Mariner Platform Solutions is a platform for fee-based independent advisors that incorporates the best practices of top Mariner Wealth Advisors. The Mariner Platform Solutions platform provides independent advisors “access to in-house advisory solutions teams across tax, investments, insurance, retirement solutions, investment banking, business valuation, practice management and trust services,” all to allow advisors to take their practices to the next level. Advisors who choose Mariner Platform Solutions get access to “a range of solutions, including an innovative technology platform, investment support, an advisor community and a dedicated relationship manager who will work with you on your growth plan.”

Terrana Group’s President and CEO Michael Terrana sat down with Mariner’s Head of Platform Solutions, Brian Leitner, CFP, ChFC, MST, for a conversation about the advantages and disadvantages of going independent, the channels and models most poised for growth, and the robust resources offered by Mariner Platform Solutions for advisors considering an independent path. This interview has been edited for length and clarity.

Michael Terrana: As it relates to advisor’s practices, what channels or models do you believe have the greatest opportunities for growth on a relative basis?  Why do you think that is the case?

Brian Leitner: There is growth happening in all segments of wealth management as it’s likely to continue. In my opinion, the Registered Investment Advisory (RIA) segment may have one of the larger opportunities for growth in the future.  There are plenty of reasons advisors are attracted to this segment and those businesses have been attracting advisors at a record rate. The most common reason Advisors share with me is control and flexibility. Advisors are entrepreneurial at their core. They want to run their business their way, create their own client experience, control their own destiny, and have greater decision-making authority over the future of their business while building enterprise value.

Michael Terrana: What are the key questions advisors should ask themselves when they are evaluating their current firm vs. the many alternatives out there? 

Brian Leitner: When evaluating whether or not they should consider a transition, advisors should ask:

  • What is the reason, the real reason, I’m interested in leaving?
  • How will this move be better for my clients, my team, my family, and me?
  • How will being the owner of a Registered Investment Advisory firm be different from running my practice with a larger organization?
  • How will I differentiate my practice to build a firm of the future?
  • What support will I need before, during and after the transition?
  • Where is my best use of time and how can I free up my time to focus on that?
  • What is the vision for my firm one, five and 10 years from now?
  • Who will own the clients and their data?
  • If I were to start my business all over again, would I select my current environment?

Michael Terrana: For those interested in platforms like Mariner Platform Solutions what should they consider?

Brian Leitner: It’s critical for advisors to understand what services they want to provide to clients and how they personally will spend their time. Once they have that vision, they should speak to a handful of firms to really understand their offering. Not all firms are created equal when it comes to offering and services. There are table stakes required to run the business and resources that truly elevate a practice and enable them to grow. Regardless of the offering, advisors need to understand the culture of the organization they are speaking with. If there isn’t alignment of culture, neither party will be happy in the long run.

Michael Terrana: What kind of resources does Mariner Platform Solutions offer advisors?

Brian Leitner: We offer many different resources for advisors who are interested in joining us.  First, we have a transition team that makes the switch for the advisor as seamless as possible. We offer training on the resources available for both the advisor and the entire wealth team. In addition, many day-to-day functions are managed by our back-office teams including IT, operations, compliance and marketing, which allows the advisor to focus on serving clients.

What truly makes us unique is our in-house advisor solutions teams. These are tenured professionals we refer to as “advisors to our advisors.” These subject matter professionals become part of a client’s wealth team. This group includes more than 100 professionals who advise on tax strategies and income tax return preparation. Trust, estate, and risk management professionals work with the advisor to help ensure a client’s assets are protected. Other services include business specialty services that help companies with mergers and acquisitions, valuation and accounting, and retirement plan solutions for business owner clients. In addition, our practice management team helps ensure advisors run a more efficient practice while growing their businesses. As part of our offering, we have a group of financial planning professionals that will construct financial plans and investment proposals for advisors as another way in which we provide them more time to focus on activities where they can add the most value. Lastly, advisors have the ability to work alongside our investment team. The team offers advice on portfolio construction, asset allocation and investment strategies as part of a client’s overall wealth management plan. An open architecture framework gives the team flexibility to use third-party managers and in-house solutions as they construct portfolios. 

