Mariner Wealth Advisors today announced that it has acquired The Financial Services Network, a national corporate office that provides administrative, advisory, compliance and operational services to more than 400 independent financial advisors in 20 states, according to a press release. .
Upon closing, which is expected by September 15, The Financial Services Network, based in Sacramento, Calif., with $26 billion in assets under administration, will be renamed Mariner Advisor Network, “a name that reflects the collaborative and complementary of the two companies. and focus on strengthening the company’s core offerings in financial technology, portfolio advisory, compliance and operations, virtual administration services and M&A support for independent advisors,” says the press release.
The company, also known as The Network, also supports advisors affiliated with LPL Financial and will continue this strategic relationship, according to the statement.
Founded in 1984, The Network has evolved as an OSJ, registered investment adviser and provider of support services to independent financial advisers. Its executive management includes Daxs Stadjuhar, Christopher Mercado and Jeremy Olen, who will remain with the company and lead the combined business offering, according to the statement.
“From the day we met the Mariner team, it was clear that we shared the same advisor-centric mission and passion for helping advisors excel as business owners,” Mercado said in a statement. “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. We are thrilled to join the Mariner family and look forward to leading and growing the Mariner network of advisors together.
Marty Bicknell, CEO and President of Mariner Wealth Advisors, said the partnership is a win for advisors looking to spend more time advising clients and growing their business and less time managing day-to-day operations. “This acquisition not only expands the reach of Mariner Platform Solutions and adds important talent to our team, it also underscores our commitment to helping the independent advisor looking to spend more time advising clients and growing their business and less time to manage the day. -day-to-day operations,” he said in an email to Financial Advisor.
Mariner Platform Solutions, a subsidiary of Mariner Wealth Advisors, which Bicknell said launched in 2020, frees independent advisers from back-office responsibilities and brings them back to providing world-class financial advice to their clients.
Additionally, Bicknell added that “The depth of experience of The Network’s professionals and the reach and expertise of LPL Financial will enable us to serve more advisors and improve their access to some of the best back- office and industry consultancy”.
Bicknell said Mariner Wealth Advisors will continue to seek inorganic growth opportunities with businesses that fit us culturally. “We don’t focus on geography, but we focus on talent. We assess whether the company has nurtured and developed talent beyond the founder and whether we can help them grow personally and professionally,” he said.
LPL Managing Director Matthew Enyedi said, “It’s exciting to have the chance to align your organization with a company that shares the same vision and principles for caring for advisors so they can better take care of their customers.
Founded in 2006 with $300 million in AUA, Overland Park, Kansas-based Mariner Wealth Advisors and its affiliates advise on more than $60 billion in assets. Mariner Platform Solutions has partnered with 33 companies with a total AUM of $2.6 billion and has over 66 advisors and 22 brands leveraging its resources.