Steward adds $488M with twin acquisitions

The hybrid’s new deals expand its presence in the Virginia and Ohio markets.

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.”