LPL Financial disclosed that it has entered into a definitive purchase agreement to acquire Mariner Advisor Network, a unit that supports 367 financial advisors and manages $31 billion in assets. The transaction adds $31 billion in assets under administration and 367 advisors to LPL’s platform, reinforcing its position as the largest independent broker‑dealer in the United States.
Under the terms of the deal, 223 advisors will remain directly affiliated with LPL and continue to operate on the existing LPL platform, while 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model. The structure preserves advisor autonomy and multicustody relationships, allowing clients to maintain continuity of service during the transition.
The acquisition is a continuation of LPL’s long‑standing strategy of growth through targeted acquisitions. By adding Mariner’s advisors, LPL expands its scale, deepens its relationship with Private Advisor Group—of which LPL is a minority equity partner—and unlocks cross‑sell opportunities across its brokerage and advisory services. The move also strengthens LPL’s independent broker‑dealer footprint and enhances its hybrid and RIA offerings, positioning the firm to capture a larger share of the independent wealth‑management market.
Marc Cohen, LPL’s group managing director and chief growth officer, said the deal “recognizes an opportunity to deepen our relationship with the advisors affiliated with the Mariner Advisor Network by welcoming them into our growing supported independence community, one built on collaboration and a commitment to advisor success.” Marty Bicknell, CEO and president of Mariner, added that the transaction “represents an ideal outcome for these advisors, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve.”
Analysts have responded positively to the transaction. UBS upgraded LPL to a Buy rating, while Morgan Stanley, TD Cowen, and Jefferies maintained overweight or buy ratings, reflecting a moderate‑buy consensus. The average 12‑month target price across analysts is approximately $401.93, indicating confidence in LPL’s continued growth trajectory.
The acquisition bolsters LPL’s competitive standing by adding scale and a broader advisor base, creating new cross‑sell opportunities and reinforcing its hybrid RIA model. The deal aligns with LPL’s broader strategy of consolidating the independent channel, and it is expected to enhance the firm’s ability to serve advisors and clients with a more extensive suite of services and technology solutions.
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