The variety of RIAs has grown quickly previously a number of years, however none has develop into as huge as a sprawling wirehouse. Not but.
Marty Bicknell presents an authoritative prediction.
“In 5 to 10 years, there might be a handful of really giant unbiased RIAs that may rival the dimensions of the wirehouses,” Bicknell, CEO and president of Mariner Wealth Advisors, tells ThinkAdvisor in an interview.
It’s a great guess that Mariner, fourth on Barron’s checklist of high RIAs, may very well be a type of.
The Overland Park, Kansas-based agency, based in 2006, has grown at a quick clip — it has 110 areas nationwide and now advises on a complete of $230 billion in belongings. Its 1,800 monetary advisors embody workers and unbiased contractors.
Inorganic progress has been a major key to its success. So far, Mariner has made 55 acquisitions, the newest of which, a mix of institutional consultants AndCo Consultants and Fourth Avenue Efficiency Companions, closed in April. The deal kicked off the agency’s Mariner Institutional model and introduced in $104 billion in belongings underneath advisement.
Different manufacturers embody Mariner Extremely, for ultra-high-net-worth purchasers, and Mariner Office, for enterprise homeowners.
Bicknell argues that it’s essential for advisors to supply quite a lot of further companies, and Mariner itself has 125 tax professionals making ready purchasers’ earnings tax returns.
“We’ve all of the bases lined,” Bicknell says.
Within the interview, Bicknell, who spent 16 years with A.G. Edwards earlier than founding Mariner, additionally talks in regards to the problem of working with ultra-high-net-worth purchasers and carefully held household companies.
Listed below are highlights of our dialog:
THINKADVISOR: What has been Mariner’s chief means of rising?
MARTY BICKNELL: We develop organically, however we additionally develop by way of acquisitions.
Are you making extra of a push to step up inorganic progress?
It’s a seamless effort. We made our first acquisition in 2012 and have carried out 55 in whole. The final one [closed] in April 2024.
We’ll be saying one other one on the finish of July or in early August.
What are the largest challenges for RIA companies in the present day?
The primary problem for many companies is expertise: advisors, non-advisors, management.
There are extra companies within the registered funding advisory house which might be rising, however [the field] could be very fragmented. Most companies are at $1 billion or smaller.
The common companies which might be rising are having bother rising past the founders and bringing different management into the group.
To what extent does Mariner have an energetic recruiting program?
We’ve a recruiting crew that’s totally devoted to advisor recruiting and one other crew that’s devoted to non-advisors.
What differentiates Mariner from different high RIAs?
We’ve among the most gifted advisors within the business.
Our natural progress is a differentiator, and it helps entice advisors to the agency. As they develop, we will present extra alternatives for them to serve an increasing number of purchasers.
Our expanded companies is one in all our differentiators. Advisors are coming to us due to them. We’ve all of the bases lined.
We name our advisors “advisors to our advisors.” If an advisor wants assist taking a shopper by way of the sale of an organization or property planning, for instance, they will advise them on the right way to finest serve the shopper.
What’s a major purpose for an advisor becoming a member of your agency moderately than a wirehouse?
The primary purpose is our capacity to have companies in-house that encompass them so as to elevate their worth proposition and the shopper expertise.
Inform me about your agency’s breadth of companies.
We’re increasing from simply investments into tax companies, belief companies, insurance coverage and others.
Demand from purchasers is driving many companies so as to add companies. It’s an awesome alternative to distinguish themselves.
