In a major shakeup for the Garden State’s financial services sector, Morristown-based Private Advisor Group has announced a landmark partnership with LPL Financial to acquire the Mariner Advisor Network.
The deal, announced Tuesday, will see Private Advisor Group—a leading independent wealth management firm headquartered in Northern New Jersey—absorb a significant portion of Mariner’s hybrid advisor business, further solidifying its position as a national heavyweight in the Registered Investment Advisor (RIA) space.
The Mariner Advisor Network currently supports 367 financial advisors who collectively manage a staggering $31 billion in assets. Under the terms of the definitive purchase agreement:
- 144 Hybrid Advisors will transition specifically to Private Advisor Group’s hybrid RIA model.
- 223 Advisors will remain directly affiliated with LPL Financial.
- All advisors will continue to operate on the LPL platform, ensuring “uninterrupted service” for their clients while gaining access to expanded business-support solutions.
The acquisition is a strategic win for Private Advisor Group, which was founded in Morristown in 1997 and has since grown to manage over $41.3 billion in assets (as of mid-2025).
The deal highlights the deep ties between the New Jersey firm and LPL Financial, the nation’s largest independent broker-dealer. LPL holds a minority equity stake in Private Advisor Group and serves as its primary custodian.
“Providing the flexibility to align the right platform to the right practice needs is a core benefit of our multicustodian hybrid RIA offering,” Frank Smith, CEO of Private Advisor Group said. “With the support of LPL, we’re well positioned to deliver thoughtful, durable solutions that reinforce supported independence.”
The acquisition is more than just a corporate merger; it is a signal of the growing influence of the “supported independence” model in wealth management—a movement largely led by New Jersey firms. By bringing 144 new hybrid advisors under the Morristown umbrella, Private Advisor Group is significantly expanding its national footprint while keeping its operational heart in the Garden State.
Marty Bicknell, CEO of Mariner, called the outcome “ideal,” noting that the transition allows advisors to maintain stability while broadening their relationship with the LPL-Private Advisor Group ecosystem.
The combined strength of these entities represents a massive share of the American wealth management market:
- Private Advisor Group: $41.3B+ Assets Under Management (Pre-Acquisition)
- LPL Financial: Supports 32,000+ advisors and $2.4 trillion in assets.
- New Acquisition: Adds 367 advisors and $31B in managed assets.
Headquartered at 65 Madison Avenue in Morristown, Private Advisor Group has spent nearly three decades helping independent financial advisors navigate the complexities of fiduciary adherence and succession planning. It is consistently ranked as one of the top RIAs in the country and remains a cornerstone of Morristown’s thriving financial district.
