In January and February, a plethora of new advisers and teams joined Steward Partners, a full-service, employee-owned, independent financial services company, contributing more than $1bn in assets under management.
With the acquisition of Seven Arrows Financial, which will be connected to Steward Partners on the RCS platform through a 1099 contract, the company was able to open a new office in Nashville, Tennessee, and hired eight new partners in the first quarter of 2024 due to its recruitment efforts.
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Frank Smith and Patrick Connoly joined the company as wealth managers and W2 workers, and an additional office was built in Kennesaw, Georgia.
Steward Partners expanded its network of relationships in along with maintaining offices in Mobile, Alabama and New York, NY.
Former Overbrook Management Corporation employee Christine Munn will be joining the company in New York as a managing director, wealth manager, and W2 worker.
Furthermore, under a W2 contract, the Lynn-Whitmore Wealth Management team will welcome three new partners from Mobile, AL to the company.
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By GlobalData“Steward Partners’ dynamic start to 2024 is a reflection of our commitment to consistently identify and actively pursue best-in-class advisory teams that help expand capabilities and propel firm growth,” said Jim Gold, co-founder, and CEO of Steward Partners.
“Steward has been built upon dedicated recruitment efforts and strategic partnerships, and our early momentum underscores our continued success.”
“We believe that advisers should feel empowered when they come to our firm, and we are proud of the fact that we can encapsulate that through offering different affiliation channels such as W2, 1099, and RIA-only models,” added Jeff Gonyo, divisional president, Southern Division3 and head of recruiting of Steward Partners.
“This is evident of the new optionality that we have established in the last year and is something we deliberately constructed to ensure that Steward Partners is the right fit for any adviser.”
The new business reinforces 2023’s sustained trajectory for a strong recurring year of $5.5bn in new assets and $40m in revenue.
Steward Partners intends to replicate the success of the personnel flow and to see significant M&A activity in the second quarter.
