LPL Financial Holdings and its subsidiaries announced on Tuesday that they agreed to acquire Mariner’s Mariner Advisor Network and that, in partnership with LPL, Private Advisor Group will buy Mariner Advisor Network’s hybrid advisors and align them under Private Advisor Group’s hybrid RIA business.
Mariner Advisor Network supports 367 financial advisors who collectively manage $31 billion in client assets, the firms said.
As part of the transaction, 223 advisors will remain affiliated with LPL, operating on their existing LPL platform, according to the firms. Client services for these advisors are expected to continue uninterrupted.
Additionally, 144 hybrid advisors will join Private Advisor Group’s hybrid RIA model, continuing to operate on the same LPL platform while maintaining multi-custody relationships, the firms said.
“We recognized an opportunity to deepen our relationship with the advisors affiliated with the Mariner Advisor Network by welcoming them into our growing supported independence community, one built on collaboration and a commitment to advisor success,” Marc Cohen, Group Managing Director and Chief Growth Officer for LPL Financial, said in a press release.
He added, “Together with Private Advisor Group, we’re committed to enhancing the advisors’ experiences through our continued investment in innovative technology and breadth of wealth management offerings and services.”
The firms announced in November that LPL acquired a minority ownership stake in Private Advisor Group. LPL is Private Advisor Group’s main custodian and broker-dealer.
“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,” said Frank Smith, CEO of Private Advisor Group. “With the support of LPL, we’re well positioned to deliver thoughtful, durable solutions that reinforce supported independence now and into the future.”
“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,” Marty Bicknell, Founder, CEO and President of Mariner, said in the press release.
“We remain committed to putting clients first, expanding our advisor community with intention and fulfilling our purpose to positively impact the lives of many. This step reflects our focus on doing what’s right for advisors and for the industry as it continues to evolve.”
He added, “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.”
Morristown, New Jersey-based Private Advisor Group had more than $41.3 billion in assets under management as of June 30, it said.
LPL supports over 32,000 financial advisors and the wealth management practices of about 1,200 financial institutions, servicing and custodying about $2.4 trillion in brokerage and advisory assets, it said.
Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
