A little over a year ago, LPL Financial announced plans to acquire Atria Wealth Solutions, the network of broker/dealers founded in 2017 by former Morgan Stanley executive Doug Ketterer. The $805 million deal, with additional payments due based on advisor retention, closed last fall. Now, Ketterer and his founding partner and Chief Operating Officer Eugene Elias Jr. are stepping down, according to a LinkedIn post.
Ketterer will leave at the end of April. Elias will exit at the end of June, according to the executives.
“For us, as founders of Atria, these past 14 months have given us a chance to reflect on the incredible journey we have been on over the last eight years,” Ketterer said in the LinkedIn post. “From first conceiving and developing the bold idea of a truly unique independent wealth management firm focused on helping financial professionals and financial institutions deepen and enrich the relationships they have in turn with their clients, to executing on that strategy, to building the expanding partnership across the Atria family, to ultimately finding the perfect partner in LPL, this has been an experience unlike any other in our careers.”
A spokeswoman for LPL said the remaining Atria leadership team will continue to spearhead the integration of the two b/ds.
“We thank Doug and Eugene for their exceptional leadership over the years and support their decision,” the spokesperson said. “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.”
The executives founded Atria in 2017 with the backing of private equity firm Lee Equity Partners, intending to offer their underlying b/ds recruiting pipelines, practice management help and investment capital.
Over the years, Atria clocked numerous acquisitions, starting with sister broker/dealers CUSO Financial Services and Sorrento Pacific Financial.
It also acquired Western International Securities, NEXT Financial Group, Cadaret Grant, Grove Point Financial and SCF Securities.
“We created something truly special and unique in the industry,” Ketterer wrote. “We all strived to be the best so they could be the best for their clients and members and together this mission was accomplished. The community and culture we created within Atria made this possible as it was one based on caring, passion, commitment and respect. Those attributes enabled us to collectively build and grow our businesses into what they are today and serve as a foundation for all to continue to thrive with LPL.”
As far back as 2019, Atria fended off rumors it was eyeing a sale, even as consolidation among broker/dealers was accelerating. In June 2023, WealthManagement.com reported that the firm lost five recruiters in the first five months of 2023, including the departure of Gary Bender in March, who joined Atria one year earlier from Securities America.
LPL closed on the acquisition of Atria last October, saying it expects retain 80% of the firm’s advisors. It plans to complete the onboarding of Atria advisors by the middle of this year.