RIA Deal Round-Up: Bicknell’s Mariner to Buy $5.1 Billion-AUM AdvicePeriod
Marty Bicknell’s Mariner Wealth Advisors is purchasing Los Angeles-based AdvicePeriod in a deal expected to lift his registered investment advisory firm to roughly $40 billion in assets under management.
The transaction, Mariner’s 25th since its 2006 founding, is expected to close on August 31. It’s the second acquisition Bicknell’s Overland Park, Kansas-based firm has announced since taking a minority investment in April from private equity shop Leonard Green & Partners. Earlier this month, Mariner said it was buying $1 billion-AUM Florida RIA Allegiant Private Advisors.
AdvicePeriod’s $5.1 billion in AUM will come under Mariner’s wing, and Mariner expects to use the acquisition to expand and improve trust-company services and launch an estate planning-focused law firm, the companies said in a joint announcement.
Bicknell, chief executive and majority owner of Mariner, did not respond to a request for comment Friday on the acquisition.
He and Lockshin have co-invested in start-ups including account aggregator Quovo, sold to Plaid in 2019; financial planning software firm Advizr, acquired by Orion that same year; robo-advisor Betterment; direct-indexing firm Just Invest, purchased this month by Vanguard; and RIA custodian Altruist, according to the announcement.
“Steve and I have collaborated frequently over the years and together we expect to create the integrated financial services firm of the future,” Bicknell said in a prepared statement.
AdvicePeriod, as part of the deal, will retain its brand, and Lockshin, Jonathan Straub, and Marc Russell will remain its principals. Lockshin and other AdvicePeriod equity holders will be exchanging their interests in AdvicePeriod for interests in the combined entity, according to the announcement.
Advisors joining the combined entity but wanting to own and control their business can opt for Mariner Platform Solutions, a 1099 contractor model through which advisors maintain their own brand and business but receive backend support from Mariner, or AdvicePeriod for Advisors’ W-2 affiliation model, where they run their own business but assume AdvicePeriod’s brand, according to the announcement.
Throwing in with Mariner provides AdvicePeriod “the ideal opportunity to paint on a bigger canvas and with more resources,” Lockshin said in a prepared statement, adding that the combined firm will bring “solutions, transparency and technology that raise the bar for our clients and our peers.”
Lockshin in 1994 founded RIA Convergent Wealth Advisors, which he sold in 2007 to City National Bank. In 2014, he stepped down as Convergent’s chairman and founded AdvicePeriod.