LPL Financial has agreed to acquire Mariner Advisor Network, an LPL affiliate that supports 367 financial advisors managing $31 billion in assets, from Mariner. Private Advisor Group, in partnership with LPL, will acquire the network's hybrid advisors and align them under its hybrid registered investment advisor.
Through the transaction, 223 advisors will remain directly affiliated with LPL, continuing to operate on their existing platform with uninterrupted service for clients and businesses, while gaining access to an expanding suite of wealth management and business-support offerings, LPL said Tuesday.
The deal includes the transition of 144 hybrid advisors to Private Advisor Group's hybrid RIA model, where they will maintain their multicustody relationships and keep operating on the same LPL platform.
"This is an ideal outcome for these advisors, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve ... ," Mariner President and CEO Marty Bicknell said in a statement.
"This step reflects our focus on doing what's right for advisors and for the industry as it continues to evolve."
LPL saw "an opportunity to deepen our relationship with the advisors affiliated with the Mariner Advisor Network by welcoming them into our growing supported independence community, one built on collaboration and a commitment to advisor success," according to Marc Cohen, LPL group managing director and chief growth officer.
"Together with Private Advisor Group, we're committed to enhancing the advisors' experiences through our continued investment in innovative technology and breadth of wealth management offerings and services," Cohen said.
Private Advisor Group, in which LPL made a minority investment in November, has been developing resources and solutions for its expanding community. LPL is the group's primary custodian and broker-dealer.
"Providing the flexibility to align the right platform to the right practice needs is a core benefit of our multi-custodian hybrid RIA offering, and we look forward to extending that capability to members of the Mariner Advisor Network," Private Advisor Group CEO Frank Smith said.
Tuesday's announcement comes just over a year after LPL said it would buy rival independent broker-dealer Commonwealth Financial Network for $2.7 billion in cash to form a business with more than $2 trillion in assets.
LPL currently supports over 32,000 financial advisors and the wealth management practices of about 1,200 financial institutions, servicing and custodying about $2.4 trillion in brokerage and advisory assets. RIA Private Advisor Group had over $41.3 billion in assets under management as of June 30.
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