Steward Partners, the employee-owned RIA managing over $38 billion in client assets, is bolstering its West Coast profile with a new hybrid branch.
On Wednesday, the New York-based independent wealth firm announced the formation of the Lindsey-Trost Group, a new hybrid branch that unites the Lindsey Group of Lake Oswego, Oregon, and Trost Financial, an advisory firm based in Los Angeles’ Century City.
The partnership will combined $180 million in assets under management from Trost Financial and $532 million from the Lindsey Group, bringing the Lindsey-Trost Group’s total assets managed to $712 million.
“We couldn’t be more thrilled about welcoming Greg Trost and his team into the Steward Partners family and the launch of the Lindsey-Trost Group,” Eric Field, divisional president, western at Steward Partners, said in a statement. “It has been a pleasure getting to know Greg over the last year, and given his close relationship with Doug Lindsey as well as the larger Lindsey family and office, I’m confident his addition will be a boon to the new branch’s client base as much as it will our collective firm.”
The hybrid structure allows the Lindsey office to continue operations in Lake Oswego while Greg Trost and his team maintain their base in Century City, a new market for Steward Partners. The firm made a similar move in November, when it opened a new Florida office in Palm Beach Gardens via the formation of a new hybrid team, G2G Wealth Management, which also has link to a location in Georgia.
Trost, whose BrokerCheck record stretches back 22 years and includes affiliations with LPL and Ameriprise, also expressed enthusiasm for the collaboration.
“Given our shared emphasis on client-first advising and netting exemplary results, it’s a privilege to be working directly with the Lindseys and Steward Partners,” he said.
Doug Lindsey highlighted the long-standing connection between the teams. “I’ve known Greg for 40 years. There is no question in my mind that we are ethically, strategically, and intellectually aligned,” he said. “Each of our practices brings something to the table that empowers the other’s goals.”
Michael Mora and Katie Scott, both from Trost Financial, will take on leadership roles within the Lindsey-Trost Group.
The formation of the Lindsey-Trost Group comes immediately after Steward Partners swiped an $850 million team from Ameriprise, expanding its New Jersey presence while bolstering its Legacy Division, which has a focus on supporting succession planning for wealth management practices.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
