RIA moves: Steward Partners, &Partners expand RIA footprints

Two fast-growing RIA platforms, Steward Partners and &Partners, have each announced new acquisitions this week, adding the ongoing momentum in the wealth management industry’s M&A landscape.

Steward Partners adds Longbridge Wealth Advisors in Ohio

Steward Partners has acquired Longbridge Wealth Advisors, a North Canton, Ohio-based RIA with $481 million in assets, as part of its ongoing effort to expand its Legacy Division.

The ten-person Longbridge team, led by partners Jack Elgin and Neven Zelich, brings a focus on financial planning for clients at or near retirement.

Elgin said in the announcement that he and Zelich have “always been grounded in delivering thoughtful financial planning and a high level of personal care to every client we serve.” He added that joining Steward Partners was a natural step, citing the firm’s “commitment to long-term relationships, high standards, and doing right by the people we serve.” 

The acquisition is the latest in a series of moves for Steward Partners’ Legacy Division, which targets established advisory teams seeking succession and continuity solutions while retaining their brand identity. Scott Danner, executive vice president and head of the Legacy Division, said Longbridge was “the right cultural fit – they share our values, our client-first mindset, and our vision for long-term growth.” 

Steward Partners has certainly made its presence felt on the M&A front throughout this year. In July, the firm acquired Consilium Wealth Management, a Danville, California-based RIA with $1.1 billion in client assets, and in June, it expanded into Arizona by partnering with Desert Sky Advisors. Earlier this year, it also added Moore’s Wealth Management in Georgia.

The firm, founded in 2013 and based in New York, now oversees more than $44 billion in client assets. Its Legacy Division has become a key growth driver, particularly for advisors seeking scale and back-office support without giving up operational independence.

&Partners welcomes Lumitas Wealth Strategies, continues advisor recruitment

Meanwhile, &Partners has announced the addition of Lumitas Wealth Strategies, a Woodbury, Minnesota-based team co-founded by Dana Schwinck and Justin Mishacoff, to its growing platform.

Lumitas – which was previously associated with Commonwealth Financial Network, according to Schwink and Mishacoff's BrokerCheck records – brings $520 million in pre-transition assets under management.

&Partners, which launched in 2023, says it has so far attracted more than 85 teams, with 30% founded by a woman and nearly 40% including at least one woman advisor – figures that exceed industry averages. As of July 31, &Partners reported $35.7 billion in assets under management.

Executives at &Partners have emphasized the firm’s equity-focused compensation structure and its goal to make advisors the largest group of shareholders.

“When we complete our five-year plan and we've recruited the advisors we want to recruit, advisors will be the single largest group of shareholders within our firm,” founding partner Kristi Mitchem told InvestmentNews in June. 

The addition of Lumitas Wealth Strategies follows a string of recent team recruitments as &Partners pursues its target of reaching $120 billion in assets by 2028. The firm’s leadership has stated that its equity cap and collaborative culture are key draws for advisors seeking a sense of ownership and long-term alignment.