Steward Partners, an independent practice affiliated with Raymond James Financial Services, says its plans to continue its aggressive growth path, which includes the recent recruitment of several employee advisors and staff from Wells Fargo Advisors with about $230 million in client assets.
“We doubled the size of our firm in 2016, and we nearly doubled it again in 2017, all while remaining focused on hiring great people who also run great businesses,” said Steward CEO Jim Gold, in a statement. “With our latest annual goals now in place, we intend to do the same in 2018.”
The advisory group has added more than 80 advisors with more than $61 million in trailing 12-month fees and commissions and about $8.3 billion in assets under management since November 2013; it now has 85 registered representatives. In 2017, it opened locations in Boston; Baltimore; Clearwater, Florida (near Tampa); and Paramus, New Jersey — giving it a total of 12 branches.
When the firm was founded in 2013, its leaders set a seven-year goal of $100 million in recruited revenue and now say that goal is within reach this year. “In addition to growing our wealth management team, we have been expanding our reach into international advisory, corporate and executive consulting, succession planning and investment advisory (RIA) capabilities,” Gold explained.
Moving to Steward from Wells Fargo are Sarah Marks, CFP, now part of Steward’s Washington, D.C., office; and Andrew Egber and Miguel Lopez of the Egber-Lopez Investment Group, who joined Steward’s branch in Bethesda, Maryland.
“We continue to see interest across our current branches in the Northeast and Florida, and we are now experiencing a surge of unsolicited interest from regions beyond our current footprint,” said Hy Saporta, president of Washington, D.C.-based Steward Partners, in a statement.
“By combining the traditional capabilities of a wealth management firm and the investment advisory capabilities of an RIA, Steward enables us to focus on our clients and their families,” according to Marks.
“Being able to utilize either a wealth management or advisory approach means that we can adapt to the specific needs and goals of our individual clients,” said Lopez in a statement. “We’re excited to join the Steward family in the Bethesda office, and we’re looking forward to reuniting with our former Legg Mason colleagues … [who] are now at Steward Partners.”