Mariner Wealth Advisors Acquires The Pinnacle Group Firm adds over $600 million in assets under management with the acquisition of the Cincinnati firm
Overland Park, Kan.
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September 09, 2021 09:00 AM Eastern Daylight Time
Mariner Wealth Advisors, a national wealth advisory firm headquartered in Kansas City, today announced that it has entered into a binding agreement to acquire Cincinnati-based RIA, The Pinnacle Group, in a deal that closes Sept. 24, 2021. This is Mariner Wealth Advisors’ 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, and 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, with more than $600 million in assets under management (AUM), has built a trusted reputation with its clients since its founding in 1994. With a significant stake of its AUM in retirement plans, this deal will contribute to the further growth of Mariner Wealth Advisors’ own retirement plan solutions, a platform designed to aid businesses in managing their employer-sponsored retirement plans for employees. Additionally, the firm’s high volume of referrals from CPAs will integrate seamlessly with Mariner Wealth Advisors’ existing CPA Alliance.
“This is an incredible opportunity for The Pinnacle Group to continue our legacy of helping clients build a successful financial future and provide an attractive career path that offers new opportunities for growth and development to our team,” said J. Scott Sims, president and founder of The Pinnacle Group.
This deal continues Mariner Wealth Advisors’ summer streak of growth. Since July, the firm has announced four acquisitions - Allegiant Private Advisors, AdvicePeriod, Channel Islands Group and Commonwealth Advisory Group - and added over $7 billion in assets under management. The Pinnacle Group will assume the Mariner Wealth Advisors name at closing, and the Cincinnati office remains under Sims’ leadership. The owners and founders of The Pinnacle Group were advised on the transaction by the investment banking firm of ECHELON Partners.
About Mariner Wealth Advisors
At Mariner Wealth Advisors, we provide 360° advice designed to last. We focus on one thing—partnering with clients to create a financial strategy for today and beyond that’s flexible enough to change along with them. The ultimate goal? Helping clients identify what is important so they can achieve their goals—we’re committed to being here for everything life brings their way. We’ve built our firm around what our clients need. We began by offering wealth planning resources and then added services from tax planning to insurance – all under one roof. We believe this integrated approach to wealth management helps simplify our clients’ lives. Founded in 2006 with $300 million in assets under advisement (AUA), Mariner Wealth Advisors has grown to nearly $46 billion AUA as of June 30, 2021.
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Christian DeFazio
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