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Former Morgan Stanley Exec Ketterer Goes Indie as New CEO of Cadaret Grant
Atria Wealth Solutions Acquires Cadaret, Grant & Co. Inc.
NEW YORK and SYRACUSE – April 19, 2018 – Atria Wealth Solutions (Atria), a New York-based modern wealth management solutions holding company, has agreed to acquire Syracuse-based independent broker-dealer Cadaret, Grant & Co. Inc. (Cadaret, Grant). Founded in 1985, Cadaret, Grant is one of the largest privately owned independent broker-dealers in the country, servicing approximately 900 financial advisors and with more than $23 billion in assets under administration. Atria will acquire 100% of Cadaret, Grant and 100% of Cadaret, Grant’s sister companies, Cadaret Grant Agency Inc. and Capital Strategy Group, Ltd., pursuant to a definitive stock purchase agreement.
Atria’s acquisition of Cadaret, Grant will build upon the firm’s three decades of industry leadership, expertise and service to deliver one of the most competitive and powerful offerings in the independent wealth management industry. The newly combined organization, which includes Atria subsidiaries, CUSO Financial Services, L.P. and Sorrento Pacific Financial, L.P., will invest resources and capital in client and advisor technologies, products and services to meet the growing demands of both advisors and their clients.
“Cadaret, Grant has been a long-standing leader among independent broker-dealers and bringing it into the Atria family is an incredible opportunity,” says Doug Ketterer, CEO of Atria. “Having worked closely with Art and his team, it is clear that our cultures, philosophies, and approaches to servicing financial advisors and their clients are fully aligned. We believe it is essential for advisors and their clients to have choice and access to the next generation of solutions that best meet their needs in a specific and personalized way. The joining of our organizations allows us to emphasize the best of both firms, creating a wealth management firm for the future.”
“Our shared vision will provide advisors with future growth opportunities while simultaneously protecting the high standards we have adhered to over the past 30 years,” said Art Grant, CEO of Cadaret, Grant. “We have always put the needs of our advisors and home office team first, and with Atria enhancing and improving our offering, I am very excited about the future for our advisors and the firm.” As part of the transaction, Mr. Grant will remain with the company in an advisory role to Mr. Ketterer.
Cadaret, Grant will remain headquartered in Syracuse, NY. The transaction is subject to FINRA approval.
Broadhaven Capital Partners, LLC acted as exclusive financial advisor to Atria Wealth Solutions. Berkshire Capital acted as exclusive financial advisor to Cadaret, Grant & Co.
About Atria Wealth Solutions
Atria Wealth Solutions (Atria) is a modern wealth management solutions holding company designed specifically for today’s advisors and their clients. Headquartered in New York City, Atria’s core mission is to empower its subsidiaries’ financial advisors with a next generation set of tools, services and capabilities that support their growth and enable them to prosper in a digitally connected and constantly evolving financial environment. Atria’s subsidiaries include CUSO Financial Services, L.P. and Sorrento Pacific Financial, L.P. For more information, please visit www.atriawealth.com.
About Cadaret, Grant & Co., Inc.
Cadaret, Grant is a broker-dealer headquartered in Syracuse, New York and supports more than 900 financial advisors in 475 branch offices nationwide. Founded in 1985, the company provides superior service, advanced technology, effective marketing tools, and a supportive business environment for financial advisors. In 2015, Cadaret, Grant celebrated its 30-year anniversary. For more information about Cadaret, Grant, visit www.cadaretgrant.com.
Kevin Dinino, KCD PR.
Atria Wealth Solutions Launches; Acquires CUSO Financial Services and Sorrento Pacific Financial
Atria to Create a Differentiated, Modern Experience for Financial Advisors and Their Clients
CUSO Financial Services/Sorrento Pacific Financial to Position Atria for Future Growth
NEW YORK and SAN DIEGO – August 2, 2017 – CUSO Financial Services, L.P. (CFS) and its sister company, Sorrento Pacific Financial (SPF), have entered into an agreement to be acquired by New York-based Atria Wealth Solutions (Atria). Atria, a newly formed modern wealth management solutions holding company, was founded by three seasoned wealth management executives - Doug Ketterer, former Head of Field Management at Morgan Stanley, Eugene Elias, former Head of Client and Advisor Platforms at Morgan Stanley, and Kevin Beard, former Head of Acquisition and Recruiting Strategy at AIG Advisor Group. As part of the agreement, Atria will be buying out the equity interests of CFS, while co-founders Valorie Seyfert and Amy Beattie will obtain an equity interest in Atria, and will continue to lead CFS/SPF. Atria is backed by Lee Equity Partners, a growth-focused middle market private equity firm.
