LPL Financial has reached an agreement to acquire Mariner Advisor Network, a move that will reshape the affiliation structure for hundreds of financial advisors and expand LPL's supported independence platform, according to ThinkAdvisor.
The Mariner Advisor Network includes 367 advisors overseeing approximately $31 billion in client assets.According to ThinkAdvisor, the transaction divides those advisors into two paths. A total of 223 advisors will remain directly affiliated with LPL and continue operating on their current platform without disruption to their clients or businesses. At the same time, they will gain access to additional wealth management tools and business support services.
The remaining 144 advisors will transition into the hybrid registered investment adviser model operated by Private Advisor Group. Under this structure, those advisors will maintain multi-custodian relationships while continuing to utilize the LPL platform.
The acquisition also reflects LPL's ongoing consolidation efforts within the independent wealth management space. ThinkAdvisor highlights that the announcement follows LPL's prior agreement to acquire Commonwealth Financial Network, a transaction designed to further scale its platform and expand its reach across the advisor community.
LPL currently supports more than 32,000 financial advisors and provides services to approximately 1,200 financial institutions, with roughly $2.4 trillion in brokerage and advisory assets. Private Advisor Group reported more than $41.3 billion in assets under management as of mid-2024.
Financial Advisor Transitions consults with advisors nationwide regarding employment transition options and strategies to preserve and protect their practices during any transition.
