Steward Partners, a leading financial services firm, has revealed its plans to acquire Freedom Street Partners, an independent practice currently affiliated with Raymond James. With 38 experienced financial advisors and a total of $3.2 billion in client assets under management, Freedom Street Partners will become a new division within Steward Partners.
This strategic move will allow Steward Partners to expand its business model and attract a new segment of advisors. By acquiring the practices of advisors who are looking to sell, Steward Partners aims to provide more options for succession planning to advisors and wealth management firms considering a transition.
James Gold, CEO and co-founder of Steward Partners, expressed excitement about this new venture, stating, “Establishing this new division will be a key component of our future growth.” The acquisition is expected to be finalized by the end of the year, and Freedom Street advisors will become equity partners and employees or affiliates of Steward Partners.
Details regarding the terms of the deal have not been disclosed at this time. However, it is noteworthy that Freedom Street’s management and staff will join Steward Partners as part of the acquisition. Founded in 2016, Freedom Street currently operates 17 locations across the Mid-Atlantic, Southeast, and Midwest regions. Scott Danner, CEO of Freedom Street and a former advisor at Edward Jones, brings valuable expertise to Steward Partners.
This will be the second acquisition for Steward Partners, following its successful acquisition of Umpqua Investments earlier this year. The previous acquisition provided Steward Partners with a broker-dealer and extended its reach to the Pacific Northwest.
Since its establishment in 2013 by former managers at large national brokerages, Steward Partners has experienced rapid growth through advisor recruiting. Initially an independent practice affiliated with Raymond James Financial, Steward Partners has evolved into a multicustodial Registered Investment Advisor (RIA) with approximately $28 billion in client assets. The firm’s headquarters are located in Washington, D.C., and it is currently ranked No. 19 on _’s Top RIA Firms for 2023.
