Atria Wealth Solutions has agreed to purchase SCF Securities
January 28, 2021
Lee Equity Partners-backed Atria Wealth Solutions is purchasing independent broker-dealer SCF Securities, its first acquisition since 2019.
Atria, a wealth management holding company, said that it expects the deal to close within the first half of 2021, but did not disclose specific financial terms of the transaction. SCF, which is based in Fresno, Calif., has roughly 150 affiliated advisors and $4bn in assets under administration, according to Atria.
‘SCF’s focus on meeting the growing expectations of financial professionals and their clients completely aligns with our vision for reinventing the advisor experience and providing solutions that enhance the advisor and client relationship,’ said Doug Ketterer (pictured), Atria’s chief executive.
For Atria, whose subsidiaries already have about $90bn in assets under administration, the transaction with SCF is its sixth transaction since its 2017 founding, though it has not purchased an independent broker-dealer or financial institution since November of 2019. That month, the company said it planned to purchase $13bn Western International Securities, a Pasadena, Calif.-based brokerage firm.