LPL Financial Adds 367 Advisers, $31B in Assets With Mariner Acquisition
By Staff
LPL Financial Holdings Inc. (Nasdaq: LPLA) said Monday it has entered into a definitive purchase agreement to acquire Mariner Advisor Network, a segment of Overland Park, Kansas-based Mariner, adding 367 financial advisers and $31 billion in assets to the nation’s largest independent broker-dealer.
Under the terms of the transaction, 223 of the network’s advisers will remain directly affiliated with LPL, continuing to operate on their existing platform. The remaining 144 hybrid advisers will transition to Private Advisor Group’s hybrid registered investment adviser model, where they will maintain multicustody relationships while continuing to operate on the LPL platform. Financial terms of the deal were not disclosed.
LPL is a minority equity partner in Private Advisor Group and serves as its primary custodian and broker-dealer.
“We recognized an opportunity to deepen our relationship with the advisers affiliated with the Mariner Advisor Network by welcoming them into our growing supported independence community,” said Marc Cohen, group managing director and chief growth officer at LPL Financial.
Frank Smith, chief executive officer of Private Advisor Group, said the transaction extends the firm’s multicustody hybrid RIA capabilities to Mariner Advisor Network members. Private Advisor Group reported more than $41.3 billion in assets under management as of June 30, 2025.
“This is an ideal outcome for these advisers, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve,” said Marty Bicknell, chief executive officer and president of Mariner.
The acquisition continues an active stretch of deal-making for LPL, which supports more than 32,000 financial advisers and custodies approximately $2.4 trillion in brokerage and advisory assets. Earlier this month LPL announced the addition of three independent advisory teams totaling $485 million in assets.
Mariner Advisor Network was formed in 2022 when Mariner acquired The Financial Services Network, a Sacramento, California-based LPL-affiliated hybrid RIA enterprise. The network has maintained its LPL custodial and broker-dealer relationship since that transaction.
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