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."
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
