By Kenneth Corbin
Steward Partners is expanding its presence in New Jersey with the addition of Mainstay Wealth Management, a former Ameriprise Financial advisory practice that had managed $850 million in assets.
Mainstay is based in Riverdale, about 30 miles northwest of New York City, where Steward is based. It will be Steward's fifth office in New Jersey.
The 14-person team includes four financial advisors, led by industry veterans Timothy Burklow, who broke into the industry with Ameriprise in 1991, and Matthew Rotella, who started his career at Ameriprise in 1994.
Eight other advisors and support staff who were part of the team are remaining with Ameriprise.
"Departing any firm after 33 years is no small feat, and we are honored that the Mainstay Wealth Management team has put their full trust in us to fulfill this new chapter in their firm history," says Scott Danner, head of Stewart Partners' Legacy Division, the unit of the firm that Mainstay is joining and is designed to aid with succession planning. "This is an excellent addition to our already flourishing roster of industry-leading businesses, and we look forward to their development and growth in the years to come."
Burklow and Rotella have joined Steward as managing directors. Chris Rotella, Matthew's brother, and William Lewis have joined as senior vice presidents. All four also hold the title of wealth advisor. Each of the 14 advisors and support staff is receiving an equity stake in Steward through the deal.
The deal, which closed Friday, is Steward's fourth acquisition of the year, but likely not the last one. A representative says Steward expects to bring on about $500 million in assets through its acquisition pipeline in the fourth quarter, and another $2 billion to $3 billion is expected to come over in deals in the first quarter of 2025.
A spokeswoman for Ameriprise declined to comment on the departure.
Write to advisor.editors@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 20, 2024 09:43 ET (14:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments