Mariner has recruited an advisor group in Carnegie, Pa., from Commonwealth Monetary Community. Strategic Path Retirement, led by advisors Bob Malcolm and Brian Hill, has joined Mariner Impartial, the RIA’s 1099 affiliation platform, in keeping with regulatory filings.
Hill and Malcolm have been with Commonwealth for the final 5 years. Previous to that, they have been affiliated with LPL Monetary, which not too long ago acquired Commonwealth.
A spokeswoman for Mariner declined to remark.
The Strategic Path group additionally consists of Edith Meyer, a companion and advisor; Edward Schoeb, monetary planner; and Will Meyer, advisor, in keeping with LinkedIn.com. The agency serves tech professionals, enterprise homeowners and retirees.
As of Dec. 31, 2024, Mariner Impartial had about $5.6 billion in property underneath administration.
In June, Mariner employed Rob Sandrewformer chief progress officer at Built-in Companions, to supervise the unbiased division. Sandrew was introduced on to carry advisors onto Mariner’s 1099 affiliation platform for progress alternatives and succession planning. In August, he mentioned the agency is working to strengthen its engagement with affiliate advisors, which incorporates hiring a liaison centered on collaboration.
Commonwealth has misplaced some huge advisor groups within the wake of its acquisition by LPL Monetary.
Raymond James has been a giant winner of Commonwealth defectors, alongside different opponents. Simply this week, Raymond James added two extra corporations from Commonwealth, together with the First Nationwide Financial institution of Sparta’s funding program, with $261 million in AUM, and Government Wealth and Retirement Methods in Flemington, N.J., with $125 million in AUM. Final week, Raymond James added the Manning Corporationsa San Diego-based group of 5 advisors with $1.1 billion in property.
Additionally final week, Cetera snagged its first billion-plus group from Commonwealth with the addition of King Monetary Community, a 14-person group overseeing greater than $1.1 billion in consumer property.
LPL, which is the biggest unbiased dealer/supplier within the U.S., has countered that it’s going to preserve the identical really feel and repair that Commonwealth advisors are accustomed to, whereas giving them much more sources and capabilities.
The agency has mentioned there will likely be some attrition from the deal, however is forecasting it’ll maintain 90% of the roughly 2,900 Commonwealth advisors.
LPL, which is publicly listed, has about 29,000 advisors and $1.7 trillion in consumer property.