Overland Park, Kansas-based Mariner Wealth Advisors said Thursday that it acquired Cardinal Investment Advisors, an institutional investment consulting firm with offices in Chicago and St. Louis, as part of a deal adding $292 billion in assets under advisement (AUA).
The agreement was signed on Jan. 3 and the integration is expected to be “complete by the end of March, resulting in a broader range of services going forward,” according to Mariner.
Under a “One Mariner” strategy, client-facing advisors will be “equipped to focus on client service and empowered to create customized solutions that align perfectly with each client’s needs,” the firm said in a news release.
The acquisition marks a major “milestone” in Mariner’s 2025 strategic national expansion plan, strengthening its ability to meet increasing client demand, and will increase its total AUA to approximately $550 billion in the first quarter of 2025, the firm said.
The Cardinal deal “directly addresses the increasing demand for institutional consulting services, driven by market complexities and the need for tailored investment solutions,” according to Mariner.
“This acquisition kickstarts a year that will be filled with growth, innovation, and a relentless pursuit of providing the best client-focused financial services,” according to Marty Bicknell, CEO and President of Mariner. “Today marks a defining chapter for Mariner in becoming the premier partner for institutional consulting services.”
Bicknell added, “In pairing Cardinal’s expertise with Mariner’s resources, we’re equipped to set a new standard in the industry for tailored, innovative solutions that meet the evolving challenges faced by today’s institutional clients.”
Cardinal has been providing investment consulting services since 2001 and will become the insurance advisory practice within Mariner Institutional.
Cardinal’s nationwide client base includes insurance companies, corporate retirement plans, healthcare systems, foundations and endowments. It customized its approach to investment consulting to meet each organization’s “unique liability profile,” according to Mariner.
“Joining Mariner Institutional will enable the combined team to deepen the impact we have with our clients and expand our reach,” said Marc Tourville, President of Cardinal Investment Advisors.
“This partnership leverages Mariner Institutional’s deep resources and leadership team, allowing our advisors to better serve our clients and bring our expertise to more organizations in need of customized investment strategies,” Tourville said. “Together, we will address the unique challenges facing institutional investors and deliver the innovative, reliable solutions they need to achieve their goals.”
“This partnership is about shaping the future of institutional consulting services while staying true to our client-first ethos,” according to Mike Welker, National Managing Director of Mariner Institutional.
“By bringing Cardinal’s experienced capabilities and talented team members into the fold, we’re not only enhancing our service offerings but also strengthening our position as a trusted partner to institutions around the country working to navigate the increasingly complex financial landscape,” Welker said.
Founded in 2006, Mariner, with its affiliates, advised on more than $258 billion in assets as of Nov. 30, it said.
Mariner announced last month that it acquired Sarasota, Florida-based Atlas Financial and Newport Beach, California-based Newport Advisory in deals that would add a combined total of about $878 million in assets under management (AUM).
Those two acquisitions would expand Mariner’s footprint in Florida and California, establishing the firm’s second offices in Sarasota and Newport Beach, it said. Atlas is Mariner’s eighth Florida office, and Newport Advisory is its 19th California office.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
