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RIA Deal Spherical-Up: Bicknell’s Mariner to Invest in $5.1 Billion-AUM AdvicePeriod

July 23, 2021

Marty Bicknell’s Mariner Prosperity Advisors is getting Los Angeles-based AdvicePeriod in a deal anticipated to raise his registered financial commitment advisory firm to about $40 billion in property less than administration.

The acquisition, declared on Tuesday, will also unite the heads of the two independent advisory firms–Bicknell and AdvicePeriod’s Steve Lockshin–who have long been mates and co-invested in several FinTech ventures.

The transaction, Mariner’s 25th since its 2006 founding, is envisioned to close on August 31. It is the 2nd acquisition Bicknell’s Overland Park, Kansas-dependent firm has declared since having a minority investment decision in April from private fairness store Leonard Environmentally friendly & Companions. Before this month, Mariner explained it was getting $1 billion-AUM Florida RIA Allegiant Private Advisors.

AdvicePeriod’s $5.1 billion in AUM will occur less than Mariner’s wing, and Mariner expects to use the acquisition to broaden and strengthen believe in-organization companies and launch an estate planning-centered legislation business, the companies said in a joint announcement.

Bicknell, main government and vast majority proprietor of Mariner, did not answer to a request for remark Friday on the acquisition.

He and Lockshin have co-invested in get started-ups which includes account aggregator Quovo, bought to Plaid in 2019 monetary scheduling application agency Advizr, obtained by Orion that very same 12 months robo-advisor Betterment direct-indexing business Just Devote, purchased this thirty day period by Vanguard and RIA custodian Altruist, in accordance to the announcement.

“Steve and I have collaborated often about the many years and together we expect to make the built-in monetary products and services company of the long term,” Bicknell said in a geared up statement.

AdvicePeriod, as part of the offer, will keep its manufacturer, and Lockshin, Jonathan Straub, and Marc Russell will keep on being its principals. Lockshin and other AdvicePeriod fairness holders will be exchanging their interests in AdvicePeriod for interests in the merged entity, in accordance to the announcement.

Advisors signing up for the mixed entity but wanting to very own and manage their company can decide for Mariner System Solutions, a 1099 contractor product through which advisors retain their have manufacturer and business but get backend assistance from Mariner, or AdvicePeriod for Advisors’ W-2 affiliation design, wherever they operate their possess small business but suppose AdvicePeriod’s model, according to the announcement.

Throwing in with Mariner provides AdvicePeriod “the perfect option to paint on a even larger canvas and with more methods,” Lockshin mentioned in a ready assertion, introducing that the mixed agency will carry “solutions, transparency and technologies that increase the bar for our clientele and our peers.”

Lockshin in 1994 launched RIA Convergent Prosperity Advisors, which he sold in 2007 to Town Nationwide Bank. In 2014, he stepped down as Convergent’s chairman and established AdvicePeriod.