Mariner Wealth Advisors has announced a substantial acquisition that will provide it with enhanced streams for growth.
The addition of Baystate Wealth Management, based in Boston, Massachusetts, adds $1.8 billion AUM but also expands Mariner’s capabilities in outsource investment management for financial advisors, one of Baystate’s key service provisions along with creating customized and diversified portfolios for clients.
Baystate was founded in 2009 by Thomas O’Connor and Dave Porter and has thirteen employees who will all be retained by Mariner. The firm will continue to operate as a third-party investment offering under the Baystate name. The resources and scale of Mariner will open up new avenues for Baystate’s services for advisors.
“The amazing team at Baystate, supported by our loyal client base, never ceases to amaze me,” said O’Connor, president and co-founder of Baystate Wealth Management. “I am so proud of what this group of professionals has built, and joining Mariner Wealth Advisors is the natural next step to ensure they can continue building on our unique offerings to the industry while still putting the client first. This move will provide us with the opportunity to grow in ways we’ve never dreamed possible.”
The deal is expected to close on January 1, 2024, when Baystate’s office will become Mariner’s third in Massachusetts and it’s 98th across the United States.
“Not only does Baystate’s advanced approach to investment portfolios fold perfectly into Mariner’s catalog of strategies, bolstered by their team of talented professionals, but their values also align with ours,” said Marty Bicknell, CEO and president of Mariner Wealth Advisors. “They do what’s right for and by the client, which remains the number one goal at Mariner when serving our clients.”
As Commonwealth advisors weigh their futures following the firm’s sale, Summit Wealth Group is charting its own course as an independent RIA with $2.1 billion in assets, moving to SEI's custodian platform.
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