By Chris Glynn
Mariner Wealth Advisors’
ongoing nationwide expansion continued with its acquisition of $1 billion
registered investment advisor (RIA) Corbenic Partners, according to a
press statement.
Mariner, the $60 billion RIA
headquartered in Overland Park, Kan., made Corbenic its fourth purchase of
2022. The financial information of the transaction was not disclosed. The
company bought $530 million Arbor Wealth Management, $600 million Emerson
Wealth and $300 million Taylor Wealth Management Partners earlier in
the year.
Corbenic, based in Bethlehem, Penn.,
will be the sixth Mariner office in Pennsylvania. The transaction is expected
to be completed June 30. Corbenic will take on the Mariner name after closing.
Nine people – including founder
Brad Griswold – work for Corbenic, which Mariner described as specializing
in serving the fast-food business. Corbenic – formerly Concannon Wealth
Management –began working with a McDonald’s Corporation in 1988 before taking
on franchisee private wealth.
Corbenic on its website touted
cash-flow management, retirement planning, tax and insurance as well as helping
with franchisee succession planning or company selling. The high-net-worth people
account for the $1 billion managed under Corbenic.
Marty Bicknell, chief
executive officer of Mariner, did not respond to a telephone call or email.
Corbenic did not return a phone call.