July 23, 2021
Marty Bicknell, CEO and majority owner of Mariner,
Marty Bicknell’s Mariner Wealth Advisors is buying Los Angeles-based AdvicePeriod in a deal that is expected to bring his registered investment advisory firm to around $ 40 billion in assets under management.
The acquisition, announced on Tuesday, will also bring together the heads of two independent consulting firms – Bicknell and Steve Lockshin of AdvicePeriod – who have long been friends and have co-invested in various FinTech companies.
The transaction, Mariner’s 25th since its inception in 2006, is expected to close on August 31. This is the second acquisition that Bicknell’s Overland Park in Kansas has announced since taking a minority investment in April from private equity firm Leonard Green & Partners. Earlier this month, Mariner announced the $ 1 billion purchase of AUM Florida RIA Allegiant Private Advisors.
AdvicePeriod’s $ 5.1 billion in assets under management will be under Mariner’s wing, and Mariner plans to use the acquisition to expand and improve trust company services and launch a law firm focused on estate planning, the companies said in a joint announcement.
Bicknell, CEO and majority owner of Mariner, did not respond to a request for comment on the acquisition on Friday.
He and Lockshin have co-invested in start-ups, including account aggregator Quovo, sold to Plaid in 2019; the financial planning software company Advizr, acquired by Orion in the same year; robo-advisor Improvement; the direct indexing company Just Invest, acquired this month by Vanguard; and the custodian of RIA Altruist, according to the announcement.
“Steve and I have collaborated frequently over the years and together we plan to build the integrated financial services company of the future,” Bicknell said in a 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 shareholders will swap their interests in AdvicePeriod for interests in the combined entity, according to the announcement.
Advisors joining the combined entity but wishing to own and control their business can opt for Mariner Platform Solutions, a 1099 outsourcer model where advisers keep their own brand and business but receive backend support from Mariner, or AdvicePeriod. for Advisor W-2 Affiliate Model. , where they run their own business but assume the AdvicePeriod brand, according to the announcement.
Joining Mariner offers AdvicePeriod “the perfect opportunity to paint on a larger canvas and with more resources,” Lockshin said in a statement, adding that the combined company will provide “solutions, transparency and technology that raises the bar for our customers and peers.
Lockshin founded RIA Convergent Wealth Advisors in 1994, which he sold in 2007 to City National Bank. In 2014, he left the presidency of Convergent and founded AdvicePeriod.