Mariner Wealth Advisors has notched its fifth acquisition since selling a minority stake to private equity investor Leonard Green & Partners in April.
The Overland Park, Kansas-based registered investment adviser announced Thursday its plans to acquire The Pinnacle Group, a $600 million RIA based in West Chester, Ohio.
The deal, which is expected to close Sept. 24, will give Mariner its second office in the Cincinnati area. Mariner has 395 advisers across 53 offices.
“We’re thrilled to welcome such a talented group of individuals to the Mariner Wealth Advisors family while being able to expand our presence in Cincinnati,” Marty Bicknell, chief executive and president of Mariner, said in a statement.
“The Pinnacle Group’s approach to financial planning, including their retirement planning solutions for businesses, fold into our services and firm goals seamlessly," Bicknell said. “I’m excited to see what we can accomplish together.”
Founded in 1994, The Pinnacle Group has the bulk of its assets in retirement plans, which will boost Mariner’s retirement plan solutions platform.
This deal continues Mariner's summer streak of growth. Since July, the firm has announced four acquisitions — Allegiant Private Advisors, AdvicePeriod, Channel Islands Group and Commonwealth Advisory Group — and added more than $7 billion in assets under management.
Pinnacle will assume the Mariner Wealth Advisors name when the deal closes. Its Cincinnati office remains under the leadership of J. Scott Sims, president and founder of the firm.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
New name draws on founder's family history as consolidation reshapes the broker-dealer landscape.
Deal brings tech-focused planning expertise, expanded Pacific Northwest presence to national RIA platform.
Five low-cost index ETFs to anchor Trump Accounts as advisors weigh options against 529 and UTMA plans for clients
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
