Overland Park, Kan.– In a significant move set to reshape the financial advisory landscape, Mariner Wealth Advisors and AdvicePeriod have announced a strategic merger, backed by a concurrent investment from renowned private equity firm . This powerful alliance aims to forge a dominant, client-centric, and technology-driven fiduciary service provider poised for future growth.
The deal, finalized on June 30, sees Overland Park, Kansas-based Mariner Wealth Advisors acquiring Los Angeles-based AdvicePeriod. Principals and equity holders at AdvicePeriod, including Steve Lockshin, will exchange their stakes for interests in the newly combined entity. This merger unites two forward-thinking and client-focused Registered Investment Advisory (RIA) firms, setting the stage for enhanced services and innovation within the independent advisory sector. The strategic combination is designed to better serve a diverse clientele, from individual investors to larger institutions, and will concentrate on:
- Accelerating the development and implementation of cutting-edge financial technology solutions.
- Expanding the range of services available to both clients and advisors across different segments.
- Modernizing and growing trust company services, with a specialized emphasis on private trust companies.
- Improving access to comprehensive tax services and business management solutions, including bill payment, bookkeeping, and financial statement preparation.
- Establishing a law firm to revolutionize estate planning through technology and streamlined processes, addressing inefficiencies in traditional models.
“Having collaborated with Steve [Lockshin] over many years, we are thrilled to combine our strengths to build the integrated financial services firm of the future,” stated Marty Bicknell, CEO and co-founder of Mariner Wealth Advisors. “The unique value proposition of each company, when combined, will allow us to elevate the client experience and deliver unparalleled value across the board.”
AdvicePeriod will maintain its distinct brand identity, and its principals, Steve Lockshin, Jonathan Straub, and Marc Russell, will continue to lead the firm’s operations. Clients, advisors, and team members of AdvicePeriod can anticipate positive developments, including enhanced technological capabilities and a wider spectrum of financial expertise and services in the coming years.
“This merger represents an exceptional opportunity to operate on a larger scale with significantly more resources,” said Lockshin. “The combined firm, with the support of Leonard Green & Partners, will continue to be a catalyst for change in the industry, delivering innovative solutions, greater transparency, and advanced technology that sets new benchmarks for both our clients and industry peers.”
Beyond expanded service offerings, the acquisition of AdvicePeriod enhances the options available to independent advisors seeking partnership with a wealth advisory firm. Mariner Wealth Advisors’ Mariner Platform Solutions provides advisors with a 1099 employment model, allowing them to maintain their brand while leveraging robust backend support. AdvicePeriod for Advisors complements this by offering a W2 employment structure under the AdvicePeriod brand, empowering advisors to maintain entrepreneurial control under a respected industry name. With these dual solutions, Mariner Wealth Advisors, backed by Leonard Green & Partners, now offers comprehensive choices for advisors seeking to own and manage their businesses with substantial institutional support.
This merger marks the culmination of a long-standing collaboration between Bicknell and Lockshin, who have a history of co-investing in disruptive financial technology firms. Their joint investments include 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. The transaction is expected to officially close on August 31, 2021, signaling the start of a new chapter for both firms under the strategic guidance and financial backing of Leonard Green & Partners.
Bolstered 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. Prior to this merger, on July 8, Mariner Wealth Advisors announced the acquisition of Allegiant Private Advisors, adding approximately $1 billion in assets under management (AUM). The AdvicePeriod merger represents Mariner Wealth Advisors’ 25th acquisition, underscoring their aggressive growth strategy and ambition to lead the future of wealth management with the support of Leonard Green & Partners.
