No: Mariner Wealth Advisors charges its advisory clients fees, but its Form CRS says some of its wealth advisors are also “registered representatives of a broker dealer and/or licensed insurance agents” who are paid for those sales. The firm itself also “receive[s] compensation for referring clients to affiliates.” Its standard advisory fee is 1.25% a year on the first $1 million, falling to 0.60% above $10 million, with a minimum of $1,875 a quarter.
So the advisory fee is the main way Mariner is paid, but it isn’t the only one. Under a strict fee-only test, the commissions and referral pay matter. Here’s what the filings say.
How Mariner Wealth Advisors is paid
The registered adviser is Mariner, LLC (CRD 140195), which does business as Mariner Wealth and AdvicePeriod. Its brochure says it is wholly owned by Mariner Wealth Advisors, LLC, which is owned mainly by entities controlled by CEO Martin Bicknell and by entities affiliated with Leonard Green & Partners and NB Alternative Advisers, which the brochure calls “large, global financial services firms.”
Its Form ADV Part 1, filed October 2, 2026, is where a firm states how it’s paid. In Item 5E it checks a percentage of assets under management, hourly charges and fixed fees. It doesn’t check commissions. But Item 5B reports that, of 933 employees doing advisory work, 108 are registered representatives of a broker-dealer and 254 are licensed insurance agents.
The Form CRS (the short relationship summary; the current version is marked “as amended March 31, 2023”) explains why. Fees are “based on assets under management or advisement,” and “more assets in an account means more fees.” It then says certain advisors “are compensated for the sale of securities and/or insurance-related products.”
How advisors are paid otherwise: some get a salary and bonus, others “share in the advisory fees” their clients pay, and the brochure says associates are “generally entitled to receive an internal referral fee” for recommending an affiliate’s services.
What else the filings disclose
In Item 7A of Form ADV, Mariner reports related companies that are a broker-dealer, other investment advisers, a trust company, an accounting firm, an insurance company or agency, a pension consultant and sponsors of private funds. In Item 6A it reports one other business of its own: accountant or accounting firm, because it runs a tax practice. The brochure describes each relationship:
- Broker-dealers. MSEC is a FINRA-member broker-dealer under common control with Mariner. Advisors who are also MSEC representatives can open non-discretionary accounts there for 529 plans, mutual funds and variable annuities, and the brochure calls this “a conflict of interest due to commissions.” Some products go through another broker-dealer, The Leaders Group, where advisors registered there also earn commissions. A second affiliate, W G Securities, executes investment banking deals for its owner Woodbridge International, and eligible Mariner staff can earn a referral fee from either.
- Insurance. Mariner Insurance Resources is an affiliated agency, and the firm “receives compensation for referrals” to it. Cowell Insurance Services, another affiliate under common control, also sells insurance products. The brochure says the agency affiliate “will receive one-time or trail commission from the insurance company.” See insurance agent vs financial advisor.
- Tax and legal. Mariner prepares tax returns and offers tax consulting, usually for an extra fee. A separate affiliate, Mariner Specialty Tax Services, may pay some advisors “a portion of the fee.” For legal work it recommends Vanilla, a software service in which Mariner’s owners hold a minority interest.
- Trust and investment banking. Mariner Trust Company, a South Dakota trust company, is under common control. Mariner is paid for referrals to Woodbridge, its investment banking affiliate.
- Affiliated advisers and funds. Several related advisers, including 1248 Partners and Flyover Capital Partners, run private funds Mariner may recommend, and those funds “charge fees in addition to” Mariner’s fee. Mariner’s owners also hold minority stakes in other advisers, including Altruist.
- Paying for referrals. Mariner pays outside promoters, and it pays Fidelity’s referral program 0.25% a year on most referred assets (0.10% on bonds) plus $50,000 a year to take part. The brochure says these are paid from Mariner’s fee, not added to yours.
The CFP Board allows a planner to call their pay fee-only only when neither they nor their firm receives sales-related compensation, and related parties receive none “in connection with any Professional Services” for the client. Sales-related compensation includes commissions and pay “from the referral of a Client to any person or entity other than” the firm. Mariner’s filings report all three, and Mariner doesn’t describe itself as fee-only in these documents.
The Form CRS answers “Yes” to legal or disciplinary history, which can include individual advisors. The brochure’s Item 9 says the firm “has no material legal or disciplinary events.” Check Mariner’s SEC record and MSEC on BrokerCheck for details.
What Mariner Wealth Advisors costs
The brochure dated July 17, 2026 lists this standard schedule, applied in tiers:
| Assets | Yearly rate |
|---|---|
| First $1 million | 1.25% |
| $1 million to $5 million | 1.00% |
| $5 million to $10 million | 0.80% |
| Above $10 million | 0.60% |
| Minimum fee | $1,875 a quarter ($7,500 a year) |
Fees are “subject to negotiation,” can range “up to 2.50% per annum,” and are usually billed quarterly in advance. Planning, tax preparation and consulting can carry an added fee, fixed, hourly or up to 0.25% of assets. Third-party managers, private funds, fund expenses and custodian charges are extra. Accounts on Mariner’s unified managed account platform pay 0.08% more, plus a manager fee of up to 0.50%.
Worked out on the standard schedule:
- $500,000: 1.25% would be $6,250, so the $7,500 minimum applies, or $7,500 a year (1.50%)
- $1 million: 1.25%, or $12,500 a year
- $2 million: $12,500 plus $10,000, or $22,500 a year (1.125%)
For comparison, fee-only firms that publish a percentage fee charge a median 1% of assets. Planners who charge a flat fee for ongoing planning charge a median $4,500 a year (middle half $2,400 to $7,200), whatever your balance, and a one-time plan has a median of $2,000. A flat-fee planner may not manage your investments for that price, while Mariner’s fee includes management. See what an advisor costs on $500,000 and on $1 million.
Who Mariner Wealth Advisors may suit
Mariner is built for households that want investments, tax returns, trust services and, for business owners, investment banking under one group. Its Form CRS describes discretionary management with reviews at least once a year, and its brochure describes CPAs within its planning practice and access to private funds.
It may suit someone with $1 million or more who values that range and is comfortable paying separately for some of it. Someone with less than $600,000, where the minimum pushes the rate above 1.25%, or who wants advice from a firm with no affiliated broker-dealer or insurance agency, may want to compare a flat-fee or hourly planner first. Our guides to an RIA vs a broker-dealer and Creative Planning, another large firm with affiliated agencies, cover similar ground.
How to check it yourself
- Read the Form CRS. It covers fees, conflicts and staff pay, linked from the firm’s SEC record. See what a Form CRS tells you.
- Open Form ADV Part 1. Item 5B shows how many staff are brokers or insurance agents, Item 5E how the firm is paid, and Item 7A and Schedule D its related companies.
- Read brochure Items 5, 10 and 14 for fees, affiliations and referral pay.
- Ask in writing whether your advisor is registered with MSEC or licensed to sell insurance, what you’ll pay in dollars each year, and whether anyone is paid if you use an affiliate.
Our guide to telling whether an advisor is fee-only walks through each check, and questions to ask a financial advisor covers the rest. For how this compares with commission and fee-based advisors, see fee-only vs fee-based vs commission.
Compare similar firms
Other large advisory firms we’ve checked against the fee-only definition: Fisher Investments, Creative Planning, Edelman Financial Engines, CAPTRUST, Wealth Enhancement Group, Mercer Advisors, Hightower. See all 50 firms.