Steward Partners Eyes Texas Office in Channel-Challenging Move–Source
Steward Partners, a fast-growing independent firm affiliated with Raymond James Financial, is plotting to expand beyond its East Coast roots, according to a person familiar with the plans.
The Washington D.C.-based firm founded four years ago is tentatively plotting an expansion from 12 offices to at least 15 in 2018, the person said. The decision is notable for showing the continuing growth of independent firms and, in Steward’s case, for its ambitions to stretch beyond its roots in the mid-Atlantic states and New England.
One of the three offices is expected to be in Houston, where a multi-million-dollar wirehouse team is being wooed, the person said.
James Gold, Steward’s chief executive, said company policy prohibits him from commenting on strategic plans that have not been announced.
Steward, which was founded in November 2013 in Washington, DC, also is exploring hiring teams to open new offices in Virginia and southern New Jersey, the source said.
The ambitious plans could create chafing with Raymond James, which provides Steward with brokerage services and products. The Florida-based firm, and which has publicly lauded Steward for helping it expand northward, works with more than 7,000 advisers across its employee branch and independent channels, some of whom may resent competition in their geographic markets.
Steward currently has 70 brokers working under its umbrella, with three offices in New Hampshire, two in Massachusetts, two in New York, one in New Jersey, two in Maryland and its home office in DC. They generate about $60 million in revenue and oversee about $8 billion of client assets, the firm said in a news release Tuesday about a UBS Wealth Management team it hired in New York City.
When Steward announced the opening of its Paramus, N.J. office last month—its fourth office addition this year—it hinted at national plans.
“Advisors across the country have found Steward’s model increasingly attractive,” Gold said in a prepared statement. “We continue to see the company grow in affluent markets, mainly because of the demand we are receiving from highly developed teams in those markets.”
The firm’s advisors It has over 70 advisors with $8 billion in client assets and $60 million in revenue, according to a company release last week.
Tony Sirianni, publisher and chief executive of AdvisorHub, was also a founding partner of Steward.