In addition, we provide our advisors marketing resources such as their own website, enable them to create their own brand and provide them content and digital support to grow their practice.  

Our resources are designed to help advisors increase their value proposition, take responsibilities off their plate, and help build enterprise value. To deliver these resources and provide a phenomenal experience, each advisor works with a dedicated relationship manager to leverage our resources to help them accomplish their goals

Michael Terrana: What can advisors expect from their first 3-6 months with Mariner Platform Solutions?

Brian Leitner: We know how important communication is with our advisors, especially during this transition phase. We surround them with support from our relationship managers and transition specialists.

During the first 3-6 months, a breakaway advisor will be surrounded by resources and support to transition their business and to help mitigate disruption. Our process provides advisors with training as it relates to our culture, services, and how they can leverage the greater resources of the firm to support their business. Each advisor will work with a dedicated relationship manager to help them understand the resources they have access to, share best practices and learn from other advisors.

Michael Terrana: What qualities does Mariner Platform Solutions look for in an advisor?

Brian Leitner: The key to being an advocate begins with the relationship between the client and the advisor. It needs to be built on trust. When recruiting advisors, we look for those who share the same values as our organization: abundance, optimism, caring, belonging, keeps promises, loyalty and excellence. In addition, we look for advisors who demonstrate the highest levels of integrity, act in their client’s best interest always and lead with wealth advice versus trying to beat an arbitrary benchmark. Investments are an important component of any wealth plan, but the value we deliver goes far beyond the portfolio. Without a solid wealth plan, investments operate in a silo. They need to be part of a strategy where everything works together to help the client reach their goals. 

Michael Terrana: Any advice you can share with our audience?

Brian Leitner: I’m incredibly optimistic about our industry and profession. In the past couple years, we’ve seen an incredible amount of change — adoption of new technology, changes in how we interact with clients and prospects, as well as personal and professional changes in all our lives. Due to these changes taking place in a relatively short period of time, it has increased the rate of change for the future. For advisors to succeed, they need to be more flexible and willing to adapt and embrace change. This has been a struggle for many in our industry in the past. 

Many of the changes that we’ve seen are very positive for the profession though, at the same time, challenging for advisors. The vetting of new technology, the additional complexities around compliance and a greater focus on digital communication and business development to name a few. As if this change isn’t enough, clients are asking more of their advisors over the years. They’re looking for that one-stop shop for comprehensive advice rather than piecing together advice from multiple institutions. 

My advice to advisors is to think about how you’re going to embrace change and take advantage of it. Think through what resources will free up your time so you can focus on clients and prospects with a greater emphasis on helping them in their personal lives. This is what has made our advisors successful and what we believe will continue to be an unfair advantage.

Want to Keep the Conversation Going?

Thinking about making the leap to independence, but not sure if it’s right for you? All of us at Terrana Group welcome the opportunity to consult with you to determine the right platform for you going forward — one that satisfies your long term objectives and is also best for your clients!

Over the course of nearly 30 years, we have consulted on and closed thousands of professional placements for Advisors, nationwide, in most every major city throughout the United States, with client assets transferring exceeding $67 billion dollars. We have built deep relationships with the advisory world’s most sophisticated and notable firms — including Wall Street Brokerages, most Regionals, Boutiques, Banks, Independent Broker Dealers, RIAs and Custodians. Our broad knowledge of those firms and the deals that are currently being offered will ensure that you are being presented with the right firm choice, platform, and the offer which is best for you.

Confidentiality, professionalism, and respect are protocol to our practices and beliefs; we handle each and every step of the placement process with complete communication, keeping you informed while making the process smoother from beginning to end. 

We are proud to always be considered as a great asset by our clients because of our proven expertise, many years of knowledge, and acute attention to detail. Financial Advisor Recruiting Services are not all created equal; we guarantee that the TG experience for clients and candidates is always world class.

We are based in Chicago, with a nationwide reach. Let us know you are interested by contacting us today. To get the conversation started, email info@terranagroup.com or give us a call at 312.655.8380 now.