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Atria Wealth to acquire wealth manager NEXT Financial

Atria Wealth Solutions Inc. is acquiring wealth management company NEXT Financial Group Inc. and its sister companies Next Financial Insurance Services Co. and Visionary Asset Management Inc.

The deal is expected to close in the first quarter.

Houston-based NEXT Financial serves more than 500 independent advisers with approximately $13 billion in assets under administration.

Upon closing, Atria, through its subsidiaries, will serve about 2,000 advisers with approximately $65 billion in assets under administration. NEXT Financial President Barry Knight will also retain his position.

Atria's subsidiaries include CUSO Financial Services LP and Sorrento Pacific Financial LLC, which it acquired in December 2017.