Mariner, an Overland Park, Kan.-headquartered wealth management firm with over $253 billion in assets under advisement, has acquired two practices with a combined $878 million in assets. Mariner has added Sarasota, Fla.-based Atlas Financial, with about $278 million in AUM, and Newport Beach, Calif.-based Newport Advisory, with about $600 million in AUM, establishing Mariner’s second offices in both locations and bringing it to 126 offices nationwide.
The acquisitions also bring Mariner another step closer to its goal of reaching 5,000 advisors by 2027. As of Sept. 30, Mariner has 1,828 advisors across its traditional and independent channels.
Atlas Financial was founded by Orion Marx and was originally affiliated with Lincoln Financial Advisors. Lincoln’s wealth business was acquired by Osaic earlier this year. The firm provides retirement, estate, education and business succession planning to business owners and retirees. The seven-person team represents Mariner’s eighth office in Florida.
“Joining forces with Mariner unlocks a wealth of resources, expertise, and services that will enhance our ability to support our clients and their businesses every step of the way,” Marx said in a statement.
Dalphia Partners advised Atlas on the transaction.
Newport Advisory was founded in 1995 by Jim Regitz, who’s been affiliated with Cambridge since 1999. The 12-person team has joined Mariner and represents the firm’s 19th location in California.
“Joining Mariner marks a transformative new chapter for Newport Advisory,” Regitz said in a statement. “This partnership not only strengthens our ability to serve our clients but also opens the door to unparalleled resources and expertise that will elevate the level of care and solutions we deliver.”
Mariner, which was co-founded in 2006 by CEO and President Marty Bicknell, recently sold a minority stake in the firm to Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets. The RIA raised $150 million in equity through the deal, according to Moody’s Investors Service.
