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.
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
