LPL Financial, Private Advisor Group to Acquire Mariner’s $31B Advisor Network Biz

LPL Financial will acquire Mariner Advisor Network, a subsidiary of Mariner Wealth Advisors, in a partnership deal with its office of supervisory jurisdiction, Private Advisor Group. 

Mariner Advisor Network, which manages about $31 billion in assets under management, includes 367 financial advisors. Following the acquisition, 223 advisors will remain with LPL, while 144 advisors will transition to Private Advisor Group’s hybrid RIA model. 

The advisors that will be transitioning will maintain their multi-custodial workflows and operate on LPL’s platform, the broker-dealer said. 

“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,” Marc Cohen, group managing director and chief growth officer, LPL Financial, said. 

Financial terms of the transaction were not disclosed. 

In November, LPL became a minority stakeholder of Private Advisor Group, which manages over $41.3 billion in total client assets and serves as its primary custodian and broker-dealer. 

Additionally, Private Advisor Group serves as an office of supervisory jurisdiction for advisors conducting business through LPL Financial. 

LPL joins existing RIA investor, Merchant Investment Management, which bought a minority stake in Private Advisory Group in 2021, and has remained as a minority investor in the firm. 

Mariner Advisor Network has also disclosed in its latest Form ADV Part 2A Brochure that it uses LPL, Schwab, SEI, Fidelity, and Pershing for its custodial and brokerage services. 

Mariner Wealth Advisors initially launched its platform solutions division in 2020, but it was rebranded to Mariner Advisor Network, following the RIA’s acquisition of The Financial Services Network, an office of supervisory jurisdiction, in 2022. 

LPL Financial’s purchase of Mariner’s network comes nearly a year after its acquisition of Commonwealth Financial Network, for approximately $2.7 billion through a mix of cash, debt, and equity. 

Overland Park, KS-based Mariner Wealth Advisors, founded in 2006, oversees $609 billion in total client assets and has 124 locations across the country, including an office in Puerto Rico.