New York-based wealth management company Atria Wealth Solutions Inc announced today its plans to acquire NEXT Financial Group, an independent wealth management company headquartered in Houston, Texas. Atria, which currently supports over 1,400 financial advisors with more than US$50bn in assets under management, will purchase 100% of both NEXT and its sister companies, Next Financial Insurance Services Company and Visionary Asset Management, Inc.
The acquisition of NEXT, which currently serves over 500 independent advisors with over $13bn in assets under administration, will bring Atria’s total advisors served to almost 2,000, and the company’s assets under administration to approximately $65bn.
NEXT president, Barry G Knight will remain in his current role and also become part of Atria’s executive leadership team. "It has taken us a long time to find a partner who embodies our values as an organization and shares our passion to offer advisors a clear path to growth," said Knight in a press statement. "The advisor and client experience platforms Atria is introducing will revolutionize the independent channel. Atria has created a model for advisors who are building a business to thrive into the future. I'm thrilled for the next phase of our growth with Atria powering a new breed of solutions."
Atria’s acquisition of NEXT and its sister companies will mark the fourth purchase of a broker-dealer company made since 2017. The company has also acquired CUSO Financial Services, Sorrento Pacific Financial, SPF and Cadaret, Grant & Co. Atria has promised to invest significant capital into its subsidiaries, with specific promises to increase spending on advisor/client collaborative technologies, an optimized advisor portal, upgraded client-facing capabilities and streamlined business processes and analytics. The deal has been estimated to reach completion in Q1 2019.
"As Atria continues to build and grow within the independent advisor channel, we identified NEXT as a perfect partner in our mission to reinvent the entirety of the independent wealth advisor service model," said Doug Ketterer, CEO and Founding Partner of Atria. "In our intense effort to provide advisors with the most competitive set of capabilities that will enable them to stay ahead of the rapidly evolving industry and shifting client demands, we need the right partners to join us on this journey. NEXT is the ideal partner to join us in this industry transformation. We are very excited to welcome NEXT and its advisors to the Atria family."