LPL Financial to Acquire Mariner Advisor Network

LPL Financial Holdings has entered into a definitive purchase agreement to acquire Mariner Advisor Network, a segment of Mariner. The transaction is structured in partnership with Private Advisor Group, which will acquire Mariner Advisor Network’s hybrid advisors and align them under Private Advisor Group’s hybrid Registered Investment Advisor (RIA) model.

Mariner Advisor Network supports 367 financial advisors managing $31 billion in assets. As part of the deal, 223 advisors will remain directly affiliated with LPL and continue operating on the existing LPL platform, while 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model while maintaining their multicustody relationships and continuing to operate on the same LPL platform.