Mariner Recruits Pennsylvania Team From Commonwealth
Mariner has recruited an advisor team in Carnegie, Pa., from Commonwealth Financial Network. Strategic Path Retirement, led by advisors Bob Malcolm and Brian Hill, has joined Mariner Independent, the RIA’s 1099 affiliation platform, according to regulatory filings.
Hill and Malcolm were with Commonwealth for the last five years. Prior to that, they were affiliated with LPL Financial, which recently acquired Commonwealth.
A spokeswoman for Mariner declined to comment.
The Strategic Path team also includes Edith Meyer, a partner and advisor; Edward Schoeb, financial planner; and Will Meyer, advisor, according to LinkedIn.com. The firm serves tech professionals, business owners and retirees.
As of Dec. 31, 2024, Mariner Independent had about $5.6 billion in assets under management.
In June, Mariner hired Rob Sandrew, former chief growth officer at Integrated Partners, to oversee the independent division. Sandrew was brought on to bring advisors onto Mariner’s 1099 affiliation platform for growth opportunities and succession planning. In August, he said the firm is working to strengthen its engagement with affiliate advisors, which includes hiring a liaison focused on collaboration.
Commonwealth has lost some big advisor teams in the wake of its acquisition by LPL Financial.
Raymond James has been a big winner of Commonwealth defectors, alongside other competitors. Just this week, Raymond James added two more firms from Commonwealth, including the First National Bank of Sparta’s investment program, with $261 million in AUM, and Executive Wealth and Retirement Strategies in Flemington, N.J., with $125 million in AUM. Last week, Raymond James added the Manning Companies, a San Diego-based team of five advisors with $1.1 billion in assets.
Also last week, Cetera snagged its first billion-plus team from Commonwealth with the addition of King Financial Network, a 14-person team overseeing more than $1.1 billion in client assets.
LPL, which is the largest independent broker/dealer in the U.S., has countered that it will maintain the same feel and service that Commonwealth advisors are accustomed to, while giving them even more resources and capabilities.
The firm has said there will be some attrition from the deal, but is forecasting it will keep 90% of the roughly 2,900 Commonwealth advisors.
LPL, which is publicly listed, has about 29,000 advisors and $1.7 trillion in client assets.
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