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Industry Spotlight > Mergers and Acquisitions

Mariner Wealth to Buy $500M Pittsburgh RIA

By Jeff Berman

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What You Need to Know

  • Commonwealth Advisory Group will be the first Pittsburgh location for Mariner Wealth Advisors.
  • The acquisition is the fourth of the summer announced by Mariner.
  • The deal is expected to close on Aug. 31.

Mariner Wealth Advisors has entered into a binding agreement to acquire Pittsburgh-based RIA Commonwealth Advisory Group in a deal that will close on Aug. 31, according to Mariner Wealth.

Mariner currently has 373 advisors across 50 offices, and although it has a presence in Pennsylvania, this will be the firm’s first location in Pittsburgh, it said. The company had almost $46 billion in assets under administration as of June 30, it said.

Commonwealth Advisory Group now serves more than 400 clients with nearly $500 million in assets under management.

Mariner on Friday declined to say how much it is paying for the RIA.

The deal is the fourth acquisition announced by Mariner this summer. The prior deals include its planned purchase of Los Angeles-based RIA AdvicePeriod in a merger that is expected to create a $48.1 billion RIA. That deal, signed June 30, is also expected to close Aug. 31.

AdvicePeriod was Mariner’s 25th acquisition up to that point. On July 8, Mariner announced the addition of about $1 billion in AUM with its acquisition of Allegiant Private Advisors in Sarasota, Florida.

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 at the time.

“As we continue to acquire firms, it is essential that we align ourselves with financial advisors who are equally as passionate about their clients as we are, which is why we are thrilled to partner with Bob Lohman and his team at Commonwealth Advisory Group,” said Marty Bicknell, Mariner CEO and president.

Commonwealth Advisory’s “work with professional athletes and entrepreneurs will be a great addition to our specialized practice in this space,” Bicknell said in a statement. “Our dedicated advisors understand the nuances of financial planning for these individuals who require deep tax knowledge and asset protection. We look forward to expanding this practice with Commonwealth’s added experience.”

Once the deal is completed, Commonwealth “will assume the Mariner Wealth Advisors name” and the location will “remain under Lohman’s leadership,” Mariner said.

(Pictured: Marty Bicknell, Mariner CEO and president)

Jeff Berman

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