New Wealth Management Holding Firm Starts Acquisitions

Tom Burroughes

3 August 2017

A New York-based wealth management holding firm called Atria Wealth Solutions, recently created, is acquiring San Diego, CA-headquartered Cuso Financial Services, and its sister company, Sorrento Pacific Financial.

Atria will buy the equity interests of CFS, while CFS 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.

In the case of Atria, it was founded by 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.

The move comes at a time when the US wealth management industry is being shaken up by modern technologies and a move towards fee-based advice, and away from commissions, under the Department of Labor Fiduciary Rule. In recent months, a flurry of RIA businesses, for instance, have been created by break-away teams from large institutions.

“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,” Ketterer, who will serve as CEO of Atria, said.. “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.”