Three wealth firms complete M&A to boost assets by more than $16B
September has got underway with several wealth firms announcing the completion of mergers and acquisitions, involving firms with combined assets under administration or management of more than $16 billion.
The largest of the completed deals is Atria Wealth Solutions, Inc.’s acquisition of Grove Point Financial, LLC, adding $15 billion AUA and 400 independent financial advisors to its fast-growing business. Atria now has more than 2,700 financial professionals and almost $120 million AUA.
The multi-channel wealth management holding company’s broker-dealer and RIA subsidiaries operate across the U.S. and provide platforms for independent financial advisors including Unio, the financial professional platform, Clear1, the client portal, and Contour, the fee-based advisory platform.
“We operate in a very complex and demanding environment and those challenges will only continue to increase in the future,” said Michelle Barry, president of Grove Point. “It is very exciting to provide our financial professionals with a broader set of tools, solutions and peers so they can best serve their clients’ needs.”
Grove Point Financial joins CUSO Financial Services, Sorrento Pacific Financial, Cadaret Grant, NEXT Financial Group, Western International Securities and SCF Securities as an Atria subsidiary.
National RIA firm Modern Wealth Management has also completed an acquisition, its latest following its launch in April and $200 million in equity financing from Crestview Partners.
Midwest Financial, run by a father and son team located in Glidden, Iowa, is the Modern’s fourth full transaction following its recent acquisition of Barber Financial Group, Osiwala Financial Group, and Financial Security.
“We’re excited to be joining the
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