Mariner Wealth Advisors will see its assets under advisement surge by $104 billion on completion of a double acquisition.
The national wealth advisory firm is to acquire AndCo Consulting and Fourth Street Performance Partners, which will create substantial growth in its institutional vertical. The firm will leverage the AndCo team's quarter of a century of experience in advising on both defined-contribution and defined-benefit plans to create Mariner Institutional.
The acquisitions will add 100 professionals to Mariner’s head count across the two firms, as well as offices in Covington, Kentucky, Winter Park, Florida, Chicago, Dallas, Detroit, Pittsburgh, Cleveland and Reno, Nevada. It will also give a boost to Mariner’s services for individual investors.
“The complementary nature of our clients and services will support our joint growth and offer existing clients and prospects additional services that will help enhance the overall client outcome,” Marty Bicknell, CEO and president of Mariner Wealth Advisors, said in a statement. “Mariner, AndCo and Fourth Street share an objective and client-first approach, a focus on associate development and unyielding support for our communities. This leads to a strong cultural alignment and great opportunities ahead.”
Mariner has made several acquisitions in the past year, including a $1.8 billion AUM firm that expanded the firm’s capabilities in outsource investment management for financial advisors.
While AndCo and Fourth Street will merge upon completion of the transactions, expected to occur in early April, the two firms will maintain their existing teams and benefit from the enhanced infrastructure and financial resources of Mariner.
“Since the inception of the firm, we have consistently approached business decisions through a simple three-pronged question: how will this impact our clients, our colleagues and our community?” said AndCo CEO Mike Welker. “We truly believe we have found a partner in Mariner that shares the same philosophy, and I’m confident this opportunity will enhance the services we deliver to our existing clients, provide opportunities for our team members and give us capacity to give back to our local communities at scale.”
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
