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By 
July 20, 2021 at 02:31 PM
What You Need to Know
- Mariner’s deal to acquire AdvicePeriod was signed June 30 and is expected to close Aug. 31.
- The deal follows an investment in Mariner by private equity firm Leonard Green & Partners that will help fuel further growth.
- Mariner CEO Marty Bicknell and AdvicePeriod co-founder Steven Lockshin have co-invested in firms like Quovo, Advizr and Just Invest.
Mariner Wealth Advisors is acquiring Los Angeles-based RIA AdvicePeriod in a merger that will create a $48.1 billion RIA.
The deal, signed June 30 and expected to close Aug. 31, will create a “dominant client-centric, technology-enabled, fiduciary service provider of the future,” the companies said Tuesday. The purchase price was not disclosed.
Founded in 2006 with $300 million in assets under advisement, Mariner has grown to more than $43 billion in AUA. AdvicePeriod had $5.1 billion in assets under management as of June 30.
Mariner disclosed in April that the private equity firm Leonard Green & Partners had acquired an unspecified minor stake in it.
“Fueled by” that investment, Mariner is “approaching 2021 as a year of growth with the goal of creating one of the largest national advisory firms in the United States,” it said Tuesday.
AdvicePeriod is Mariner’s 25th acquisition to date. On July 8, Mariner announced the addition of about $1 billion in AUM with its acquisition of Allegiant Private Advisors in Sarasota, Florida.
Overland Park, Kansas-based Mariner is headed by Marty Bicknell, its CEO and president.
