LPL Financial (NASDAQ: LPLA) announced a definitive purchase agreement to acquire Mariner Advisor Network’s business segment on April 14, 2026. Mariner Advisor Network supports 367 advisors managing $31 billion in assets; 223 advisors will remain directly with LPL and 144 will join Private Advisor Group’s hybrid RIA.
LPL is a minority equity partner in Private Advisor Group and will continue as primary custodian and broker-dealer, with advisors retaining platform access and multicustody relationships.
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Positive
367 advisors and $31B AUM added to transaction scope
223 advisors to remain directly affiliated with LPL
144 hybrid advisors to transition to Private Advisor Group hybrid RIA
LPL remains primary custodian and minority equity partner in Private Advisor Group
Negative
None.
News Market Reaction – LPLA
+0.17%
+0.17%Session close to close
In the Apr 14 session, LPLA gained 0.17%, reflecting a mild positive market reaction.
This announcement adds another acquisition-focused step in LPL’s strategy, shifting 367 Mariner Advi...
Analysis
This announcement adds another acquisition-focused step in LPL’s strategy, shifting 367 Mariner Advisor Network advisors and $31 billion in assets across LPL and Private Advisor Group’s hybrid RIA. It reinforces LPL’s role in supported independence and multi-custody models, consistent with prior deals involving Atria, The Investment Center, and Commonwealth. Investors may watch advisor retention, asset migration, and integration milestones, along with upcoming earnings disclosures, to assess how this transaction contributes to long-term scale and profitability.
Key Figures
Advisors in Mariner Advisor Network:367 advisorsMariner Advisor Network assets:$31 billionAdvisors remaining with LPL:223 advisors+5 more
8 metrics
Advisors in Mariner Advisor Network367 advisorsAffiliated with LPL via Mariner Advisor Network
Mariner Advisor Network assets$31 billionClient assets managed by 367 advisors
Advisors remaining with LPL223 advisorsRemain directly affiliated on existing LPL platform
Advisors to Private Advisor Group144 hybrid advisorsTransitioning to Private Advisor Group’s hybrid RIA model
Total LPL advisorsover 32,000Financial advisors supported by LPL
Institutions servedapproximately 1,200Financial institutions on LPL’s platforms
Client assets at LPLapproximately $2.4 trillionBrokerage and advisory assets serviced and custodied
Private Advisor Group AUM$41.3 billionAssets under management as of June 30, 2025
Announced plan to acquire The Investment Center with ~$9B in assets.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Acquisition-related headlines have often coincided with negative next-day moves for LPLA, with 4 of the last 5 such events showing declines despite generally growth-oriented deal narratives.
Recent Company History
Over the past year, LPL Financial has pursued multiple acquisitions, including Atria Wealth Solutions, The Investment Center, Inc., and Commonwealth Financial Network. These deals collectively added thousands of advisors and large asset pools, reinforcing LPL’s scale-focused strategy. However, same-day or next-day share reactions have been mixed, with several acquisition announcements and closings followed by negative price moves. Today’s Mariner Advisor Network acquisition continues this advisor- and asset-accretive pattern within LPL’s broader inorganic growth strategy. Historical trading suggests investors have not consistently rewarded these deals in the short term.
Key Terms
registered investment advisor (ria), hybrid ria, custodian, broker-dealer, +2 more
6 terms
registered investment advisor (ria)financial
"align those advisors under their hybrid Registered Investment Advisor (RIA)."
A registered investment advisor (RIA) is a person or firm legally registered with regulators to provide investment advice and manage client portfolios for a fee. RIAs must put clients’ interests ahead of their own — a legal duty that helps reduce undisclosed conflicts, like a mechanic who must recommend only necessary repairs. Investors pay attention because an RIA’s fee model and duty of loyalty influence costs, trust, and how investment choices are made.
hybrid riafinancial
"Private Advisor Group’s hybrid RIA model, where they will maintain"
A hybrid RIA is a financial firm or adviser that operates under two business models at once: it provides fee-based investment advice as a registered investment adviser and also sells investment products for commissions like a broker. For investors this matters because the adviser can earn money in different ways, creating potential conflicts of interest and different levels of legal duty and disclosure depending on whether you’re being charged a fee or paying a commission—think of one person serving as both a trusted mechanic and a salesperson in the same shop.
custodianfinancial
"LPL Financial LLC is its primary custodian and broker-dealer."
A custodian is a financial institution that holds and safeguards an investor's assets—such as stocks, bonds, or cash—and records transactions on the investor's behalf. Think of it as a trusted caretaker or safe-deposit box for investments; it helps prevent loss or theft, handles paperwork and transfers, and provides transparency and regulatory checks, so investors can focus on decisions rather than the mechanics or security of asset storage.
broker-dealerfinancial
"LPL Financial LLC is its primary custodian and broker-dealer."
A broker-dealer is a licensed firm or individual that both executes trades on behalf of clients (acting as a broker) and buys or sells securities for its own account (acting as a dealer). Investors care because broker-dealers provide the plumbing of markets — they place orders, hold or move cash and securities, offer research or advice, and their stability and fees directly affect trade execution, costs, and the safety of client funds; think of them as a combined travel agent and taxi for your investments.
assets under managementfinancial
"With over $41.3 billion in assets under management as of June 30, 2025,"
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
finra/sipcregulatory
"LPL Financial LLC, a registered investment advisor and broker-dealer, member FINRA/SIPC."
