Mariner Wealth Advisors is making a major recruiting push to grow its senior wealth advisor ranks by about 67%, or 250 advisors.

Mariner currently has 374 senior wealth advisors.

Related: Edelman Lawsuit Claims Mariner CEO Bicknell Personally Called Potential Recruit

“One of my key focuses is bringing top talent to Mariner, especially in the senior wealth advisor role, because of the years of experience and expertise these candidates can bring our clients to positively impact their lives,” CEO Marty Bicknell said via email. “I’m excited to bring more advisors to Mariner and continue to deliver on our client-first culture.”

The senior wealth advisor roles require more than 10 years of experience in financial planning, accounting, legal or other relevant fields, along with Series 65, CFP or CFA credentialing.

Related: Mariner Adds $1B in AUA in Triple Deal

According to one job description currently posted by Mariner, the position “will lead a wealth management team to create comprehensive wealth plans that include a coordinated financial strategy that aligns with each client’s goals and values.” 

Mariner currently has a total advisor headcount of 1,500, overseeing $112.3 billion in assets under advisement ($94.8 billion in assets under management).

Founder Bicknell has led an aggressive growth strategy in recent years. Mariner has completed 36 acquisitions since 2021, the year it received private equity backing from Leonard Green & Partners. It secured another private equity infusion last year through a minority investment by Neuberger Berman.

The goal of 250 additional advisors is a “pretty aggressive” target in a competitive market for advisors, said Shawn Smith, founder and CEO of Ipswich, Mass.-based Financial Advisor Placement Services.

“It’s a competitive space right now,” Smith said. “The advisory assets are priced pretty high. … You need deep pockets to be able to compete with the larger independent firms.”

Smith added that larger firms, such as LPL Financial, Osaic, Cetera Financial Group and Dynasty Financial Partners, often offer strong transition compensation packages, and some are willing to buy equity in a firm if an advisor is interested.

The revenue split, or “cost of doing business,” is also a factor that an advisor considers, as well as the strength of the tech stack available from the new firm, Smith said.

Mariner has a lawsuit pending from Edelman Financial Engines regarding its recruiting efforts. In 2023, Edelman alleged the firm lured advisors, incentivizing them to break non-solicitation agreements to steal trade secrets. Last June, a federal judge dismissed the claims that Mariner had defamed the firm, though the more significant accusations of misappropriation and conspiracy remained.

This January, Edelman filed an amended complaint alleging that Bicknell personally called at least one Edelman advisor to entice him to switch firms.

Mariner declined to comment on the pending litigation.