Steward Partners Announces Monaco Capital and Saling Simms Associates Acquisitions, Sustaining Rapid Firm Expansion

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Apr 18, 2024, 09:08 ET

Transactions mark latest addition to Steward's Legacy Division, adding $480+ million in client assets

NEW YORK, April 18, 2024 /PRNewswire/ -- Steward Partners, a full-service, employee-owned, independent financial services firm, announced today the acquisitions of financial advisory firms Monaco Capital and Saling Simms Associates under Steward Partners' Freedom Street merger. The two firms will add five advisors and a combined total of $488 million in client assets to Steward Partners' roster.

The acquisitions denote an expansion of the recently established legacy model at Steward Partners, which was realized with the firm's Freedom Street Partners acquisition and offers financial advisors the capacity for growth along with a platform for business transition. With Freedom Street Partners' integration, Monaco Capital and Saling Simms Associates advisors will become equity partners and employees of Steward Partners.

Monaco Capital is based in Virginia Beach, VA, and will bring their practice managing $175 million in client assets to Steward Partners. The acquisition marks the expansion of Steward's Virginia Beach office, which has been steadily growing since the Freedom Street Partners acquisition in December of 2023.

Saling Simms Associates's wealth management business carries a network of four financial advisors managing $314 million in client assets and offers Steward Partners an avenue for expansion into the Columbus, Ohio market, where the firm will open its newest office. Saling Simms Associates President James Saling and Vice President Brent Simms, who have a combined 70+ years of industry experience, will accompany their teams in joining Steward Partners as part of this transition.

"The acquisition of both Monaco Capital and Saling Simms Associates marks another step in our commitment to deliver excellence to our advisors, partners, and clients through our legacy model," said Jim Gold, CEO and Co-Founder of Steward Partners. "Since establishing the model last December, we have seen tremendous growth in our already successful business, and we are excited to work alongside our new partners as we continue this trajectory."

According to Freedom Street Partners' CEO Scott Danner, who aided in the transition of the two firms into the Steward Partners' network, the acquisition was a testament to Steward Partners' commitment to providing comprehensive offerings for advisors and greater value for clients.

"The teams at these two respective firms have spent their entire careers shouldering the financial burden of their clients. Our goal at Steward is to shoulder it for them, ensuring smooth continuity as these advisors transition into the next chapter of their careers and their clients into the next phase of their lives," said Scott Danner, CEO of Freedom Street Partners. "This acquisition is a testament to Steward Partners' standing as an industry leader, our firm's breadth of expertise and the strength of our leadership team that continues to propel us forward. I have no doubt that this will be a smooth transition for everyone involved."

This news follows Steward Partners' acquisition of Freedom Street Partners, which closed on December 19, 2023, and was fully transitioned into Steward Partners on March 15, 2024.

About Steward Partners

Representing some of the U.S.'s top advisors, Steward Partners is a full-service, employee-owned, independent financial services firm that offers wealth management solutions for families, businesses, and multigenerational investors. Established in 2013, the firm fosters a positive, transparent culture of camaraderie and excellence that has fueled its substantial growth in a highly competitive industry. With its commitment to exceptional client service and forward-thinking partnerships, the firm was ranked as the #19 RIA in the country in Barron's Top 100 RIAs for the year 2023. Offering services such as comprehensive wealth planning, private banking, institutional consulting, international advisory, and business solutions, the firm was responsible for over $32 billion in client assets as of January 2024.

To learn more about Steward Partners, visit www.stewardpartners.com.

Barron's Top 100 RIA Firms, 2020 | 2021 | 2022 | 2023. Barron's is a registered trademark of Dow Jones & Company, L.P. All rights reserved. Participation in this ranking is by invitation only and limited to firms that meet the minimum eligibility requirements. About 200 firms were nominated, with 100 being ranked. Participating firms were evaluated and ranked on a wide range of quantitative and qualitative data, including assets overseen by the firm, revenue generated by the firm, level of technology spending, number of clients, size of staff, diversity across staff, and placement of a succession plan. The ranking may not be representative of any one client's experience, is not an endorsement, and is not indicative of the advisor's future performance. Neither Steward Partners nor any of its Financial Advisors pay a fee in exchange for this award/rating. Barron's is not affiliated with Steward Partners.

Securities and investment advisory services are offered through Steward Partners Investment Solutions, LLC, registered broker/dealer, member FINRA/SIPC, and SEC-registered investment adviser. Investment Advisory Services may also be offered through Steward Partners Investment Advisory LLC, an SEC-registered investment adviser. Steward Partners Investment Solutions, LLC, Steward Partners Investment Advisory LLC, and Steward Partners Global Advisory, LLC are affiliates and separately operated.

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SOURCE Steward Partners