Mariner Wealth Advisors, a financial planning and investment management firm headquartered in Overland Park, Kan., has entered into a binding agreement to acquire The Pinnacle Group, a Cincinnati-based RIA with more than $600 million in client assets, the companies announced.
“This is an incredible opportunity for The Pinnacle Group to continue our legacy of helping clients build a successful financial future and provide an attractive career path that offers new opportunities for growth and development to our team,” J. Scott Sims, president and founder of The Pinnacle Group, said in a prepared statement.
Financial details of the transaction were not released.
Founded in 1994, Pinnacle specializes in retirement planning. an area of professional focus that Mariner is seeking to expand and scale through its retirement plan solutions and platform, which is designed to aid businesses in managing their employer-sponsored retirement plans for employees, the release said. The news release also said that by acquiring Pinnacle, the firm’s high volume of CPA referrals would complement Mariner’s existing CPA Alliance.
“We’re thrilled to welcome such a talented group of individuals to the Mariner Wealth Advisors family while being able to expand our presence in Cincinnati,” Marty Bicknell, CEO and president of Mariner Wealth Advisors, said in the news release. “The Pinnacle Group’s approach to financial planning, including their retirement planning solutions for businesses, fold into our services and firm goals seamlessly. I’m excited to see what we can accomplish together.”
ECHELON Partners, an investment bank headquartered in Manhattan Beach, Calif., advised the owners and founders of The Pinnacle Group on the transaction, which is expected to close on September 24. Once it does, Pinnacle will rebrand under the Mariner Wealth Advisors name, while Sims continues to lead his firm’s Cincinnati headquarters.
This is Mariner’s fifth acquisition and second office in the Cincinnati area since selling a minority stake to Leonard Green & Partners in April. Through that partnership, Mariner added over $7 billion in client assets this past summer by also acquiring Allegiant Private Advisors, AdvicePeriod, Channel Islands Group and Commonwealth Advisory Group.
Founded in 2006 with $300 million in assets under advisement (AUA), Mariner Wealth Advisors has grown to nearly $46 billion in assets under advisement (AUA) as of June 30, 2021. The firm currently has 395 advisors across 53 offices.