Mariner Wealth Advisors
Mariner Wealth Advisors (MWA) is a massive wealth management firm based in Overland Park, Kansas, with tens of billions of dollars under management. The firm works with a range of clients, including individuals and high-net-worth individuals, retirement plans, corporations, government entities and more. The firm operates branches in 42 states, plus Puerto Rico.
While it's registered with the Securities and Exchange Commission (SEC) as Mariner, LLC, the firm conducts business as Mariner Wealth Advisors and AdvicePeriod.
Mariner Wealth Advisors Background
MWA was founded in 2006. It is wholly owned by Mariner Wealth Advisors, LLC, which in turn is owned by 1248 Holdings, LLC, the Martin C. Bicknell Revocable Trust, and firms connected to Leonard Green & Partners and NB Alternative Advisers.
Martin Bicknell, the firm’s CEO and President, controls 1248 and the trust. LGP and NBAA are separate from the firm and operate independently.
MWA offers a variety of advisory services and managed accounts. The firm itself is not a broker-dealer but it is affiliated with MSEC, LLC, a broker-dealer. Many of the advisors at the firm are also registered with the broker-dealer and may earn commissions for selling securities. Certain advisor may also be insurance agents and receive compensation for selling insurance products. This is a potential conflict of interest, explained in full below.
Mariner Wealth Advisors Client Types and Minimum Account Sizes
Most of MWA’s clients are individuals. There were more than 26,215 non-high-net-worth clients and more than 17,322 high-net-worth accounts when the firm filed its most recent Form ADV with the SEC. Institutional clients at the firm include banking or thrift institutions, pooled investment vehicles, pension and profit-sharing plans, charitable organizations, state or municipal government entities, other investment advisors, insurance companies and corporations.
The minimum account size at MWA depends on the services that are required. Generally, the minimum balance for managed accounts is $100,000, but this may be waived at the discresion of MWA.
Services Offered by Mariner Wealth Advisors
A variety of services are available at MWA, including:
- Investment advisory services
- Financial planning
- Core family office services
- Tax compliance, planning, preparationg and consulting
- Retirement plan consulting and management services
Mariner Wealth Advisors Investment Philosophy
MWA employs a tailored approach to managing client portfolios, blending individual stocks, bonds, exchange-traded funds (ETFs), mutual funds, structured notes and alternative investments. Each client’s portfolio is designed according to their objectives, risk tolerance, and income needs.
MWA uses both active and passive strategies, with oversight from its Investment Committee. Investment strategies are evaluated using quantitative and qualitative methods, including performance history, manager tenure, and organizational structure. The firm may also employ options strategies, structured notes and personalized equity portfolios like direct indexing.
Fixed-income strategies emphasize capital preservation with steady income potential and some legacy clients maintain strategies from prior advisors.
Fees Under Mariner Wealth Advisors
Fees at MWA depend on which service or program you use. According to its brochure, fees for investment advisory services are based on a percentage of assets under management (AUM) and max out at 2.50%.
MWA’s standard fee schedule ranges from 1.25% for portfolios under $1 million to 0.60% for those over $10 million. The firm charges a minimum fee of $1,875.
For a comparison, the avergage AUM fee ranges from 0.59% to 1.18%, according to AdvisoryHQ.
Clients engaging in financial planning services will get billed on a fixed fee basis, either as an hourly fee or as a percentage of assets of up to 0.25% annually. The fee structure will depend on the level and scope of the services provided.
What to Watch Out For
Mariner Wealth Advisors reported three disclosures of regulatory actions in its most recent filings with the Securities and Exchange Commission, which involved advisory affiliates, not the firm itself.
One thing to note: Some advisors at the firm may also work as brokers and/or licensed insurance agents. In these non-advisor capacities, they earn commissions and transaction-based fees, which can pose potential conflicts of interest. That said, when acting as an advisor, they are legally bound by their fiduciary duty and must act in the client’s best interest.
Opening an Account With Mariner Wealth Advisors
To open an account with MWA, the best option is to fill out the contact form on the firm’s website. You can also call the main office line at (913) 904-5700.
All information is accurate as of the writing of this article.
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- SmartAsset’s free matching tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Ask prospective advisors what happens to your account if the advisor becomes seriously sick or incapacitated. It's important that there is a contingency plan to cover client services — and that you know what it is and that you are comfortable with it. If your advisor is an owner or managing member, particularly at a small firm, you should know who else has banking and trading authority and if there is a succession plan in the event your advisor suddenly dies or leaves the firm.
