New York-based multi-channel wealth management solutions holding company Atria Wealth Solutions (Atria) has agreed to acquire Pasadena, California based independent broker-dealer Western International Securities (WIS) for an undisclosed amount.
Established in 1995, WIS has $13bn in assets under administration and serves more than 400 independent financial advisors.
Go deeper with GlobalData
The company provides services to independent financial advisors under several models, including affiliation through a branch solution which offers professional office space, as well as integrated technology, and support staff.
Atria CEO and founding partner Doug Ketterer said: “We are seeing a greater number of advisors who want independence, but, at the same time, they don’t want to spend time on the array of decisions that come with this choice like finding an office, selecting technology and hiring support staff.
“Our new partnership with WIS will allow us to meet this growing demand.”
The WIS deal will be Atria’s fifth broker-dealer acquisition since 2017 and is part of a strategy to deliver best-in-class offering in the independent wealth management segment.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAcquisition of WIS’ strategic clearing partnerships is also expected to expand Atria’s solution for financial advisors.
The flexible affiliation model offered by WIS is expected to expand the New York company’s offering to independent financial advisors who seek a choice in how they conduct business and manage their practices.
Atria also expects the acquisition to advance the company’s growth plans due to the availability of various branch operating models across the nation.
WIS CEO Don Bizub said: “By partnering with Atria, we’re able to take full advantage of their advanced technology, robust product partner lineup and vast operational support network to greatly accelerate the evolution of our offering much faster than we could ever do on our own.
“Because our industry is changing so rapidly, I’m thrilled to be partnering with such an innovative team who can move quickly, unencumbered by legacy platforms.”
The transaction, expected to close in the first quarter of 2020, is subject to regulatory clearances and other customary closing conditions.
After closure of the transaction, Atria’s subsidiaries will have around 2,500 financial advisors with $80bn of assets under administration.
For the transaction, SunTrust Robinson Humphrey acted as exclusive financial advisor to Atria, while Broadhaven Capital Partners acted as exclusive financial advisor to WIS.
