Steward Partners lands $850M team from Ameriprise

Steward Partners has made another significant step in its inorganic growth strategy in the Northeast with the addition of an advisor superteam from Ameriprise.

The top-ranked RIA bolstered its presence in New Jersey with the addition of Mainstay Wealth Management, an advisory group that managed $850 million in assets while at Ameriprise Financial.

The acquisition marks Steward’s fourth deal of the year, with Mainstay now operating under the firm’s Legacy Division, which supports succession planning for wealth management practices.

The 14-member team includes four financial advisors, led by managing directors Timothy Burklow and Matthew Rotella, who bring over 60 years of combined experience. They are joined by senior vice presidents Chris Rotella and William Lewis.

The roughly dozen-member group splintered off from a larger Ameriprise team, whose other members stayed behind, according to an earlier report by Barron’s.

“Embarking on this new chapter with Steward Partners was the perfect opportunity for us to fully embody our revised namesake,” Burklow said in a Thursday release officially announcing the move. “This journey has created a newfound energy within me, and I cannot wait for the next decade.”

The group, previously operating under the name Mindful Wealth Management at Ameriprise, rebranded as Mainstay Wealth Management to reflect their new affiliation. They will operate out of Riverdale, New Jersey, adding to Steward’s growing network that now includes five offices in the state.

Scott Danner, head of Steward’s Legacy Division, highlighted the significance of the move.

“Departing any firm after 33 years is no small feat, and we are honored that the Mainstay Wealth Management team has put their full trust in us,” he said. “This is an excellent addition to our already flourishing roster of industry-leading businesses.”

The acquisition aligns with Steward Partners’ ongoing growth strategy, which most recently extended its presence in Florida with the formation of a hybrid multigenerational team earlier this month. A company representative told Barron’s that the firm anticipates adding another $500 million in assets this quarter and up to $3 billion by early 2025.

Since its founding in 2013, Steward Partners has remained one of the fastest-growing RIA firms in the US, steadily expanding its footprint and platform offerings for advisors nationwide.