Edelman Accuses Mariner Wealth of Poaching Scheme

What You Must Know

  • In a lawsuit, Edelman Monetary Engines alleges Mariner is conducting an ongoing scheme to poach purchasers and steal commerce secrets and techniques.
  • Mariner has lured 10 Edelman planners, accounting for not less than 851 purchasers and over $621 million in AUM, in keeping with the swimsuit.

Edelman Monetary Engines filed a lawsuit Friday in opposition to Mariner Wealth Advisors for what it calls an ongoing “illegal scheme” to poach Edelman’s purchasers and steal its enterprise and commerce secrets and techniques.

In the swimsuit, filed within the U.S. District Courtroom for the District of Kansas, Edelman contends that to this point, Mariner has persuaded 10 Edelman planners to maneuver their belongings underneath administration to the agency.

Mariner, in keeping with the swimsuit, “continues to actively solicit extra Edelman planners to affix Mariner, together with by partaking in strain ways and making patently false statements to the workers that Edelman’s enterprise is failing, that it’s a ‘sinking ship,’ that ‘everyone seems to be leaving,’ and that they are going to be left with out employment if they continue to be with Edelman for much longer.”

Mariner, in keeping with the swimsuit, has “brazenly said that its objective is to ‘run Edelman out of enterprise’ by means of these illegal and predatory actions.”

Edelman is searching for financial damages and injunctive reduction to cease what it claims is “Mariner’s flagrantly illegal conduct.”

To date, by means of Mariner’s ”illegal efforts,” the agency has “procured a whole bunch of breaches of contract by the departed Edelman planners and has induced the departure of not less than 851 Edelman purchasers representing over $621 million” in AUM, the swimsuit states.

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