Mariner Wealth Advisors is making headlines in the RIA space with another set of acquisitions, underscoring the pace and scale of consolidation reshaping wealth management.
The firm, one of the industry’s largest and most aggressive consolidators, has struck three new deals that add both private wealth and institutional capabilities to its growing platform.
The firm announced it will acquire Forté Capital, a Rochester, N.Y.–based independent RIA with roughly $1.5 billion in client assets, and Ultra Financial Partners, a Scottsdale, Ariz.–based wealth manager with about $95 million. In addition, Mariner is purchasing Southeastern Advisory Services, an Atlanta-based pension consultancy with $5 billion in assets under advisement. The transactions will close between late August and the end of September, further accelerating Mariner’s already rapid growth trajectory.
Terms of the deals were not disclosed.
For founder and CEO Marty Bicknell, these acquisitions are part of a deliberate strategy to cement Mariner’s position among the nation’s most dominant independent wealth managers. Backed by private-equity firm Leonard Green & Partners and asset manager Neuberger Berman, Mariner has been executing an ambitious expansion plan through both organic growth and strategic acquisitions. Earlier this year, the firm more than doubled its institutional assets with the acquisition of Cardinal Investment Advisors, a $292 billion investment consulting business.
As a result, Mariner and its affiliates now oversee more than $577 billion in assets under advisement, according to the firm’s latest figures. Barron’s ranked Mariner as the No. 4 “Mega-RIA” in the U.S. for 2024, positioning the company squarely among the largest players in the industry.
Bicknell has been vocal about his expectations for continued M&A activity across the advisory landscape, citing demographics as a powerful driver. “The average age of an RIA owner is 57,” he noted in a September 2024 interview. “That reality isn’t going away anytime soon. I believe a handful of firms will rise to rival the scale of the wirehouses, and Mariner is going to be one of them.”
The acquisitions announced this week reflect the breadth of Mariner’s expansion strategy. Forté Capital, founded in 1996, brings a seasoned team of 13 advisors led by managing partners David Henion, Adil Masood, and Edmond Sheidlower. Their established client base and longstanding presence in upstate New York provide Mariner with deeper penetration in the Northeast.
Ultra Financial Partners, while much smaller, reflects Mariner’s interest in growth-oriented teams with strong potential. Formed in 2021 after a spin-off from a larger RIA, Ultra is led by president Logan Varela and employs a team of five advisors. Despite its modest size, the firm represents an opportunity for Mariner to build scale in Arizona, an expanding market for high-net-worth advisory services.
On the institutional side, the acquisition of Southeastern Advisory Services adds meaningful depth to Mariner’s pension and retirement consulting capabilities. Southeastern advises about 35 institutional clients, including public pension plans, across Florida, Georgia, and Texas. Its president, Jeff Swanson, and three colleagues will join Mariner as part of the transaction.
According to Mike Welker, head of Mariner’s institutional business unit, the deal is more than just a bolt-on. “This acquisition expands our presence in key markets and strengthens our ability to deliver exceptional service and outcomes to institutional clients nationwide,” he said. “While this is a significant transaction on its own, it’s also part of a larger trajectory of growth for Mariner Institutional.”
Taken together, the three acquisitions highlight the multiple avenues of expansion available to scaled RIAs. Mariner’s ability to integrate private wealth practices, cultivate emerging advisor teams, and absorb large institutional consulting businesses shows the breadth of its platform. For other wealth management firms, these moves underscore the competitive pressures of consolidation: larger firms with private-equity backing have the resources to pursue a steady cadence of acquisitions, while smaller RIAs increasingly face a decision between joining a larger enterprise or competing against them with fewer resources.
For advisors, the key takeaway is that the consolidation wave is not slowing. Mariner’s recent activity demonstrates how scale can accelerate once critical mass is reached. With capital backing, an established brand, and a clear appetite for deal-making, firms like Mariner are reshaping the competitive landscape of wealth management. For RIAs considering their own long-term path—whether independence, internal succession, or an external sale—the urgency of those decisions is only increasing as the industry’s biggest players keep getting bigger.
