Overland Park, Kan. – In a move set to reshape the independent Registered Investment Advisor (RIA) landscape, Mariner Wealth Advisors and AdvicePeriod have announced a strategic merger. This significant development is concurrent with a substantial investment from the prominent private equity firm, Leonard Green & Partners (LGP), signaling a powerful endorsement of the newly formed entity’s vision for the future of wealth management.
The deal, finalized on June 30th, sees Overland Park, Kansas-based Mariner Wealth Advisors acquiring Los Angeles-based AdvicePeriod. Equity holders from AdvicePeriod, including principals Steve Lockshin, Jonathan Straub, and Marc Russell, will exchange their stakes for interests in the combined organization. This merger unites two forward-thinking, client-centric fiduciary firms within the independent RIA space, aiming to establish a dominant force in the industry. The strategic alliance is designed to enhance service delivery for clients of all sizes through several key initiatives:
- Accelerated development of cutting-edge financial services technology to improve client experience and advisor efficiency.
- Expansion of service offerings to cater to a broader spectrum of client and advisor needs, creating a more comprehensive wealth management solution.
- Modernization and expansion of trust company services, including a specialized focus on private trust companies to meet increasingly complex client needs.
- Enhanced access to integrated tax services and business management solutions, such as bill payment, bookkeeping, and financial statement preparation, offering a holistic financial approach.
- The establishment of a law firm leveraging technology and process improvements to revolutionize estate planning services for clients.
According to Marty Bicknell, CEO and co-founder of Mariner Wealth Advisors, the merger represents a pivotal moment. “Steve and I have collaborated frequently over the years and together we expect to create the integrated financial services firm of the future,” Bicknell stated. “Our two companies each have a unique value proposition and when combined, we will strive to deliver exceptional value to our clients across the board.” This vision is now significantly bolstered by the backing of Leonard Green & Partners, whose investment provides both capital and strategic expertise to fuel this ambitious growth trajectory.
AdvicePeriod will maintain its distinct brand identity, and its principals, Lockshin, Straub, and Russell, will continue in their leadership roles within the merged entity. Clients, advisors, and team members of AdvicePeriod are assured of a seamless transition, with expectations of positive enhancements in technology and the breadth of financial expertise and services available in the coming years.
Steve Lockshin, CEO and co-founder of AdvicePeriod, echoed the enthusiasm for the merger and the role of Leonard Green & Partners’ investment. “This is the ideal opportunity to paint on a bigger canvas and with more resources,” Lockshin commented. “The united firm will continue to transform the industry by delivering solutions, transparency and technology that raise the bar for our clients and our peers.” The infusion of capital and strategic guidance from Leonard Green & Partners is seen as a catalyst for accelerating this transformation and solidifying the merged entity’s position as an industry leader.
The acquisition of AdvicePeriod further strengthens Mariner Wealth Advisors’ offerings for independent advisors. Through Mariner Platform Solutions, advisors can operate under a 1099 arrangement, preserving their brand while benefiting from robust backend support. Complementing this, AdvicePeriod for Advisors offers a W2 employment model, allowing advisors to operate under the AdvicePeriod brand with synthetic ownership and operational autonomy. This dual approach provides independent advisors with expanded choices for partnership within a larger wealth advisory ecosystem, now supported by the financial strength of Leonard Green & Partners.
The collaboration between Bicknell and Lockshin extends beyond this merger, with a history of co-investments in disruptive financial technology firms. Their portfolio includes account aggregation pioneer Quovo, financial-planning innovator Advizr, digital investment platform Betterment, direct-indexing firm Just Invest, custodial platform Altruist, and estate planning platform Vanilla. This track record of identifying and investing in innovative fintech underscores their commitment to leveraging technology to enhance financial services, a vision now amplified through the partnership with Leonard Green & Partners. The acquisition is anticipated to formally close on August 31, 2021.
Fueled by the investment from Leonard Green & Partners, Mariner Wealth Advisors is strategically positioned for significant growth in 2021, aiming to become one of the nation’s largest advisory firms. This ambition is further evidenced by the recent acquisition of Allegiant Private Advisors, bringing approximately $1 billion in assets under management to Mariner Wealth Advisors. AdvicePeriod represents Mariner Wealth Advisors’ 25th acquisition, marking a significant milestone in their expansion strategy, now powerfully backed by the resources and expertise of Leonard Green & Partners. The investment from Leonard Green & Partners is not just a financial transaction; it is a strategic partnership that underscores the belief in the combined vision of Mariner Wealth Advisors and AdvicePeriod to lead the future of client-centric, technology-enabled fiduciary services.
