Wealth advisory firm Mariner Wealth Advisors has agreed to acquire Patriot Wealth Management in a bid to expand its advisory businesses.

Based in Houston in Texas, Patriot focuses on providing personalised financial planning services.

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The acquired company, which was founded in 2004, is said to have nearly $2bn in assets under management.

The merger is expected to benefit Patriot’s wealth advisers with additional support in the segments of risk management, tax planning and preparation as well as estate planning and trust services.

Patriot co-founder and principal Todd Hanslik said: “Joining Mariner Wealth Advisors allows us to reallocate time spent on back-office functions and refocus our efforts on our valued clients.

“Mariner Wealth Advisors shares our client-first mentality. We are excited to tap into their deeper and broader pool of resources to better serve existing and prospective clients.”

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As per the agreement, Patriot will become a unit of Mariner Wealth Advisors from 1 January 2019.

Mariner Wealth Advisors president and CEO Marty Bicknell said: “Looking at the advice and service Patriot offers to clients, I have a great deal of respect for what the team at Patriot has built. It’s a natural fit for Mariner Wealth Advisors.”

Mariner Wealth Advisors was founded in 2006 and currently has more than $23bn in assets under advisement.

With a team of more than 125 wealth advisers and around 500 associates, it provides wealth advice to individuals and families and helps them to achieve their financial goals. Currently, the company operates through 26 locations across 19 states.