Steward Partners has recruited three wirehouse advisors and opened a new office in Morristown, New Jersey.
David Elwood and Richard Elwood moved their $110 million practice from Wells Fargo, while Matthew Baltuch and his team — formerly with Morgan Stanley, where they managed $250 million in client assets — also joined Steward, which is affiliated with Raymond James’ independent channel.
“Over the past four years, we’ve recruited $75 million [in fees and commissions] and hit a landmark of $10 billion of assets,” said Divisional President Jeff Gonyo, in an interview. “It’s early innings, but bringing on great people like David, Richard and Matthew really accelerates the [growth] process.”
Steward plans to expand the Morristown team to up to 14 advisors over time, Gonyo adds.
The latest recruits represent the eighth group of advisors to join Steward this year. They will work in Steward’s 15th office. It has locations in eight states, including Texas, New York, New Jersey and Florida.