Focused on the crossroads of insurance,
healthcare services, investment services,
and the technologies that serve those sectors.
CFS LP and Sorrento Pacific
was acquired by
Atria Wealth Solutions
a portfolio company of
Lee Equity Partners
Financial advisor to CUSO and Sorrento Pacific August 2017
Atria Wealth Solutions Launches; Acquires CUSO Financial Services and Sorrento Pacific Financial
Industry: Investment Services, Technology
Type: Sell-Side M&A

Atria to Create a Differentiated, Modern Experience for Financial Advisors and Their Clients CUSO Financial Services/Sorrento Pacific Financial to Position Atria for Future Growth

CUSO Financial Services, L.P. (CFS) and its sister company, Sorrento Pacific Financial (SPF), have entered into an agreement to be acquired by New York-based Atria Wealth Solutions (Atria). Atria, a newly formed modern wealth management solutions provider, was founded by three seasoned wealth management executives - Doug Ketterer, former Head of Field Management at Morgan Stanley, Eugene Elias, former Head of Client and Advisor Platforms at Morgan Stanley, and Kevin Beard, former Head of Acquisition and Recruiting Strategy at AIG Advisor Group. As part of the agreement, Atria will be buying out the equity interests of CFS, while co-founders Valorie Seyfert and Amy Beattie will obtain an equity interest in Atria, and will continue to lead CFS/SPF. Atria is backed by Lee Equity Partners, a growth-focused middle market private equity firm. 

“Atria Wealth Solutions was founded to create a new and differentiated experience for advisors and their clients. There are transformational events occurring in the wealth management industry today and we believe it is essential for advisors and their clients to have access to and be supported by the next generation of solutions,” said Doug Ketterer, who will serve as CEO of Atria. “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.”

A common vision was a key driver of the deal. “We’re excited to have found a partner with such a dynamic and aligned vision for the future of wealth management,” said CFS CEO Valorie Seyfert. “Our industry is changing so rapidly that to find a partner with a shared vision who can also bring the expertise, agility and resources to bring that vision to life will not only benefit our financial institution clients, but more importantly, will help our advisors to work on behalf of and improve their clients’ lives as well.”

That future, according to Ketterer, includes significant investments in core areas of the business such as: technology, support services, process efficiencies and practice management.

“Our investments will focus on ways to strengthen and deepen the relationship between financial advisors and their clients, relieving advisors and their staff from administrative burdens and enabling them to use data analytics to drive growth. The combined management team of Atria and CFS, along with the financial backing and support of Lee Equity Partners, will create a unique and innovative wealth management model.”

CFS/SPF will continue to be headquartered and operate from San Diego. The transaction is subject to FINRA approval and expected to close within 60-90 days.