Steward Partners, an employee-owned financial services firm, has made a sizable addition to its book of business by welcoming two new teams. On Thursday, the hybrid announced its acquisition of Monaco Capital and Saling Simms Associates, adding $488 million in client assets.
The deals, part of the firm's strategic growth through its merger initiative, add five advisors to its network.
Monaco Capital, based in Virginia Beach, Virginia, manages $175 million in client assets. This acquisition contributes to the growth of Steward's Virginia Beach office, which has seen considerable expansion since the integration of Freedom Street Partners in late 2023.
Meanwhile, Saling Simms Associates, with $314 million in assets and a team of four advisors, paves the way for Steward Partners' debut in the Columbus, Ohio market.
Saling Simms Associates president James Saling and vice president Brent Simms, who boast more 70 years of combined industry experience, will join Steward Partners as equity partners along with their teams
This strategic inclusion aligns with Steward's legacy model, which focuses on providing financial advisors with growth opportunities and a seamless business transition platform.
"The acquisition of both Monaco Capital and Saling Simms Associates marks another step in our commitment to deliver excellence to our advisors, partners, and clients through our legacy model," Jim Gold, CEO and co-founder of Steward Partners, said in a statement. He highlighted the firm's rapid growth and success following the model's introduction last December.
The new acquisitions are part of a broader expansion strategy by Steward Partners, following closely on the heels of its successful incorporation of Freedom Street Partners in March.
"The teams at these two respective firms have spent their entire careers shouldering the financial burden of their clients,” said Scott Danner, CEO of Freedom Street Partners. “Our goal at Steward is to shoulder it for them, ensuring smooth continuity as these advisors transition into the next chapter of their careers and their clients into the next phase of their lives."
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
