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 White House has extremely strict ethical guidelines with respect to issues like this,” said Press Secretary Karoline Leavitt.
Just how much does it cost for a financial advice exec to stay out of prison?
The advisor both prices FSK's private loans and gets paid on those prices, the suit claims
The proposal would end decades of paper-first delivery rules, but keeps a paper opt-out and draws early praise from fund and annuity industry groups.
The Trump accounts are “generationally changing” and bring financial literacy to youth, said IRS chief Frank Bisignano.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
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
