Atria Wealth Solutions, a New York City-based multi-channel wealth management solutions holding company, has agreed to buy California-based independent wealth manager SCF Securities.
Financial terms of the deal, which is anticipated to close in the first half of this year, were not shared.
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By GlobalDataFounded in 1992, SFS serves nearly 150 independent brokers.
According to Atria, when the deal closes, its subsidiaries in total will represent over 2,500 financial professionals and administer around $95bn in assets.
The purchase of SCF advances its subsidiaries’ focus on growth in fee-based assets as well as its multi-custodial strategy.
Atria CEO and founding partner Doug Ketterer said: “SCF is a growth-oriented firm with a very strong advisory business and is well known for providing exceptional, personalised service.
“SCF’s focus on meeting the growing expectations of financial professionals and their clients completely aligns with our vision for reinventing the adviser experience and providing solutions that enhance the advisor and client relationship.”
SCF president and CEO Randy Meadows added: “I am absolutely thrilled for the opportunity to join Atria and the unmatched advantage this partnership brings to SCF advisers.
“With Atria at our side, our ability to provide our advisers with additional resources, enhanced technology, and an even greater level of support, grows exponentially.”
As part of the deal, Meadows will continue to lead SCF as its president, operating from the company’s Fresno headquarters.
Atria’s exponential growth strategy
The latest deal marks sixth acquisition by Atria since 2017.
The company’s previous purchases include Western International Securities, NEXT Financial Group, Cadaret, Grant & Co, CUSO Financial Services, and Sorrento Pacific Financial.
In addition to M&A activities, Atria has been focusing on investing in solutions to boost scale and efficiency.
These include investment in its subsidiaries’ proprietary adviser platform Unio, client-facing portal Clear 1, and fee-based advisory platform Contour.
