Kansas City-based RIA firm Mariner Wealth Advisors extended its summer streak of growth with yet another acquisition announcement on Sept. 9, this time acquiring Cincinnati-based RIA, The Pinnacle Group, in a deal set to close on Sept. 24, 2021.
This is Mariner Wealth Advisors’ fifth acquisition since the sale of a minority stake in the company to Leonard Green & Partners in April. Since July, the national wealth advisory firm has also acquired Allegiant Private Advisors, AdvicePeriod, Channel Islands Group and Commonwealth Advisory Group, adding over $7 billion in assets under management (AUM) in the process.
With the latest deal, Mariner Wealth Advisors currently has 395 advisors across 53 offices, and this will be its second office in the Cincinnati metropolitan area.
“We’re thrilled to welcome such a talented group of individuals to the Mariner Wealth Advisors family while being able to expand our presence in Cincinnati,” said Marty Bicknell, CEO and president of Mariner Wealth Advisors. “The Pinnacle Group’s approach to financial planning, including their retirement planning solutions for businesses, fold into our services and firm goals seamlessly. I’m excited to see what we can accomplish together.”
The Pinnacle Group, with more than $600 million in AUM, has built a trusted reputation with its clients since its founding in 1994. With a significant stake of its AUM in retirement plans, this deal will contribute to the further growth of Mariner Wealth Advisors’ own retirement plan solutions, a platform designed to aid businesses in managing their employer-sponsored retirement plans for employees. Additionally, the firm’s high volume of referrals from CPAs will integrate seamlessly with Mariner Wealth Advisors’ existing CPA Alliance.
“This is an incredible opportunity for The Pinnacle Group to continue our legacy of helping clients build a successful financial future and provide an attractive career path that offers new opportunities for growth and development to our team,” said J. Scott Sims, president and founder of The Pinnacle Group.
The Pinnacle Group will assume the Mariner Wealth Advisors name at closing, and the Cincinnati office remains under Sims’ leadership. The owners and founders of The Pinnacle Group were advised on the transaction by the investment banking firm of ECHELON Partners.
Founded in 2006 with $300 million in assets under advisement (AUA), Mariner Wealth Advisors has grown to nearly $46 billion AUA as of June 30, 2021.
SEE ALSO:
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- Busiest Period in Retirement Advisory Firm M&A History
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
