Mariner Acquires $292B Institutional Consulting Firm

Mariner Wealth Advisors has struck a deal to add $292 billion in assets under advisement and about 40 employees to its institutional practice. The RIA will acquire Cardinal Investment Advisors, an institutional investment consulting firm with offices in Chicago and St. Louis.  

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The deal expands upon Mariner Institutional, a new division the company seeded last year when it acquired AndCo Consulting in Orlando and Fourth Street Performance Partners in a Kentucky suburb of Cincinnati in a double deal.

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The acquisition of Cardinal brings Mariner’s total AUA to approximately $550 billion, and Mariner expects the integration to be complete by the end of March.

“This acquisition kickstarts a year that will be filled with growth, innovation and a relentless pursuit of providing the best client-focused financial services,” Mariner CEO and President Marty Bicknell said in a statement. “Today marks a defining chapter for Mariner in becoming the premier partner for institutional consulting services. In pairing Cardinal’s expertise with Mariner’s resources, we’re equipped to set a new standard in the industry for tailored, innovative solutions that meet the evolving challenges faced by today’s institutional clients.” 

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Cardinal was founded in 2001 and focuses on serving insurance companies, corporate retirement plans, healthcare systems, foundations and endowments. It will create an insurance advisory practice within Mariner Institutional.

“By bringing Cardinal’s experienced capabilities and talented team members into the fold, we’re not only enhancing our service offerings but also strengthening our position as a trusted partner to institutions around the country working to navigate the increasingly complex financial landscape,” National Managing Director Mike Welker, who leads Mariner Institutional, said in a statement.

While many in the financial advice business have long focused on retail clients, some firms have recently found that institutional clients, such as pensions and foundations, can pay off in a major way.