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.