Mariner Wealth Advisors acquires The Financial Services Network
Mariner Wealth Advisors, based in Overland Park, Kansas, today announced the acquisition of The Financial Services Network, a Sacramento, CA-based OSJ, RIA, and back-office support provider that provides administrative, consulting, compliance, and operational services to over 400 independent financial advisors.
This latest acquisition will expand the reach of Mariner Platform Solutions, a subsidiary of Mariner Wealth Advisors that offers a suite of resources for independent financial advisors looking to scale their businesses and focus on serving clients without back-office distractions.
The network will be renamed Mariner Advisor Network and will focus on strengthen the company’s core offerings in technology, portfolio advisory, compliance and operations, virtual administration services and M&A assistance for independent advisors. The organization will also continue its strategic relationship with LPL Financial, one of the country’s leading RIA depositories and its largest independent broker.
“Today is a win for advisors looking to spend more time advising clients and growing their business and less time managing day-to-day operations.said Marty Bicknell, CEO and President of Mariner Wealth Advisors.. “The depth of experience of The Network professionals and the reach and expertise of LPL Financial will allow us to serve more advisors and improve their access to some of the best back-office and advisory resources in the industry.
The Network was founded in 1984 and has evolved over the years as a watchdog justice office, RIA firm and provider of support services to independent financial advisors. Led by managing partners Daxs Stadjuhar, Christopher Mercado and Jeremy Olen, The Network currently has more than 400 advisers in 20 states with $26 billion in assets under advisement. (The network’s RIA, which includes a portfolio advisory business, has $6 billion under management, with the remaining $20 billion being advised by independent advisors.) The leadership team will remain in place and have been brought in to lead the combined business offering, integrating resources and strategically expanding capabilities.
“The complementary nature of our expertise, our solutions and our advisor-centric philosophy will accelerate the expansion of our network, broaden the scope of our collaboration with advisors and help advisors overcome traditional barriers to growth,” Mercado said. “We are thrilled to join the Mariner family and look forward to leading and growing the Mariner network of advisors together.”
Since its inception in 2020, Mariner Platform Solutions has partnered with 33 companies with a total of $2.6 billion in assets under management and has over 66 advisors and 22 brands leveraging its resources. This purchase will add more than 400 advisors and more than 50 associates who make up a specialized group of transition, investment, compliance and administrative support professionals dedicated to meeting the needs of independent financial advisors.
Founded in 2006 with $300 million in assets under advice, Mariner Wealth Advisors and its affiliates now advise over $60 billion in assets. It is among the fastest growing RIAs in the country, announcing seven acquisitions in the first half of 2022.