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September 09, 2021 at 02:57 PM
What You Need to Know
- This is the fifth acquisition for Mariner Wealth since the sale of a minority stake in it to Leonard Green & Partners in April.
- Buying the Pinnacle Group will enable Mariner Wealth to expand its presence in the Cincinnati market.
- Pinnacle will assume the Mariner Wealth name when the deal closes on Sept. 24.
Mariner Wealth Advisors says it has struck a deal to buy The Pinnacle Group, a West Chester, Ohio-based RIA, and expects the purchase to close on Sept. 24.
This is the fifth acquisition for Overland Park, Kansas City-based Mariner Wealth since it sold a minority stake of its business to Leonard Green & Partners in April.
Recently, Mariner Wealth announced four other acquisitions: Sarasota, Florida-based Allegiant Private Advisors, Los Angeles-based AdvicePeriod, Channel Islands Group and Pittsburgh-based Commonwealth Advisory Group, adding over $7 billion in combined assets under management.
Mariner Wealth now has 395 advisors across 53 offices. They work with close to $46 billion in assets under advisement. The latest acquisition gives it a second office in the Cincinnati metropolitan area.
“The Pinnacle Group’s approach to financial planning, including their retirement planning solutions for businesses, fold into our services and firm goals seamlessly,” Mariner Wealth CEO & President Marty Bicknell said in a statement. “I’m excited to see what we can accomplish together.”
Pinnacle was founded in 1994. A significant stake of its AUM is in retirement plans, so the deal will also “contribute to the further growth of Mariner Wealth Advisors’ own retirement plan solutions, a platform designed to aid businesses in managing their employer-sponsored retirement plans for employees,” the firm said in a press release.
