LPL Financial to acquire Mariner Advisor Network

LPL Financial (LPLA) announced that the firm has entered into a definitive purchase agreement to acquire Mariner Advisor Network, a segment of Mariner. “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. In partnership with LPL, Private Advisor Group will acquire Mariner Advisor Network’s hybrid advisors and align those advisors under their hybrid Registered Investment Advisor. Mariner Advisor Network supports 367 financial advisors who collectively manage $31B in assets. As part of this transaction, 223 advisors will remain directly affiliated with LPL, while 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model. The price of the acquisition was undisclosed.