April 16, 2020
Louis Diamond Quoted
By Jeff Benjamin
Mariner Wealth Advisors, with support from Dynasty Financial Partners, has launched a platform to attract breakaway reps from wirehouses, independent broker-dealers and even other advisory firms.
Louis Diamond, executive vice president at Diamond Consultants, said MPS gives Mariner an access point that it was missing.
“Mariner does a lot right, but they haven’t really penetrated the wirehouse channel,” he said. “It seems like it would appeal to those advisers that like the idea of being independent, but don’t want to go through the heavy lifting of starting a business. It will enable a smaller wirehouse adviser to talk about how they are part of a larger firm to make it seem like they have more scale. The Mariner brand doesn’t have the cachet yet of Merrill or Morgan Stanley, but in some communities it’s still a known entity and has a good reputation. The other thing is the collaboration with Dynasty, which is a good idea because Dynasty is very well known in the wirehouse community.”