Atria Wealth Solutions Acquires $15B Grove Point Financial from Kestra

Atria Wealth Solutions has acquired Grove Point Financial, LLC, an independent wealth management firm founded in 1984 as H. Beck, Inc., and was acquired by Kestra Holdings in 2017.

Based in Rockville, MD, Grove Point serves about 400 independent financial professionals with $15 billion in client assets, according to Atria. Financial terms of the deal, which is expected to close in the second half of 2023, were not made available.

“We are thrilled to join forces with Grove Point’s financial professionals, talented executive team and employees. This is the most exciting time in our industry’s history and one that is creating the opportunities of a lifetime for all of us,” said Doug Ketterer, CEO and Founding Partner of Atria.

As part of the deal, New York-based Atria will acquire 100% of Grove Point and its subsidiaries Grove Point Investments, a broker-dealer, and Grove Point Advisors, a registered investment advisor firm.

Grove point advisors stand to benefit from Atria’s proprietary offerings, including Unio, the financial professional platform, Clear1, the client portal, and the fee-based advisory platform Contour.

Following the close of the deal, Atria’s will have nearly 2,700 financial professionals with approximately $115 billion in assets under administration.

Goldman Sachs & Co., LLC is serving as financial advisor to Kestra and William Blair & Company, LLC is serving as financial advisor to Atria in this transaction.