LPL Financial announced it has entered into a definitive agreement to acquire Mariner Advisor Network, a segment of Mariner, in a transaction designed to expand its supported independence model and enhance advisor flexibility.
As part of the transaction, Private Advisor Group, in partnership with LPL, will acquire the hybrid Registered Investment Advisor business within Mariner Advisor Network. The deal restructures how advisors within the network will be supported while maintaining continuity for clients and operations.
Mariner Advisor Network currently supports 367 financial advisors managing approximately $31 billion in assets. Under the agreement, 223 advisors will remain directly affiliated with LPL and continue operating on its platform without disruption, while gaining access to an expanded suite of wealth management solutions and business support services. The remaining 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model, retaining multicustodian relationships while continuing to leverage LPL’s platform.
The transaction reflects LPL’s strategy to deepen relationships with advisors by offering flexible affiliation models tailored to different practice needs. The company is positioning its supported independence platform as a collaborative ecosystem backed by technology, advisory solutions, and operational support.
Private Advisor Group, which operates a multi-custodian hybrid RIA model, will integrate the transitioning advisors into its platform. LPL remains a minority equity partner in Private Advisor Group and serves as its primary custodian and broker-dealer, reinforcing the alignment between the firms.
Mariner, meanwhile, will continue focusing on its broader advisory business while ensuring a smooth transition for advisors and clients impacted by the transaction.
The deal underscores ongoing consolidation and evolution in the wealth management industry, where firms are increasingly offering flexible operating models and enhanced technology to attract and retain financial advisors.
LPL Financial, one of the largest wealth management firms in the United States, supports more than 32,000 advisors and oversees approximately $2.4 trillion in brokerage and advisory assets. The firm continues to invest in platform capabilities and advisor solutions as it scales its network.
KEY QUOTES
“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. Together with Private Advisor Group, we’re committed to enhancing the advisors’ experiences through our continued investment in innovative technology and breadth of wealth management offerings and services.”
Marc Cohen, Group Managing Director and Chief Growth Officer, LPL Financial
“Providing the flexibility to align the right platform to the right practice needs is a core benefit of our multi-custodian hybrid RIA offering, and we look forward to extending that capability to members of the Mariner Advisor Network. With the support of LPL, we’re well positioned to deliver thoughtful, durable solutions that reinforce supported independence now and into the future.”
Frank Smith, CEO, Private Advisor Group
“This is an ideal outcome for these advisors, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve. We remain committed to putting clients first, expanding our advisor community with intention, and fulfilling our purpose to positively impact the lives of many. This step reflects our focus on doing what’s right for advisors and for the industry as it continues to evolve. We’re proud of the network we built and confident in its enduring success with the continued commitment and support of LPL and Private Advisor Group.”
Marty Bicknell, CEO and President, Mariner
