LPL to Acquire Mariner Advisor Network in Major Advisor Deal

Brian Anderson

5 hours ago

LPL Financial announced today the firm has entered into a definitive purchase agreement to acquire Mariner Advisor Network, a subsidiary of registered investment advisory giant Mariner Wealth Advisors. The transaction affects 367 advisors, 223 of which were already affiliated with LPL.

In partnership with LPL, Private Advisor Group, LLC will acquire Mariner Advisor Network’s hybrid advisors and align those advisors under their hybrid RIA. Terms of the deal were not disclosed.

“This is an ideal outcome for these advisors, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve.”
Mariner CEO and President Marty Bicknell

Affiliated with LPL Financial, Mariner Advisor Network supports 367 financial advisors who collectively manage $31 billion in assets. As part of this transaction, 223 advisors will remain directly affiliated with LPL, continuing to operate on their existing LPL platform with uninterrupted service for their clients and businesses, while gaining access to an expanding suite of wealth management and business-support solutions. In addition, 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model, where they will maintain their multicustody relationships and continue operating on the same LPL platform.

“This is an ideal outcome for these advisors, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve,” said Marty Bicknell, CEO and President of Mariner. “We remain committed to putting clients first, expanding our advisor community with intention, and fulfilling our purpose to positively impact the lives of many. This step reflects our focus on doing what’s right for advisors and for the industry as it continues to evolve. We’re proud of the network we built and confident in its enduring success with the continued commitment and support of LPL and Private Advisor Group.”

Powered by an advisor-first mindset, Private Advisor Group has been actively developing resources and solutions for its growing community. LPL is a minority equity partner in Private Advisor Group and LPL Financial LLC is its primary custodian and broker-dealer.

“We recognized an opportunity to deepen our relationship with the advisors affiliated with the Mariner Advisor Network by welcoming them into our growing supported independence community, one built on collaboration and a commitment to advisor success,” said Marc Cohen, group managing director and chief growth officer, LPL Financial. “Together with Private Advisor Group, we’re committed to enhancing the advisors’ experiences through our continued investment in innovative technology and breadth of wealth management offerings and services.”

Frank Smith, CEO of Private Advisor Group, said that with the support of LPL, they are well-positioned to deliver thoughtful, durable solutions that reinforce supported independence now and into the future.

“Providing the flexibility to align the right platform to the right practice needs is a core benefit of our multi-custodian hybrid RIA offering, and we look forward to extending that capability to members of the Mariner Advisor Network,” Smith said.

Acquisition-savvy LPL Financial Holdings Inc. is among the fastest growing wealth management firms in the U.S., supporting over 32,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and as the custodian of approximately $2.4 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans.

Last August, San Diego-based LPL Financial completed its acquisition of Commonwealth Financial Network in a $2.7 billion deal uniting two of the most respected names in the independent wealth management space.

Founded in 1997, Private Advisor Group boasts more than $41.3 billion in assets under management as of June 30, 2025.