Mariner Wealth Advisors, an Overland Park, Kansas-based registered investment advisory firm advising on $40 billion in assets, will acquire AdvicePeriod, a Los Angeles-based RIA managing $4.45 billion, in a deal that follows an investment in Mariner by private-equity firm Leonard Green & Partners.
Steve Lockshin and the other AdvicePeriod founders will be exchanging their interests for interests in the combined entity, but AdvicePeriod will retain its brand and Lockshin will remain AdvicePeriod’s principal and co-founder.
“Steve and I have collaborated on so many things and he focuses on areas of the business that I do not and vice versa,” Marty Bicknell, CEO and president of Mariner, said in a statement. “Together we expect to create the integrated financial services firm of the future.”
The deal, terms of which were not disclosed, is expected to close by the end of the year.
In the past, Bicknell and Lockshin have co-invested in financial technology firms including account aggregator Quovo (sold to Plaid in 2019), financial planning firm Advizr (sold to Orion in 2019), Betterment, Just Invest, Altruist and Vanilla.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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
