Mariners ship continues to gain speed.
The fast-growing Kansas-based advisory firm with national ambitions has planted its flag in New York City, signing on RR Advisory Group.
RR, with approximately $780 million in assets under advisement, is led by managing partners Richard Rosenberg and Rosario Ruffino. Joining Mariner will allow RR to provide additional resources and support to its clients, Rosenberg said in a press release. Terms of the deal were not disclosed.
Mariner, which now has over $8 billion in assets under management, has been one of the most ambitious independent RIAs jockeying to secure a national footprint. The firm now has 9 offices in 7 states, and chief executive Marty Bicknell has said he is aiming to become a $50 billion national RIA.
Last year Mariner acquired four firms, culminating with the addition of Brinton Eaton, a highly respected $700 million firm based in Madison, N. J. This year the firm has spread its wings and launched a trust company and a mass market division, First Point Financial.
Mariner is a stellar example of how a well-resourced and well-managed RIA with a good strategic plan for growth can do very well with inorganic methods, says industry consultant Brian Lauzon, managing principal for AdvisorAssist. They put a lot of resources towards finding good candidates, which is key. And because theyre a well-run firm, they know another one when they see it.
Mariners growth has also been fueled by focusing on sophisticated business management, Lauzon says. Theyve shown that its just as, if not more, important than relationship management and business development.
The firms success to date bodes well for its national ambitions, according to Lauzon. Mariner doesnt need to have a national brand to have a certified national business, he says. If theyre not on track to do it, then who is?
- $7.5B RIA Launches Mass-Market Planning Service
- Brinton Eaton Joins Mariner Wealth
- Mariner Acquires Orizon to Continue Expansion