The new head of Mariner Wealth Advisors’ independent advisor division said the firm is working to strengthen its engagement with affiliate advisors, which includes hiring a liaison focused on collaboration.
Rob Sandrew, who was named head of Mariner Independent in June, told WealthManagement.com that he has started a listening tour with Mariner’s over 1,100 advisors leveraging one of its independent advisor options. That will soon include in-person visits to offices around the U.S. by Sandrew and Verne Marble, who was hired as managing director of the division at the same time Sandrew came on.
“We need to be talking with advisors about what their goals are and what areas we can help them with that involves navigating with them, not to them, on what the priorities are,” Sandrew said. “We’re in the midst of hiring for this particular role, and I am making it a mandate that it is someone from the independent side, because they’re going to need to understand the industry.”
Sandrew added that Mariner is leaning into the independent channel to try to capture what is often cited as the most popular option for breakaway advisors, as well as for independent advisors seeking additional support and a long-term succession plan. The firm is competing with a proliferation of independent or affiliate RIA options, ranging from other mega-RIA affiliation programs, platform providers, minority investors with support networks and affiliate channels via independent broker/dealers.
He said part of the key to winning in this market is working closely with advisors to hear about and then try to address their needs. Some of those solutions may come from within the Mariner ecosystem in areas such as valuation services, banking, estate planning or tax strategies.
“We’re building out a little more infrastructure around strategic growth and engagement, which is providing resources to help advisors navigate, not only through Mariner from a business-building resource perspective, but up and down all the elements of their business,” Sandrew said. “We can do that today, but we’re making it more formal.”
Mariner has different affiliation options in addition to its 1099 platform. There is a hybrid-affiliate called Mariner Advisor Network, created in 2022 with the acquisition of The Financial Services Network, which partners with LPL Financial. It also has Baystate Wealth Management, which offers third-party investment offerings to advisors, and a separate custom model portfolio group.
Sandrew said choice, however, can also confuse things. So, his group will also focus on simplification.
“On the independent side, the beauty of independence is choice, and the curse of independence is choice,” he said. “We need to make sure that we provide the right kind of glide path to get the advisory teams to the right people, and then essentially be the follow-through point to make sure everybody is connecting properly.”
Earlier this year, the Overland Park, Kan.-based RIA noted that its first advisor moved from its independent 1099 model to its W-2. That came via its buyout option for affiliated 1099 advisors, which includes upfront cash and equity and a three-year earnout based on operating margins.
Sandrew said that outcome is not the channel’s goal, but positioned it as an added benefit to advisors who are looking to cash out.
“The fact that we can come in and offer all these resources, including a minority deal initially, and then ultimately a full acquisition because we have the capital and the expertise in the space, because they’re already with Mariner, is an advantage,” he said. “At the end of the day, it’s about as soft a landing as you are going to see.”
Mariner set up its independent advisor channel in 2020 through a partnership with Dynasty Financial Partners, in which advisors were 1099 contractors. In 2021, Mariner took on the independent setup and ended the relationship with Dynasty.
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