As part of the deal, Steven Lockshin, one of AdvicePeriod’s founders and principals, as well as the other AdvicePeriod equity holders will exchange their interests in their firm for interests in the combined entity, the companies said.
“The strategic merger will better enable the firms to serve clients of all sizes and facilitate” the development of innovative financial services technology, broaden services to clients and advisors, offer increased access to tax services and business management, and launch a law firm to better serve clients’ estate planning needs, they said.
“Steve and I have collaborated frequently over the years and together we expect to create the integrated financial services firm of the future,” according to Bicknell. “Our two companies each have a unique value proposition and when combined, we will strive to deliver exceptional value to our clients across the board,” he said in a statement.
The merger represents the culmination of years of collaboration between Bicknell and Lockshin. The two executives co-invested in disruptive financial technology, including the account aggregation pioneer Quovo (sold to Plaid in 2019), financial planning innovator Advizr (sold to Orion in 2019), digital investment platform Betterment, direct-indexing firm Just Invest (being sold to Vanguard in a deal expected to close in the fourth quarter), custodial platform Altruist and estate planning platform Vanilla.
Under the deal, AdvicePeriod will retain its brand and Lockshin, Jonathan Straub and Marc Russell will remain AdvicePeriod’s principals.
Pictured: Marty Bicknell, CEO and president of Mariner Wealth Advisors