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.

“We spent a significant amount of time at various Wall Street firms and developed deep client relations. That’s what our business is all about, and we want to work with the best [capabilities and culture] to take care of them,” David Elwood explained.

“There’s lots of change in the industry making things more difficult at lots of entities. We were looking for the capabilities to provide our clients with the level of service they’ve come to expect and enjoy, and we wanted to right culture,” Elwood said.

Advisors with Steward Partners can attend Raymond James Financial Services events, such as regional and national educational conferences. They also can go to Steward-organized national symposiums, the second of which is set to take place in November.

“Our practice is focused on high-net-worth clients, so it’s important to have a large, robust firm like Raymond James behind us,” said Baltuch. “With Raymond James and Steward, we get the best of both worlds in terms of the operational and other support we need … to give our clients the service they deserve and make their experience better than ever. It’s wonderful to know we can offer what we couldn’t before. We are super excited.”

— Check out Raymond James Taps Exec to Oversee Independent Contractors on ThinkAdvisor.