Stratos Private Wealth reveals East Coast expansion plans

Stratos Private Wealth on Tuesday announced its plans to go bicoastal by expanding into southern New Jersey and Westchester, New York.

The San Diego-based high-net-worth wealth manager, a part of Stratos Wealth Holdings, said it would rebrand a pair Stratos-affiliated practices to boost its presence on the East Coast. Heald Financial Advisors of Marlton, New Jersey, will become Stratos Private Wealth – South Jersey, and Claricity Wealth & Planning of Westchester, New York, will become Stratos Private Wealth – Westchester, according to the company.

“I’m excited for the South Jersey and Westchester teams to join Stratos Private Wealth,” Jeff Brown, president and founder of Stratos Private Wealth, told InvestmentNews, adding that “our objective over time is not just to be bicoastal."

“We are looking at key locations across the US where we believe we can scale existing wealth management firms over time so they can serve more clients with more services than they can have on their own independently,” Brown said.

Stratos Private Wealth was launched in May 2023 to bolster Stratos Wealth’s support for high- and ultra-high-net-worth clients. The addition of these new practices represents the division’s first expansion since its unveiling last year.

The South Jersey branch is led by 15-year financial services and wealth management veteran Dan Loughlin, while Adam Rude will head the Stratos Private Wealth – Westchester office.

“As the rapid pace of change impacts both the registered investment advisor landscape and our practice, we felt it was important to align with like-minded practices across the country that provide the scale and resources to serve our clients,” Loughlin said in a statement.

Rude added in a statement, “By sharing resources and ideas, we gain the economies of scale enjoyed by larger organizations while continuing to provide personalized service for our discerning client base.”

The Stratos Private Wealth division will have a combined $1.7 billion in investment advisory assets with this expansion. The parent company, Stratos Wealth Partners, manages more than $11.8 billion in advisory assets. Stratos has grown to 290 advisors since its founding last year, with approximately 80 home office staff and more than 100 locations in the United States.

Earlier this month, Stratos Wealth Advisors expanded its operations into northern Nevada by incorporating a $500 million team from RBC Wealth Management. In February, it expanded its presence on the West Coast by welcoming California-based Pettinelli Financial Partners, with $700 million in total client assets, from Osaic.