What You Have to Know
- In a lawsuit, Edelman Monetary Engines alleges Mariner is conducting an ongoing scheme to poach shoppers and steal commerce secrets and techniques.
- Mariner has lured 10 Edelman planners, accounting for a minimum of 851 shoppers and over $621 million in AUM, in response to 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 shoppers and steal its enterprise and commerce secrets and techniques.
In the swimsuit, filed within the U.S. District Court docket 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 response to the swimsuit, “continues to actively solicit extra Edelman planners to hitch Mariner, together with by participating in strain ways and making patently false statements to the staff 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 response to the swimsuit, has “brazenly said that its goal is to ‘run Edelman out of enterprise’ via these illegal and predatory actions.”
Edelman is looking for financial damages and injunctive aid to cease what it claims is “Mariner’s flagrantly illegal conduct.”
Up to now, via Mariner’s ”illegal efforts,” the agency has “procured a whole lot of breaches of contract by the departed Edelman planners and has precipitated the departure of a minimum of 851 Edelman shoppers representing over $621 million” in AUM, the swimsuit states.
