Mariner Wealth Advisors will add nearly $1 billion in assets under management with the acquisition of Allegiant Private Advisors, based in Sarasota, Florida.
Allegiant serves nearly 500 clients that combine for approximately $911 million in AUM, according to its latest filing.
Mariner reports $40 billion in total assets under advisement.
Founded in 1997, Allegiant will be the third Florida location for Mariner, which is based in Overland Park, Kansas, and has done 23 acquisitions since it was founded in 2006.
“This is an important deal for Mariner as it increases its level of growth from transactions,” said Daniel Seivert, chief executive of Echelon Partners.
When the deal closes on July 31, Allegiant will assume the Mariner Wealth Advisers’ name.
This is Mariner’s first acquisition since it sold a minority ownership stake in April to private equity investor Leonard Green & Partners. Mariner had been one of the few remaining holdouts as its peers partnered with PE investors.
“Mariner’s development of its internal business platform is impressive, and it is likely one of the positives Leonard Green saw when they invested, that in combination with their strong commitment to an employee-friendly culture,” Seivert said. “We expect to see Mariner’s deal making momentum increase in the balance of 2021 and beyond.”
David DeVoe, founder of DeVoe & Co., agreed that “Mariner continues to maintain momentum” with “scale and branding that is resonating in the marketplace.”
Marty Bicknell, Mariner president and chief executive, acknowledged in a statement that Allegiant’s “unique approach to financial planning and full scale of services” are “completely aligned with our business goals, and I’m excited to see what we can accomplish together.”
“We are always seeking to expand our adviser pool with the best and brightest talent, which is why we’re thrilled to welcome such an established group of individuals from Allegiant Private Advisors,” Bicknell said.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
