New York-based Atria Wealth Solutions has agreed to acquire Texas-based peer NEXT Financial Group for an undisclosed sum.
NEXT has more than 500 independent advisers with around $13bn in assets under administration.
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Under the agreement, Atria will buy 100% of NEXT and its sister firms Next Financial Insurance Services Company and Visionary Asset Management.
Upon deal completion, expected in the first quarter of this year, Atria will have a network of around 2,000 advisers with approximately $65bn in assets.
As part of the deal, NEXT President Barry Knight will retain his existing role and join Atria’s executive leadership team.
Atria CEO and founding partner Doug Ketterer said: “As Atria continues to build and grow within the independent adviser channel, we identified NEXT as a perfect partner in our mission to reinvent the entirety of the independent wealth adviser service model.
“In our intense effort to provide advisers with the most competitive set of capabilities that will enable them to stay ahead of the rapidly evolving industry and shifting client demands, we need the right partners to join us on this journey. NEXT is the ideal partner to join us in this industry transformation.”
This latest transaction, which is pending regulatory approval, marks Atria’s fourth broker-dealer purchase since 2017.
Previously, Atria acquired CUSO Financial Services and its sister company Sorrento Pacific Financial, and Cadaret, Grant & Co.
