LPL Financial announced plans Tuesday to acquire Mariner Advisor Network, a division of Mariner with 367 advisors and $31 billion in assets that was already affiliated with LPL.
As part of the deal, in partnership with its minority investor LPL, Private Advisor Group, the Morristown, N.J.-based registered investment advisor and office of supervisory jurisdiction of LPL, will acquire Mariner Advisor Network’s hybrid business.
Under the agreement, 223 advisors will maintain direct affiliation with LPL, while the remaining 144 advisors will come under Private Advisor Group’s hybrid RIA and maintain their multi-custodial relationships.
“This is an ideal outcome for these advisors, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve,” said Marty Bicknell, CEO and president of Mariner, in a statement. “This step reflects our focus on doing what’s right for advisors and for the industry as it continues to evolve. We’re proud of the network we built and confident in its enduring success with the continued commitment and support of LPL and Private Advisor Group.”
This represents the largest acquisition in PAG’s 30-year history. The firm has grown to more than $41 billion in assets under management and nearly 800 advisors nationwide. In November, the firm sold a minority stake to LPL, joining Merchant Investment Management, which has been a capital partner since 2021.
At the time, Frank Smith, CEO of PAG, said the firm decided to bring on the LPL investment to become more aligned with the firm. PAG also wanted to bring on a capital partner that was an operator in the wealth management business, Smith said.
“Providing the flexibility to align the right platform to the right practice needs is a core benefit of our multi-custodian hybrid RIA offering, and we look forward to extending that capability to members of the Mariner Advisor Network,” Smith said in a statement. “With the support of LPL, we’re well positioned to deliver thoughtful, durable solutions that reinforce supported independence now and into the future.”
Mariner Advisor Network is part of Mariner Independent, the firm’s independent business channel, which offers a suite of resources to independent financial advisors who seek to scale their businesses and concentrate on serving clients without back-office distractions.
Mariner set up its independent advisor channel in 2020 through a partnership with Dynasty Financial Partners, in which advisors were 1099 contractors. In 2021, Mariner took on the independent setup and ended the relationship with Dynasty.