Greg Banasz and Scott Danner
After building Freedom Street Partners into a successful independent RIA firm, Scott Danner led its merger with Steward Partners in 2023. Since then, Danner has become the leader of Steward Partners’ mergers-and-acquisitions division and served as a key voice for the firm as it seeks to acquire other growth-minded RIAs.
Speaking recently with ThinkAdvisor in New York, Danner said his background as an entrepreneur gives him credibility when telling the firm’s story to prospective sellers.
“It is a bit of a superpower when it comes to talking with new partners,” Danner said, noting he uses the term “partners” consciously. “In addition the quality of our platform, that’s another big part of our story — our shared equity ownership structure. It’s something that we feel is pretty special in the industry, and we’re definitely telling that story as part of our growth strategy.”
Danner was joined in the conversation by Greg Banasz, who has served as the chief marketing officer for Steward Partners since its founding more than 12 years ago. Banasz said participating in the growth journey has been “something truly special," with the firm having sailed past $40 billion in total assets this summer.
Like many peer firms, Banasz and Danner noted, Steward Partners is aiming to double or even triple the business in fairly short order. The leaders believe it will take a highly disciplined strategy to get there — one balancing growth across the organic and inorganic channels while protecting the firm’s “client-first culture” — but are optimistic about the target.
Steward Partners earned a No. 9 ranking on the 2025 Barron’s Top 100 RIA Firms list. That’s up nine spots from last year and more than 20 positions up from 2023.
Bright Present and Future for M&A
Danner said he continues to be impressed with the level of M&A activity happening across the RIA industry, with a recent DeVoe report offering up some eye-opening statistics to complement what the firm is experiencing as it seeks out and negotiates new deals.
As of this week, the report shows, RIA M&A activity reached a new single-year high. Through Tuesday, 273 completed transactions were reported, passing the prior full-year record of 272 transactions set in 2024. Danner and Banasz said such numbers resonate with their lived experience — with the industry on track to surpass the 300-deal mark for the first time.
Legacy Argument
Within Steward Partners, the duo agreed, the M&A “Legacy Channel” continues to set the firm apart.
“Legacy is a such a compelling story right now in this marketplace, particularly for advisors thinking about succession planning or exploring M&A opportunities,” Danner explained. “Whether it’s firms looking to secure their future through a thoughtful transition plan or those ready to grow by combining forces with a like-minded partner, Legacy provides the flexibility and guidance they need.”
Danner cited the caliber of advisors and firms that have joined up in the past year — “and even just this last quarter” — in how Steward Partners is addressing "the real challenges and opportunities in our industry."
The most recent added firms include Longbridge Wealth, Laurence Rothstein, Lancaster Wealth Management and Bullis Wealth Strategies. The firm also added Mike Wood in the its Southeast division and Casper Terpinski in the Central division.
"These new teams and advisors bring extensive experience and will enhance Steward’s ability to serve clients in key markets," Danner said. “We believe joining Steward Partners in this way is an ideal path for advisors planning for retirement, team transitions or strategic growth.”
Business Model Flexibility
As the duo detailed, Steward Partners has evolved to offer a broader range of affiliation models, including W-2, 1099 and RIA-only (IAR) models — all of which empower advisors with equity. Advisors, as a result, have flexibility when coming to work with Steward Partners, they said.
“The equity component also creates a real atmosphere of teamwork and shared ownership of this fantastic organization,” Danner said. “It ties us all together in a more personal way, as well. When we are able to report about a new acquisition of a practice in the Midwest, for example, we get cheers from our teams in New York or on the West Coast. They see it as a win, because we’re all growing together.”
Banasz and Danner said Steward Partners has also made significant talent and resource investments into the post-deal transition period.
"What we’ve ultimately created is a really powerful sell and stay infrastructure that is highly attractive to mid- and later-career advisors as they think about joining our platform," Danner said.
He added that the commitment to a smooth transition helps to show advisors and prospects that Steward Partners “isn't going anywhere.”
Transitions Matter
Banasz frequently surveys new partners during and after the transition process, he noted.
“I ask them, if you were to look back on your transition, what would you say? And the most common statement I get is that it wasn’t perfect in every respect, but I’m so much happier now that I’ve made this move,” Banasz said. “Our process is really fantastic, but transitions are always going to have those small hiccups. For people to say the transition was worth it, that’s what this is all about.”
Pictured: Greg Banasz and Scott Danner
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