Financial Wire

LPL Financial Leads Acquisition of Mariner Advisor Network

-- LPL Financial (LPLA) said Tuesday it has agreed to acquire Mariner Advisor Network, a Mariner unit that serves hundreds of advisors managing about $31 billion in assets.

Under the transaction, 223 advisors will remain on LPL's platform while 144 hybrid advisors will transition to Private Advisor Group's RIA model, it added.

LPL said the deal aims to strengthen its supported independence model, expand advisor technology and wealth management capabilities, and maintain client service continuity.

Financial terms of the transaction were not disclosed.

Price: $325.45, Change: $+3.56, Percent Change: +1.10%

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