Mariner Wealth Advisors, the Overland Park, Kan.-based national wealth advisory firm, on Feb. 1 announced that it will be acquiring two new advisory firms in a massive deal expected to boost its institutional presence.
Winter Park, Fla.-based AndCo Consulting and Covington, Ky.-based Fourth Street Performance Partners will join the firm in a simultaneous transaction, creating Mariner Institutional.
According to the announcement, the acquisitions significantly bolster Mariner’s institutional presence, adding 100 associates and bringing the firm an additional $104 billion in assets under advisement.
Based on its approximately 25 years of operational experience, the AndCo team is expected to drive the new business vertical, Mariner Institutional, the announcement further shares.
Recognizing the evolving landscape of retirement-to-wealth solutions, Mariner notes that its strategic addition of these two firms supports the firm in offering a comprehensive suite of complementary services, catering to both institutional and individual clients.
“The complementary nature of our clients and services will support our joint growth and offer existing clients and prospects additional services that will help enhance the overall client outcome,” said Marty Bicknell, CEO and president of Mariner Wealth Advisors, in a statement. “Mariner, AndCo and Fourth Street share an objective and client-first approach, a focus on associate development and unyielding support for our communities. This leads to a strong cultural alignment and great opportunities ahead,” he added.
Fourth Street will merge with AndCo upon closing of the transaction, each maintaining their existing teams and focusing on serving institutional clients under the Mariner Institutional brand. Joining Mariner allows them to augment services through enhanced infrastructure and financial resources, the announcement further explains.
“Since the inception of the firm, we have consistently approached business decisions through a simple three-pronged question: how will this impact our clients, our colleagues and our community?” stated AndCo CEO Mike Welker. “We truly believe we have found a partner in Mariner that shares the same philosophy, and I’m confident this opportunity will enhance the services we deliver to our existing clients, provide opportunities for our team members and give us capacity to give back to our local communities at scale.”
The agreements were finalized on Jan. 29, 2024, and the transition is expected to reach its completion in early April 2024.
Berkshire Global Advisors served as financial advisor to AndCo Consulting in this transaction. AndCo and Fourth Street will retain their 100 professionals and continue serving clients out of their locations in Covington, Winter Park, Chicago, Dallas, Detroit, Pittsburgh, Cleveland and Reno, Nev.
Additional terms of the deal were not disclosed.
