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Industry Spotlight > Mergers and Acquisitions

Mariner, AdvicePeriod to Form $48.1B RIA

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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.

As part of the deal, Steven Lockshin, one of AdvicePeriod’s founders and principals, as well as the other AdvicePeriod equity holders will exchange their interests in their firm for interests in the combined entity, the companies said.

“The strategic merger will better enable the firms to serve clients of all sizes and facilitate” the development of innovative financial services technology, broaden services to clients and advisors, offer increased access to tax services and business management, and launch a law firm to better serve clients’ estate planning needs, they said.

“Steve and I have collaborated frequently over the years and together we expect to create the integrated financial services firm of the future,” according to Bicknell. “Our two companies each have a unique value proposition and when combined, we will strive to deliver exceptional value to our clients across the board,” he said in a statement.

The merger represents the culmination of years of collaboration between Bicknell and Lockshin. The two executives co-invested in disruptive financial technology, including the account aggregation pioneer Quovo (sold to Plaid in 2019), financial planning innovator Advizr (sold to Orion in 2019), digital investment platform Betterment, direct-indexing firm Just Invest (being sold to Vanguard in a deal expected to close in the fourth quarter), custodial platform Altruist and estate planning platform Vanilla.

Under the deal, AdvicePeriod will retain its brand and Lockshin, Jonathan Straub and Marc Russell will remain AdvicePeriod’s principals.

Pictured: Marty Bicknell, CEO and president of Mariner Wealth Advisors