Mariner Wealth Advisors today announced that it has acquired The Financial Services Network, a national enterprise office that provides administrative, consulting, compliance and operational services for more than 400 independent financial advisors in 20 states, according to a news 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 rebrand as Mariner Advisor Network, “a name that reflects the collaborative and complementary nature of both businesses and focus on bolstering the firm’s core offerings of fintech, portfolio consulting, compliance and operations, virtual administration services, and mergers and acquisitions support for independent advisors,” the release said.
The company, also known as The Network, also supports LPL Financial-affiliated advisors and will continue that strategic relationship, the release said.
Founded in 1984, The Network has evolved as an OSJ, registered investment advisor and provider of support services for independent financial advisors. Its executive leadership includes Daxs Stadjuhar, Christopher Mercado and Jeremy Olen, who will remain with the firm and lead the combined business offering, the release said.
“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, solutions and advisor-centric philosophy will accelerate the expansion of our network, broaden the scope of how we work with advisors, and help advisors overcome the traditional impediments to growth. We’re thrilled to join the Mariner family and look forward to leading and growing the Mariner Advisor Network together.”
Marty Bicknell, CEO and president of Mariner Wealth Advisors, said the partnership is a win for advisors who seek to spend more time advising their clients and growing their business and less time managing the day-to-day operations. “This acquisition not only expands the reach of Mariner Platform Solutions and adds significant talent to our team, but it also further emphasizes our commitment to helping the independent advisor who seeks to spend more time advising their clients and growing their business and less time managing day-to-day operations,” he said in an email to Financial Advisor.
Mariner Platform Solutions, an affiliate of Mariner Wealth Advisors, which Bicknell noted was launched in 2020, frees independent advisors from back-office responsibilities and return them to providing world-class financial guidance to their clients.
Further, Bicknell added that “the depth of experience among the professionals at The Network and the reach and expertise of LPL Financial will enable us to serve more advisors and enhance their access to some of the industry’s best back-office and consulting resources.”
Bicknell said Mariner Wealth Advisors will continue to look for opportunities for inorganic growth with firms that are a good fit culturally for us. “We don’t focus on geography, but we do focus on talent. We evaluate if the firm has trained and developed talent beyond the founder and if can we help them grow personally and professionally,” he said.
LPL managing director Matthew Enyedi said, “It’s exciting when you get the chance to align your organization with a firm that shares the same vision and principles for taking care of advisors so they can take better care of their clients.
Founded in 2006 with $300 million in AUA, Overland Park, Kan.-based Mariner Wealth Advisors and its affiliates advises on more than $60 billion in assets. Mariner Platform Solutions has partnered with 33 firms with AUM totaling $2.6 billion and has over 66 advisors and 22 brands leveraging its resources.