Mariner Wealth has brokered a deal to buy AdvicePeriod, which oversees $5.1bn in assets under management (AUM), for an unknown sum.
Founded in 2014 by industry veteran Steve Lockshin, the acquired entity offers family office services and tax planning for high-net-worth individuals.
The firm has been acquiring advisor teams for its roster in the last few year, providing them with support on branding, compliance, marketing, and tech fronts.
The deal, which is expected to build a dominant fiduciary advisory firm, is concurrent to an investment from private-equity firm Leonard Green & Partners (LGP).
It would help the combined firm to develop of financial services technology and expand its services to clients and advisors of all types.
Under the deal, AdvicePeriod will continue to operate under its current brand.
AdvicePeriod principals Jonathan Straub, Marc Russell and Lockshin will remain with the firm.
Commenting on the deal, Lockshin said: “This is the ideal opportunity to paint on a bigger canvas and with more resources.
“The united firm will continue to transform the industry by delivering solutions, transparency and technology that raise the bar for our clients and our peers.”
Led by Marty Bicknell, Mariner Wealth is said to be a consolidator of wealth management firms.
The firm marked its 25th acquisition this month with the takeover of Florida-based Allegiant Private Advisors.
Commenting on the latest deal, Bicknell said: “Steve and I have collaborated frequently over the years and together we expect to create the integrated financial services firm of the future.
“Our two companies each have a unique value proposition and when combined, we will strive to deliver exceptional value to our clients across the board.”