New York’s Atria Wealth Solutions, a newly launched wealth management firm, has agreed to acquire CUSO Financial Services (CFS) and its sister firm Sorrento Pacific Financial (SPF), both based in California.
Atria will acquire equity interests in CFS, while co-founders Valorie Seyfert and Amy Beattie will acquire an equity interest in Atria as part of the deal.
Seyfert and Beattie will also continue to spearhead CFS/SPF, which will remain based in San Diego.
The deal is slated to be completed in 60-90 days, subject to FINRA nod.
Atria CEO Doug Ketterer said: “CFS and SPF are an ideal partner for Atria and bring innovative technology, a strong management team and staff, and two decades of successfully supporting financial advisors, credit unions and banks.”
CFS CEO Valorie Seyfert added: “We’re excited to have found a partner with such a dynamic and aligned vision for the future of wealth management.”
Ketterer said that the future involves investments in core areas including technology, support services, process efficiencies and practice management.
Atria was founded by Morgan Stanley wealth management executives Doug Ketterer and Eugene Elias and AIG Advisor Group executive Kevin Beard. The firm is backed by Lee Equity Partners.