Edelman Financial Files Lawsuit Against Mariner Alleging Client Poaching and Defamation
From the desk of Jim Eccleston at Eccleston Law
Edelman Financial Engines initiated legal action against Mariner Wealth Advisors, alleging that the Registered Investment Advisor (RIA) engaged in the wrongful recruitment of Edelman's financial advisors.
Barron’s reports that the lawsuit accuses Mariner of defamation, incentivizing advisors to violate employment contracts, and unlawfully obtaining trade secrets to solicit clients. According to the complaint, Mariner reportedly has recruited 10 Edelman advisors, resulting in numerous broken employment contracts and the solicitation of 851 former Edelman clients, representing around $621 million in assets. Edelman claims that Mariner employed aggressive tactics, including portraying Edelman as a "sinking ship" and pressuring financial planners to leave.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
Tags: eccleston, eccleston law