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.