Mariner Wealth Advisors has seen its first transition from its unbiased advisor platform to a full Mariner agency, a transfer CEO and President Marty Bicknell sees as Mariner’s succession capabilities in motion.
Ocean Heights Advisors, a Newport Seashore, Calif.-based registered funding advisor, joined mega-RIA Mariner’s unbiased advisor channel in 2022. In April, the $730 million Ocean Heights will transition into being a full Mariner agency, giving up independence to achieve nearer entry to Mariner’s scale and sources.
“The concept [of Mariner Independent] has all the time been across the idea of corporations that will not be utterly able to promote the enterprise to get a possibility to make the most of the sources and the programs that we’ve constructed, and finally, there could be a possibility to maneuver over to the opposite aspect,” Bicknell mentioned.
Ocean Heights’ workforce, together with founders Kevin O’Grady and Nella Webster, will probably be a part of the transfer. Ocean Heights companions Kevin Barlow, Danielle Bronner and Kara Devar will turn into shareholders in Mariner, and Barlow will lead Mariner’s Newport Seashore locale.
Mariner arrange its unbiased advisor channel in 2020 by a partnership with Dynasty Monetary Companions, wherein advisors have been 1099 contractors. In 2021, Mariner took on the unbiased setup and ended the connection with Dynasty.
Bicknell mentioned the unbiased channel has since grown to 270 corporations representing $34 billion in property, with extra additions in 2025.
When growing this system, Mariner thought bringing over independents from the channel could be a possibility however wasn’t positive to what extent, Bicknell mentioned. The core purpose for beginning the W-2 aspect of the enterprise was to leverage Mariner’s scale in advertising, human sources and compliance divisions, in addition to providers equivalent to tax planning, trusts and estates, and funding banking for intently held companies.
“All of these issues exist to raise the advisor worth proposition,” Bicknell mentioned. “Permitting that providing to be accessible for unbiased advisors creates a income stream that turns value facilities into revenue facilities and permits us to have a possibility to reinvest again into them and develop them much more.”
By way of the channel, Mariner assists advisors with funding portfolios and supplies billing, compliance, know-how, advertising assist and insurance coverage.
Consultancy Cerulli Associates just lately forecasted that the unbiased RIA channel will proceed to have the strongest headcount progress amongst advisor channels. However competitors within the house can also be ramping up, with nationwide dealer/sellers competing for expertise and increasing their providers.
Throughout its time in Mariner’s community, Ocean Heights expanded its shopper providers and almost doubled its property beneath advisement.
“After three years of efficiently working collectively, totally integrating with Mariner is a pure evolution and can enable our workforce to supply even better worth to our purchasers whereas devoting extra time to the non-public relationships which have all the time been our hallmark,” mentioned Barlow, managing associate of Ocean Heights Advisors, in an announcement.
Bicknell anticipates some of these strikes will probably be within the minority, or about 10% to fifteen% of its unbiased channel corporations. However he and the workforce will proceed to make the case for the transition, now utilizing Ocean Heights as a real-world instance.
To offer really “holistic” monetary providers, “the expertise ought to be in-house,” Bicknell mentioned. “Priorities ought to be the identical so that you’re not being pulled in a number of instructions. Tradition ought to be the identical so you’re delivering as a workforce collectively. … The flexibility and need to re-invest for progress can also be necessary. Mariner’s urge for food for that’s considerably totally different than a typical RIA, particularly RIAs within the plus or minus $1 billion class.”
Mariner and its associates advise on over $560 billion in property, together with these of Cardinal Funding Advisors, the institutional funding consulting agency with $292 billion in AUA that Mariner introduced it was buying in January. That deal is anticipated to shut on the finish of March.
