A team of advisors from Newport Beach, Calif., managing over $450 million in assets, has created a new employee-owned firm, Ocean Heights Advisors, with the help of Mariner Platform Solutions, a new division of Marty Bicknell’s Mariner Wealth Advisors. Mariner Platform Solutions now works with 15 firms.
Mariner launched the division in 2020, initially using Dynasty Financial Partners as a solutions provider. But Mariner's relationship with Dynasty ended over a year ago, and it now handles all work in-house.
Mariner Platform Solutions intends to assist independent advisory firms that want to retain control of their firms but work for Mariner as 1099 contractors, not employees. Advisors come under the Mariner Platform Solutions’ ADV. Mariner will help in creating investment portfolios, acting as the outsourced chief investment officer (OCIO), and providing billing, compliance, technology, marketing support and insurance. The advisors will be independent operators of their own businesses with assets ultimately sitting on Mariner's platform.
The practice was founded in 2005 by Kevin O’Grady as Palo Capital, then sold to Miracle Mile Advisors, an independent RIA, in 2019. Merchant Investment Management made a minority investment in Miracle Mile, which has been active in the RIA M&A space, in 2020.
The newly named Ocean Heights Advisors specializes in working with high-net-worth families, executives and entrepreneurs across the country.
The partnership with Mariner will allow it to outsource back-office functions, such as operations, compliance and marketing, said Kevin Barlow, managing partner at Ocean Heights, in a statement.