Best Referral Sources for Talent Might Be Under Your Roof: Mariner CEO

Although Mariner Wealth Advisors has grown from having less than 200 advisors to 600 in just over three years, talent acquisition remains a major challenge, according to Marty Bicknell, Mariner Wealth Advisors CEO and president.

The firm is, however, making progress after realizing that its best referral sources for good talent were right under its roof, among its own advisors and associates, he said.

Other challenges remain, Bicknell noted. For one thing, Mariner Wealth’s Advisors’ main challenge is “implementing all the resources in a cohesive and structured way” after joining the firm, he said.

Meanwhile, the firm remains active in mergers and acquisitions. For example, Mariner said it acquired Hopkins Tameron Hostal last month in the latest sign that advisory firms are increasingly looking to add or improve the tax services they offer.

The HTH acquisition and integration of its services “enhances Mariner Wealth Advisors’ mission of providing clients with 360-degree wealth advice, and emphasizes the firm’s dedication to offering a full catalog of solutions in-house,” the RIA said in a news release.

Bicknell, with seven others, founded Mariner Wealth in 2006 with a goal of “keeping the client at the center of all we do,” according to the firm’s website. He wanted to build a company that could simplify its clients’ lives by having all the resources they needed under one roof.

Via email, we asked Bicknell a few questions about what advisors should be doing today that they aren’t, what industry trend or competitive issue is most affecting his firm and its advisors, and more.

THINKADVISOR: What are advisors at your firm not doing today that they should be doing (and want to do) for clients?

MARTY BICKNELL: At our main business unit, we have grown from having [fewer] than 200 advisors to 600 in a little over three years. During that time, we have built a significant number of tools and resources for our advisors to elevate their value proposition and the client experience.

Our advisors’ main challenge is implementing all the resources in a cohesive and structured way upon joining the firm. It takes time to learn the best practices and for them to adapt the technology to how they are accustomed to working with clients.

What industry trend/competitive issue is most affecting your advisors, your group and you?

Talent acquisition.

How is your firm addressing that issue?

We haven’t solved it. That’s for sure. We are making progress though. We discovered that our own associates and advisors can be our best referral sources when it comes to talent. They are connected to many in the industry, and they have a good idea of who would be an ideal fit for our culture. Instead of assuming they will make the referrals, we’ve started asking them to do so.

What do you think investor clients are most concerned about today when it comes to working with you, your firm and advisors? And how are you all addressing this concern?

Clients want time and attention from their advisor. It’s not a new concern. We are working very hard to implement systems and processes that give time back to advisors so they can spend more time interacting with clients. This will be a never-ending battle, and always at the forefront of us putting clients first.