Mariner Wealth Advisors announced that it has entered into a binding agreement to acquire The Pinnacle Group, adding over $600 million in assets under management. The deal is expected to close Sept. 24, 2021.
According to the Sept. 9 announcement, this is Mariner Wealth’s fifth acquisition since the sale of a minority stake in the company to Leonard Green & Partners in April. The firm currently has 395 advisors across 53 offices. This will be its second office in the Cincinnati metropolitan area.
“We’re thrilled to welcome such a talented group of individuals to the Mariner Wealth Advisors family while being able to expand our presence in Cincinnati,” said Marty Bicknell, CEO and President of Mariner Wealth Advisors. “The Pinnacle Group’s approach to financial planning, including their retirement planning solutions for businesses, fold into our services and firm goals seamlessly. I’m excited to see what we can accomplish together.”
The Pinnacle Group was founded in 1994, and with a significant stake of its AUM in retirement plans, the deal will contribute to the further growth of Mariner Wealth’s retirement plan solutions, the announcement further notes. Additionally, the firm’s high volume of referrals from CPAs will integrate seamlessly with Mariner Wealth’s existing CPA Alliance.
Since July, Mariner Wealth has announced four acquisitions—Allegiant Private Advisors, AdvicePeriod, Channel Islands Group and Commonwealth Advisory Group—adding over $7 billion in AUM. The Pinnacle Group will assume the Mariner Wealth Advisors name at closing, while the Cincinnati office will remain under the leadership of J. Scott Sims, president and founder of The Pinnacle Group.
