Mariner has significantly expanded its wealth management services through the acquisition of two financial advisory firms, Atlas Financial in Sarasota, Florida, and Newport Advisory in Newport Beach, California. This strategic move adds approximately $878 million in assets under management to Mariner's portfolio, advancing the company's goal of growing to 5,000 advisors by 2027. The acquisitions extend Mariner's national presence to 126 offices across the United States, including second locations in both Sarasota and Newport Beach, thereby enhancing its service capabilities in these key markets.
Marty Bicknell, CEO and president of Mariner, highlighted the strategic fit of these firms, noting their client-first approach and expertise align with Mariner's values. Atlas Financial, known for its "Serve First" philosophy, brings over 25 years of experience in asset management and wealth transfer strategies. Newport Advisory, founded by Jim Regitz in 1995, offers a holistic approach to financial planning, including retirement and education planning, tax strategies, and liability management.
The integration of Atlas Financial and Newport Advisory into Mariner's operations is expected to enrich the company's personalized financial services. Both firms will continue to operate under their existing teams but now under the Mariner name, ensuring client continuity while benefiting from Mariner's expanded resources. This acquisition reflects the broader trend of consolidation in the financial services industry, as firms like Mariner seek to broaden their service offerings and geographical reach.
Since its founding in 2006 with $300 million in assets under advisement, Mariner has grown to advise on over $253 billion in assets as of September 30, 2024. The acquisitions of Atlas Financial and Newport Advisory not only increase Mariner's assets under management but also underscore its commitment to comprehensive, client-centered financial services. This move positions Mariner to better meet the diverse needs of clients across the United States, potentially setting new benchmarks for personalized wealth management services in the industry.
For clients of the acquired firms, the transition to Mariner offers access to enhanced resources and a broader spectrum of financial expertise. For the financial services sector at large, this acquisition highlights the importance of scale and comprehensive service offerings in addressing the evolving demands of wealth management clients. The industry will be closely monitoring Mariner's integration of these firms, as its success could influence future consolidation trends among wealth management firms aiming to expand their capabilities and market presence.
