Mariner Wealth Advisors, one of the most active RIA consolidators, is expanding its presence in Florida in its first RIA transaction since a PE infusion earlier this year.
Mariner is set to acquire Allegiant Private Advisors, a Sarasota, Florida-based RIA with nearly $1 billion in assets under management, on July 31.
David DeVoe, founder and CEO of DeVoe and Company, says Mariner's acquisition of Allegiant is likely the beginning of its next phase of momentum with RIA transactions following the investment of its new PE partner earlier this year.
This is Kansas-based Mariner’s first acquisition since it announced the sale of a minority stake in the company to Leonard Green and Partners in April, according to a press release. At the time, Bicknell said Mariner would aim to acquire up to a dozen RIAs in 2021 as a result of the PE deal, according to previous
“Mariner is adding to its existing footprint in Florida, an attractive high net-worth market,” DeVoe says. “Allegiant will benefit from the scale and expanded reach of its new parent. $1B-plus transactions like this have surged over the last year, representing nearly one-third of all RIA transactions. This is a big uptick from the prior years.”
Mariner has more than 360 advisors across 46 offices. This will be the advisory firm’s third office in Florida.
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Advisors John Gill and Bryan Horner were joined in the move by Mari Hurd, business practice coordinator, and Katie Bosler, senior registered client service associate.
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The multigenerational practice decided it was time to make the move.
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The 10-person practice, rebranded as Puzzle Wealth Solutions, is led by CEO John Klaas and COO David Millington.
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Marty Bicknell, CEO and president of Mariner Wealth Advisors, said in a statement: “We are always seeking to expand our advisor pool with the best and brightest talent, which is why we’re thrilled to welcome such an established group of individuals from Allegiant Private Advisors… Allegiant’s unique approach to financial planning and full scale of services are completely aligned with our business goals, and I’m excited to see what we can accomplish together.”
Allegiant provides its 500 clients with estate planning, risk management, and educational and retirement planning. It’s a fully independent, fee-based, boutique, fiduciary firm, according to its
"Being aligned with a firm like Mariner Wealth Advisors will help us with growing our presence here in Florida," Marty Kossoff, founder of Allegiant Private Advisors, says.
“Joining Mariner Wealth Advisors is the right step in continuing to serve our clients for generations to come. Besides being philosophically and culturally like us, they have an atmosphere where the client always comes first,” he says in an email to Financial Planning. “We remain committed to concierge service and our team approach to serve as our clients’ thinking partner through life’s financial decisions. By joining forces with Mariner Wealth Advisors, we will continue our personalized approach and fiduciary commitment while adding expanded services.”
Allegiant, formerly known as Kerkering Barberio Financial Services, will assume the Mariner Wealth Advisors name, according to the press release.
