$245B Mariner gets capital infusion from Neuberger Berman

Mariner Wealth Advisors' growth strategy is getting a financial shot in the arm through a strategic minority investment from Neuberger Berman.

The investment, coming from Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets, is aimed at bolstering Mariner’s national expansion plans and enhance its client-focused approach.

The capital infusion from Neuberger Berman follows a 2021 investment by private equity firm Leonard Green & Partners, which will retain its stake in Mariner.

Mariner, led and majority-owned by CEO Marty Bicknell, offers a broad range of financial services, including investment management, retirement planning, and tax and estate planning.

The company has continued to grow rapidly, now managing and advising on over $245 billion in assets across its affiliates, a far cry from the $300 million in assets under administration it started with in 2006.

In a statement released Tuesday, Bicknell expressed optimism about the partnership’s potential to drive growth.

“With this investment and continued partnership, we are confident in our ability to reach new heights in both client service and business expansion as we continue to build a truly holistic financial services firm,” he said.

The deal is expected to accelerate Mariner’s expansion, both organically and through its ongoing acquisition strategy. Earlier this year, it picked up AndCo Consulting and Fourth Street Performance Partners in a February double-deal that added $104 billion in AUA and roughly 100 professionals to its headcount.

The firm is aiming to grow its advisor base to 5,000, using capital from Neuberger Berman to scale its operations while maintaining its client-first approach.

David Lyon, head of Neuberger Berman Capital Solutions, emphasized the firm’s confidence in Mariner’s leadership.

“Marty has built a truly differentiated business that sets the standard for personalized, holistic financial advice. This investment underscores our confidence in Marty’s leadership and the entire Mariner team,” Lyon said.

Following the investment, Bicknell will maintain majority control of the board, while Neuberger Berman and Leonard Green will continue to provide strategic guidance. Mariner remains focused on pursuing its growth objectives without compromising on operational control or client service.