Mariner to Buy $26 Billion LPL Affiliate
Mariner Wealth Advisors, a firm with more than $60 billion in assets under advisement, has agreed to purchase The Financial Services Network
Mariner Wealth Advisors, a firm with more than $60 billion in assets under advisement, has agreed to purchase The Financial Services Network, a national enterprise office and LPL affiliate with $26 billion in client assets.
The acquisition will add more than 400 advisors in 20 states, along with more than 50 associates who make up a group of transition, investment, compliance and administrative support professionals.
After the deal closes, The Financial Services Network will rebrand as Mariner Advisor Network and will continue its relationship with LPL Financial, one of the nation’s leading RIA custodians and its largest independent broker-dealer.
“We launched Mariner Platform Solutions in 2020 to free independent advisors from back-office responsibilities and return them to what they do best: providing world-class financial guidance to their clients,” said Marty Bicknell, chief executive officer and president of Mariner Wealth Advisors. “Today is a win for advisors who seek to spend more time advising their clients and growing their business, and less time managing the day-to-day operations.”
The Financial Services Network was founded in 1984 and has evolved over the years as an office of supervisory jurisdiction, registered investment advisory firm. Led by Daxs Stadjuhar, Christopher Mercado, and Jeremy Olen, the firm reported that its executive leadership team will remain in place and has been asked to lead the combined business.
“It’s exciting when you get the chance to align your organization with a firm that shares the same vision and principles for taking care of advisors so they can take better care of their clients,” said Matthew Enyedi, managing director at LPL Financial. “Through our partnership with The Network and our new relationship with Mariner Wealth Advisors, we are helping advisors choose the business model, services, and technology that empower them to run a highly efficient and scalable practice.”
Since its inception in 2020, Mariner Platform Solutions has partnered with 33 firms with AUM totaling $2.6 billion, and has more than 66 advisors and 22 brands leveraging its resources.
