee Equity Partners — insists it wants to forge its own path. “We are not following an acquisition strategy,” said Atria CEO Doug Ketterer in an interview. “We are  building something unique and want to be different in how we serve financial advisors.” While scale is “the...