Overland Park, Kan.– In a landmark move set to reshape the landscape of independent financial advisory firms, Mariner Wealth Advisors and AdvicePeriod have announced a strategic merger. This powerful alliance is made possible through a concurrent investment from the esteemed private-equity firm, Leonard Green & Partners (LGP). The merger aims to establish a leading, client-centric, and technologically advanced fiduciary service provider for the future.
The agreement, finalized on June 30, sees Overland Park, Kansas-based Mariner Wealth Advisors acquiring Los Angeles, Calif.-based AdvicePeriod. Jonathan Lockshin, along with other equity holders from AdvicePeriod, will exchange their stakes for equity in the newly combined entity. This union brings together two of the most innovative and client-focused fiduciary firms within the independent Registered Investment Advisor (RIA) sector. The strategic benefits of this merger are manifold, designed to enhance service delivery and expand capabilities for clients and advisors alike. Key advantages include:
- Accelerated Development of Financial Technology: The combined entity will pool resources to foster innovation in financial services technology, aiming to create cutting-edge tools and platforms.
- Expanded Service Breadth: Clients and advisors across all segments will benefit from a wider array of services, catering to diverse financial needs and complexities.
- Modernized Trust Company Services: The merger will facilitate the expansion and modernization of trust services, with a specialized emphasis on private trust companies to meet sophisticated client demands.
- Enhanced Tax and Business Management Services: Increased access to comprehensive tax services and business management solutions, including bill payment, bookkeeping, and financial statement preparation, will offer clients a holistic financial oversight.
- Establishment of a Law Firm for Estate Planning: A pioneering move to launch a law firm dedicated to estate planning, leveraging technology and process improvements to transform a traditionally antiquated business model.
According to Marty Bicknell, CEO and co-founder of Mariner Wealth Advisors, the synergy between the two firms is undeniable. “Steve and I have been in close collaboration for many years, and together, we are poised to build the integrated financial services firm of the future,” Bicknell stated. “Each company brings unique strengths, and by combining them, we are committed to delivering unparalleled value to our clients across all aspects of their financial lives.”
AdvicePeriod will maintain its distinct brand identity, and its principals, Jonathan Lockshin, Jonathan Straub, and Marc Russell, will continue to lead AdvicePeriod’s operations. Clients, advisors, and team members of AdvicePeriod can anticipate a seamless transition with positive enhancements, including advanced technology and a broader spectrum of financial expertise and services in the years ahead.
Jonathan Lockshin, CEO and co-founder of AdvicePeriod, expressed enthusiasm about the merger’s potential. “This is a remarkable opportunity to operate on a larger scale and with greater resources,” Lockshin commented. “The unified firm will continue to be a catalyst for industry transformation, providing solutions, transparency, and technology that elevate the standards for both our clients and our industry peers.”
Beyond expanded capabilities, the acquisition of AdvicePeriod bolsters the options available to independent advisors seeking partnership with a leading wealth advisory firm. Mariner Wealth Advisors’ Mariner Platform Solutions offers advisors the flexibility to operate under a 1099 employment status, preserving their brand and business autonomy while benefiting from robust backend support. Complementing this, AdvicePeriod for Advisors provides a W2 employment model under the AdvicePeriod brand, empowering advisors with synthetic ownership and operational control under a respected industry name. With these dual offerings, Mariner Wealth Advisors now presents comprehensive solutions for advisors seeking to own and manage their practices with substantial institutional backing.
This merger is the culmination of a long-standing collaborative relationship between industry visionaries Bicknell and Lockshin. Their history of co-investment in disruptive financial technologies, such as account aggregation pioneer Quovo (acquired by Plaid in 2019), financial-planning innovator Advizr (acquired by Orion in 2019), digital investment platform Betterment, direct-indexing firm Just Invest (acquired by Vanguard), custodial platform Altruist, and estate planning platform Vanilla, underscores their commitment to innovation. The acquisition is expected to formally close on August 31, 2021.
The investment from Leonard Green & Partners is a key driver for Mariner Wealth Advisors’ ambitious growth trajectory in 2021, with the firm aiming to become one of the largest national advisory firms in the United States. This growth momentum is further evidenced by the recent acquisition of Allegiant Private Advisors, a Sarasota, Fla.-based firm managing approximately $1 billion in assets under management (AUM), announced on July 8. AdvicePeriod marks Mariner Wealth Advisors’ 25th acquisition, demonstrating a consistent and strategic expansion strategy fueled in part by the partnership with Leonard Green & Partners.