“Atria Wealth Solutions was founded to create a new and differentiated experience for its subsidiaries’ advisors and their clients. There are transformational events occurring in the wealth management industry today and we believe it is essential for advisors and their clients to have access to and be supported by the next generation of solutions,” said Doug Ketterer, who will serve as CEO of Atria. “CFS and SPF are an ideal partner for Atria and bring innovative technology, a strong management team and staff, and two decades of successfully supporting financial advisors, credit unions and banks.”
A common vision was a key driver of the deal. “We’re excited to have found a partner with such a dynamic and aligned vision for the future of wealth management,” said CFS CEO Valorie Seyfert. “Our industry is changing so rapidly that to find a partner with a shared vision who can also bring the expertise, agility and resources to bring that vision to life will not only benefit our financial institution clients, but more importantly, will help our advisors to work on behalf of and improve their clients’ lives as well.”
That future, according to Ketterer, includes significant investments in core areas of the business such as: technology, support services, process efficiencies and practice management.
“Our investments will focus on ways to strengthen and deepen the relationship between financial advisors and their clients, relieving advisors and their staff from administrative burdens and enabling them to use data analytics to drive growth. The combined management team of Atria and CFS, along with the financial backing and support of Lee Equity Partners, will create a unique and innovative wealth management model.”
CFS/SPF will continue to be headquartered and operate from San Diego. The transaction is subject to FINRA approval and expected to close within 60-90 days.
About Atria Wealth Solutions
Atria Wealth Solutions (Atria) is a modern wealth management solutions holding company founded in 2017 by three seasoned wealth management executives, Doug Ketterer, Eugene Elias and Kevin Beard, backed by Lee Equity Partners and designed specifically for today’s advisors and their clients. Headquartered in New York City, Atria’s core mission is to empower its subsidiaries’ financial advisors with a next generation set of tools, services and capabilities that support their growth and enable them to prosper in a digitally connected and constantly evolving financial environment. For more information, please visit www.atriawealth.com.
About CUSO Financial Services, LP and Sorrento Pacific Financial LLC
Established in 1997, full-service, sister broker dealers CUSO Financial Services, L.P. and Sorrento Pacific Financial LLC (Members FINRA/SIPC) provide customized investment and insurance solutions to over 200 financial institutions throughout the country, with over $30 billion in AUA. Headquartered in San Diego, with branch offices nationwide, both broker dealers are SEC Registered Investment Advisers, with expertise in key areas including retirement services, wealth management, advisory solutions and insurance products for both individuals and business customers. For more information, see www.cusonet.com or visit their LinkedIn pages: CFS and SPF.
About Lee Equity Partners, LLC
Lee Equity Partners is a New York–based private equity firm that partners with successful management teams to build companies with strong growth potential. Lee Equity targets equity investments of $50 to $100 million in middle market control buyouts and growth capital financings in companies with enterprise values of $100 million to $500 million that are located primarily in the United States. The firm invests in a range of industries where the team has deep relationships developed over decades, including financial, healthcare and business services, consumer, media, and specialty industrial/specialty distribution. Lee Equity’s current and former financial services investments include Captive Resources, LLC, The Edelman Financial Group, Inc., Independent Bank Group, Inc., Midcap Financial, LLC, Skopos Financial, LLC, and WealthTrust, LLC. For more information, please visit www.LeeEquity.com.
Atria Wealth Solutions
Kevin Dinino, KCD PR
CUSO Financial Services, L.P. / Sorrento Pacific Financial LLC
Beth Walsh, Clearpoint Agency, Inc