Atria Wealth Solutions Advisors to receive Retention Bonus offers from sale to LPL Financial
According to published reports, LPL Financial has finalized a deal to acquire Atria Wealth Solutions, an independent broker-dealer.
LPL has agreed to pay $805 million however, the price could rise to over $1 billion, with the retention of at least 80% of Atria’s brokers.
The deal is expected to close in the second half of 2024 and client accounts and assets moved to LPL by mid- 2025.
In regards to the retention of Atria’s brokers, further reporting about the sale indicates that LPL “has already prepared retention bonuses for the roughly 2,400 Atria brokers.”
One senior recruiting executive is quoted as saying “We will be reaching out to every individual advisor from the largest advisor to the lowest producing advisor at the firm to make sure they’re aware of what those offers are.”
If you are an Atria advisor and not sure about the terms and conditions of the offer presented to you, it makes sense to speak to an experienced attorney with knowledge of the securities industry and experience with broker retention and transition associated with a merger or acquisition between brokerage firms. Gregory Tendrich has focused his practice on representing stock brokers and financial advisors for over 30 years and can answer your questions about the offer made to you, the financial aspects of the offer, including reviewing documents you will likely be asked to sign such as an offer letter, promissory note and possibly a non-solicitation agreement that could impact your ability to move to another firm. His experience as a former national wire house attorney, FINRA arbitrator and Florida Supreme Court certified mediator gives his clients a unique advantage in understanding career defining moments associated with employment changes. Call today for a free initial consultation or send an inquiry through our firm’s Contact Form.