Steward Partners Expands Business Model with Acquisition of Freedom Street Partners

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Steward Partners Global Advisory Group

Nov 16, 2023, 12:04 ET

Transaction Establishes New "Owned Business" Division and Adds $3+ Billion in Client Assets

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- Steward Partners Global Advisory, LLC, an employee-owned, full-service independent partnership and FSP Enterprise LLC (d/b/a Freedom Street Partners) announced today the acquisition by Steward Partners of Freedom Street Partners. Freedom Street Partners and their network of 38 financial advisors manage $3.2 billion in client assets. Upon close, expected by year-end, Freedom Street Partners advisors will become equity partners and employees or affiliates of Steward Partners. The acquisition marks the establishment of a new "owned business" division at Steward Partners, providing additional capacity for growth and creating a vehicle for advisors looking to sell their business to Steward Partners.

Steward Partners is one of the fastest-growing independent wealth advisory firms in the country, with nearly $28 billion in client assets, and recently ranked 19th on Barron's eighth annual ranking of independent registered investment advisor (RIA) firms, marking its fourth consecutive year on the list. With locations across New England, the Mid-Atlantic, the South, and the Northwest of the United States, Steward Partners' acquisition of Freedom Street Partners' wealth management business now creates the ability to expand in those regions and elsewhere across the country. Freedom Street has experienced similar growth since its founding in 2016, with 17 locations in the Mid-Atlantic, Southeast, and Midwest.

"Establishing this new division allows us to expand our business model and we believe it will be a key component of our future growth, attracting a new segment of advisors to Steward Partners," said James Gold, CEO and Co-Founder of Steward Partners. "The acquisition of Freedom Street Partners' wealth management business is an important step in expanding our already successful business, and as we welcome our new partners to the Steward Partners family, we will work with them to continue to build this attractive opportunity."

According to Freedom Street Partners' CEO Scott Danner, this transaction reflects the firm's commitment to partner with a proven industry leader to assist in the growth it has achieved in seven years while providing a more comprehensive offering and deep resources that provide greater value for customers and growth opportunities for the firm. In addition to offering current and future Freedom Street Partners' wealth management clients enhanced wealth advisory tools, the partnership also enables the firm to increase its investment in advisors looking to transition their business and will make the combined business an even more attractive destination for advisors.

"Today's announcement will help fuel the already attractive growth we have been able to create since we formed Freedom Street Partners and is a clear win-win for Freedom Street Partners' wealth management advisors and clients," said Scott Danner, CEO of Freedom Street Partners. "Leveraging Steward Partners' deep resources and expertise in the wealth advisory space allows us to provide our clients with enhanced access to the highest level of expertise and service, while also freeing up additional resources as we continue to grow the business as a new division of Steward Partners. Steward Partners has a strong, experienced leadership team and an entrepreneurial growth culture that prioritizes advisors while providing sophisticated back-end technology and planning tools to deliver exceptional service to clients."

Under terms of the agreement, which were not disclosed, Steward Partners will acquire the Freedom Street Partners wealth management business, including its client assets and network of financial advisors, which will form the cornerstone of its new division. In addition, Freedom Street Partners' management team and staff will be joining Steward Partners to operate this new division.

"The addition of Freedom Street Partners as the foundation of our new Freedom Street division creates a new valuable, high-growth business segment at Steward Partners where we have had high demand from advisors and wealth management firms considering a transition from their current situations," commented Hy Saporta, President and Chief Operating Officer at Steward Partners. "We found the Freedom Street Partners team completely aligned with Steward Partners culturally and shared our vision for growth as we move to the next stage in our evolution."

Eversheds Sutherland (US) LLP served as legal counsel to Steward Partners. Freedom Street Partners is advised by STS Capital Partners, with Walter Haverfield serving as legal counsel.

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 one of Barron's Top 100 RIAs for the years 2020-2023. Offering services such as comprehensive wealth planning, private banking, institutional consulting, international advisory, and business solutions, the firm was responsible for nearly $28 billion in client assets as of November 2023. To learn more about Steward Partners, visit www.stewardpartners.com.

Securities and investment advisory services 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.

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.

Michaela Morales
Assistant Vice President
973-224-7152
[email protected]

SOURCE Steward Partners Global Advisory Group