Marty Bicknell quickly flips $31-billion Advisor Network after getting 'first bite at the apple' to recruit W-2 RIAs before selling it -- to plow proceeds into Mariner Independent

Marty Bicknell became the latest big RIA player to add by subtraction in flipping a big unit that he purchased only four years ago.

The Mariner CEO and president bought Mariner Advisor Network for its different channel and is selling the unit and its 367 financial advisors who collectively manage $31 billion in assets, for much the same reason. See: Sellers are dumping RIA rollups in 2026 after 20 years of mostly a land-grab M&A movement, but it could also be shifting into higher gear, with Carlyle joining Bain, KKR and other giants

LPL Financial is the acquirer along with LPL OSJ Private Advisor Group, LLC a New Jersey giant that is taking 144 hybrid advisors and heavily uses Schwab Advisor Services, in addition to LPL as custodian. See: Robert Moore's first big move as chief executive and stakeholder at $49-billion AUA LPL OSJ is to strip LPL of its exclusivity as broker-dealer

The LPL OSJ belongs with its own LPL kind, Bicknell said.

“This is an ideal outcome for these advisors, enabling them to broaden their relationship with LPL ,” he added in the release.

Philip Waxelbaum, principal of Masada Consulting, said just because the grander plan for Advisor Network didn't come to fruition, it doesn't mean it wasn't a success.

“He bought it cheap, enhanced the value and now there's a better buyer,” he says. “Mariner got first bite at the apple [for recruiting to its main RIA rollup] and made a gain. He's still ahead of the game.”

Wall Street was unimpressed with the deal; LPL shares (LPLA) rose just 0 .17% or 56 cents, to $322.45 in today's trading, despite a wide market rally. It collapsed after hours, down $5.52, or 1.71%, to $316.93.

Growth plan intact

What Bicknell is selling – on the surface – is exactly what he acquired in 2022. It was then called The Financial Services Network – later rebranded to Mariner Advisor Network, with 400 advisors and $26 billion. See: Marty Bicknell suddenly has a giant LPL Financial (and mass affluent) future, just as David Canter leaves Fidelity, an executive he tried to forge a future with for mass market advice

Virtually all assets were in LPL cutsody though it also had assets held with Fidelity, Schwab, and TD Ameritrade at the time of the deal.

Asked whether Advisor Network stayed about the same sizei.e. stagnated, under his four years of ownership, Bicknell replied somewhat cryptically, “Mariner Advisor Network has grown significantly over the years in partnership with LPL.," he writes in an email.

He says the sale won't derail the stated goal to grow the “independent” channel by reaching 5,000 advisors by 2027 -- just no longer with LPL, as resources shift. See: After leap to $110 billion AUA, Marty Bicknell sets hard date for Mariner to hit 5,000 advisors predicted by wife and COO Cheryl

Scale and capacity

“[The sale of Advisor Network] allows Mariner to invest more intentionally in Mariner Independent and our fully integrated wealth platform, strengthening the resources and infrastructure that support advisors and clients alike,” he explained.

“Our focus remains on investing in talent, technology, and strategic capabilities that enhance client experience.”

He adds: "Mariner will continue building a fully integrated advisory firm, expanding our capabilities across wealth, tax, estate, insurance and business services. 

"Our 5,000-advisor goal represents the scale and capacity required to meaningfully expand our impact and deliver on our purpose of positively impacting the lives of many."

Mariner Independent will advise on approximately $16 billion following the sale of Mariner Advisor Network. 

All in the family

The 2022 acquisition of Advisor Network was completed to open 1099 advisors as a new channel for growth where the firm repeatedly stated a goal to reach 5,000 advisors. Mariner across channels has more than $500 billion in assets under advisement (AUA) and roughly 1,800 advisors across 120-plus locations.

Mariner began making buyout offers last year – cash, equity and a three-year earnout – to big Advisor Network practices before putting the whole unit on the block.

For LPL, it was an all-in-the-family cultural puzzle piece and a way to jumpstart the deal machine after a year of digesting Commonwealth. Advisor Network advisors already trade and custody with LPL. 

“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 LPL Chief Growth Officer Marc Cohen.