In its fourth acquisition of the summer, Mariner Wealth Advisors recently announced that it has entered a binding agreement to acquire Pittsburgh-based Commonwealth Advisory Group.
Mariner currently has 373 advisors across 50 offices, and while they have a presence in Pennsylvania, this will be the firm’s first location in Pittsburgh, according to the announcement.
“As we continue to acquire firms, it is essential that we align ourselves with financial advisors who are equally as passionate about their clients as we are, which is why we are thrilled to partner with Bob Lohman and his team at Commonwealth Advisory Group,” said Marty Bicknell, Mariner’s CEO and President. “Their work with professional athletes and entrepreneurs will be a great addition to our specialized practice in this space. Our dedicated advisors understand the nuances of financial planning for these individuals who require deep tax knowledge and asset protection. We look forward to expanding this practice with Commonwealth’s added experience.”
Commonwealth Advisory Group currently serves more than 400 clients with nearly $500 million in assets under management. The firm’s comprehensive set of services—from investment management to financial and tax planning services—allows clients to handle all financial decisions under one roof and aligns well with Mariner’s goal of providing a simplified financial experience, the announcement notes.
The deal is scheduled to close on Aug. 31. Commonwealth Advisory Group will assume the Mariner Wealth Advisors name when the deal closes, and the location will remain under Lohman’s leadership.
