Tech Focused Wealth Management Firm Atria Acquires Grove Point from Kestra

Michelle Barry | Doug Keterer

Atria Wealth Solutions, the New York City-based wealth management solutions company, remains active on the acquisition front, recently adding Grove Point Financial to its expanding network. The recently announced transaction, which is expected to close in the second half of 2023, will push Atria’s advisor headcount above 2,700 and its AUA to approximately $115 billion.

This latest move propels Atria’s impressive growth momentum forward, while providing Grove’s 400 advisors with access to the firm’s award-winning technologies, such as the Unio™ financial advisor platform, Contour, a fee-based advisory platform, the Clear1 client portal, virtual assistants, and more.

Beyond the concrete advantages, both firms point to the intangibles that sealed the deal: an alignment of culture and approach between the firms, as well as the shared priorities of each firm’s respective leadership teams.

Digital Wealth News sat down to speak with Atria CEO and Founding Partner, Doug Ketterer, as well as Michelle Barry, president of Grove Point, to learn more about the transaction as well as near- and long-term expectations for the firms and their financial advisors.

Digital Wealth News: Could you tell us what brought the two firms together?

Michelle Barry: Our firms have common custody and strategic partner firms that enable our financial professionals to focus on their clients without needing to repaper, which was a core consideration as we looked at our options for future growth.

Doug Ketterer: The ease of transition, of course, was a consideration, however, our aligned culture, priorities and philosophies brought us together in the first place. We both have a genuine and deep commitment to premium support for financial professionals. This is just one example – but an important one – of the unique cultural fit of our two firms.

DWN: Besides the common custody and strategic partners, what kinds of technology will you use to ensure a smooth transition?

DK: Grove Point marks the seventh wealth management firm we’ve welcomed into the Atria family. The process we’ve designed to extend our technology suite, including Unio™, Contour and Clear1, is highly-refined and proven, so Grove Point financial professionals and their clients can begin benefitting from our award-winning technology as well as access to every aspect of our value proposition. We are proud that these solutions have gained significant recognition in the industry for their power and uniqueness; however, we are even more thrilled that they enable financial professionals to drive meaningful growth and an exceptional client experience.  

DWN: We have covered how Atria’s technology drives growth at Digital Wealth News in the past. Was this a consideration for you and your team, Michelle?

MB: Absolutely. Frankly, we have implemented a number of good tools, but Atria’s focus on the financial professional experience goes beyond helping advisors manage their existing business. It’s clear they are the right partner to meet and exceed our financial professionals’ growth objectives. Atria’s substantial and ongoing investment in the business, especially in its client-facing and advisor-facing technology platforms, demonstrated its long-term commitment to providing the most comprehensive, competitive and innovative solutions in our industry. The fact is that financial professionals and clients are demanding more advanced technology solutions today, and in order to compete in the future, we know we will need access to the best technology in the industry.

DWN: And finally, Doug, this represents the first time Atria has purchased a part of an entity, and it seems you have established a strong working relationship with Kestra. Does this deal signal an opportunity for further engagement with that firm?

DK: We have an excellent working relationship with James and the Kestra leadership team. That said, right now, we are focused on working with Michelle and her team to bring 400 new financial professionals to ensure they have precisely what they need to grow their business for the long term.