Atria Wealth to Buy California Independent Broker SCF, Its Sixth Deal
Atria Wealth Solutions, an expanding acquirer of small independent broker-dealers run by former Morgan Stanley retail sales executive Doug Ketterer, is buying Fresno, Calif.-based SCF Securities, it said on Wednesday.
Founded in 1992, SCF offers brokerage support and services to about 150 independent brokers with $4 billion in assets under administration.
Atria, which Ketterer co-founded in 2017 with private equity backing, says it will represent more than 2,500 brokers with nearly $95 billion in assets under administration when the deal closes.
The deal will include SCF’s RIA, SCF Investment Advisors, underscoring Atria’s focus on fee-based assets, the firm said. More traditionally in the independent brokerage sphere, Atria also is buying SCF Marketing, an insurance services business.
“SCF is a growth-oriented firm with a very strong advisory business and is well known for providing exceptional, personalized service,” Ketterer said in a prepared statement.
Ketterer left Morgan Stanley in February 2015 after 27 years that included stints as head of its brokerage force and its private wealth businesses. He founded Atria two years later with Eugene Elias, the former head of Morgan Stanley’s advisor workstation technology group, and Kevin Beard, who oversaw strategic acquisitions at independent broker-dealer AIG Advisor Group.
Atria is backed by private equity firm Lee Equity Partners, which also supports Edelman Financial Engines.
SCF CEO Randy Meadows will remain as the firm’s president and continue to operate from SCF’s Fresno headquarters, according to the announcement. Selling to Atria will give SCF “additional resources, enhanced technology, and an even greater level of support” that will help it grow “exponentially,” Meadows said in a prepared statement.
Meadows is a 33-year veteran of the independent brokerage world. He began his career with First American National Securities in 1985, and joined SCF in 1999, according to his BrokerCheck history.
Atria’s other brokerage subsidiaries include Western International Securities, NEXT Financial Group, Cadaret, Grant & Co., CUSO Financial Services, and Sorrento Pacific Financial. SCF will be its first acquisition since closing the purchase of Pasadena, CA-based Western International in May 2020.