Steward Partners Global Advisory on Monday morning said it had reached a deal to buy $3.4 billion in assets from a bank, Umpqua Holdings Corp., in the Pacific Northwest, marking the first foray for the fast growing Steward Partners into the bank brokerage business.
Terms of the deal, which is expected to close in the first quarter of next year, were not disclosed.
However, Steward in an announcement said it had reached the agreement with Umpqua Holdings to purchase its wealth management unit, which comes with 23 financial advisers.
Those advisers will join the partnership and become employees, according to the announcement. In its most recent filing with the Securities and Exchange Commission, Steward Partners reported close to $7.4 billion in RIA assets; in its press release, the firm said it had close to $16.4 billion in total client assets.
Founded in 2014 by James Gold, Steward Partners runs its brokerage business through Raymond James Financial Services Inc., the independent broker-dealer under the roof of Raymond James Financial Inc. It has successfully recruited wirehouse reps and advisers as part of its growth strategy.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