FINRA is the self-regulatory agency that oversees brokerage firms and brokers, enforcing rules and handling disputes to help keep markets fair; SIPC is a nonprofit that acts like a limited insurance safety net, protecting customers' cash and securities if a broker-dealer fails. Investors care because FINRA aims to prevent misconduct and resolve complaints, while SIPC helps recover missing assets, giving investors greater trust that their holdings are monitored and have a backstop.
Private Advisor Group to Acquire Hybrid RIA Business
SAN DIEGO, April 14, 2026 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (NASDAQ: LPLA) (together with its subsidiaries, including LPL Capital Partners, Inc. and LPL Financial LLC, “LPL” or “LPL Financial”), today announced that the firm has entered into a definitive purchase agreement to acquire Mariner Advisor Network, a segment of Mariner. In partnership with LPL, Private Advisor Group, LLC will acquire Mariner Advisor Network’s hybrid advisors and align those advisors under their hybrid Registered Investment Advisor (RIA).
Affiliated with LPL Financial, Mariner Advisor Network supports 367 financial advisors who collectively manage $31 billion in assets. As part of this transaction, 223 advisors will remain directly affiliated with LPL, continuing to operate on their existing LPL platform with uninterrupted service for their clients and businesses, while gaining access to an expanding suite of wealth management and business-support solutions. In addition, 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model, where they will maintain their multicustody relationships and continue operating on the same LPL platform.
“We recognized 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,” said Marc Cohen, group managing director and chief growth officer, LPL Financial. “Together with Private Advisor Group, we’re committed to enhancing the advisors’ experiences through our continued investment in innovative technology and breadth of wealth management offerings and services.”
Powered by an advisor-first mindset, Private Advisor Group has been actively developing resources and solutions for its growing community. LPL is a minority equity partner in Private Advisor Group, and LPL Financial LLC is its primary custodian and broker-dealer.
“Providing the flexibility to align the right platform to the right practice needs is a core benefit of our multi-custodian hybrid RIA offering, and we look forward to extending that capability to members of the Mariner Advisor Network,” said Frank Smith, CEO of Private Advisor Group. “With the support of LPL, we’re well positioned to deliver thoughtful, durable solutions that reinforce supported independence now and into the future.”
“This is an ideal outcome for these advisors, enabling them to broaden their relationship with LPL while maintaining stability and continuity for the clients they serve,” said Marty Bicknell, CEO and president of Mariner. “We remain committed to putting clients first, expanding our advisor community with intention and fulfilling our purpose to positively impact the lives of many. This step reflects our focus on doing what’s right for advisors and for the industry as it continues to evolve. We’re proud of the network we built and confident in its enduring success with the continued commitment and support of LPL and Private Advisor Group.”
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 32,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $2.4 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.
Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.
We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
About Private Advisor Group
Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation’s leading financial services firms. With over $41.3 billion in assets under management as of June 30, 2025, the firm leverages its resources to deliver strategies positioned to improve financial outcomes for individual investors and to inspire growth, fiduciary adherence, succession, and a client-centric approach for independent financial advisors’ practices. Securities offered through LPL Financial LLC, Member FINRA/SIPC. Investment Advice offered through Private Advisor Group, a registered investment advisor and separate entity from LPL Financial LLC.
What did LPL Financial (LPLA) announce on April 14, 2026 about Mariner Advisor Network?
LPL announced a definitive agreement to acquire Mariner Advisor Network’s business segment and align advisors. According to LPL Financial, the deal covers 367 advisors managing $31 billion in assets, with 223 staying directly with LPL and 144 moving to Private Advisor Group.
How many Mariner Advisor Network advisors and assets are affected by the LPL (LPLA) transaction?
The transaction affects 367 advisors managing $31 billion in assets. According to LPL Financial, 223 advisors will remain affiliated with LPL and 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model.
What happens to the 144 hybrid advisors in the LPL (LPLA) and Private Advisor Group deal?
The 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA while keeping multicustody and platform access. According to LPL Financial, they will continue operating on the same LPL platform with retained custody relationships.
Will clients experience service disruptions after the LPL (LPLA) acquisition of Mariner Advisor Network?
No service interruptions are expected; advisors will continue on the same platform with continuity. According to LPL Financial, the 223 advisors remain with LPL and 144 maintain platform access and multicustody relationships during the transition.
What is Private Advisor Group’s role after LPL Financial (LPLA) acquires Mariner Advisor Network?
Private Advisor Group will acquire Mariner’s hybrid advisors and house them under its hybrid RIA model. According to LPL Financial, LPL is a minority equity partner and will remain the primary custodian and broker-dealer supporting the arrangement.
How does the LPL (LPLA) transaction affect LPL’s broader advisor and asset base?
The deal expands LPL’s supported-advisor ecosystem by adding Mariner Network advisors and assets. According to LPL Financial, it strengthens LPL’s multi-model advisor offerings while sustaining platform continuity for clients and advisors.
