Steward Partners, an independent and employee-owned financial services firm, has announced the acquisition of two financial advisory firms, Monaco Capital and Saling Simms, under its Freedom Street merger. This strategic move adds five advisors and a combined total of $488 million in client assets to Steward Partners’ growing portfolio.

The acquisitions are part of Steward Partners’ expansion of its recently established legacy model, which began with the acquisition of Freedom Street Partners. This model provides financial advisors with opportunities for growth and a platform for business transition. As a result of the merger, advisors from Monaco Capital and Saling Simms will become equity partners and employees of Steward Partners, aligning with the firm’s ethos of shared ownership and collaborative success.

Monaco Capital, based in Virginia Beach, VA, brings $175 million in client assets to the table. This addition bolsters Steward Partners’ presence in Virginia Beach, a market that has seen consistent growth since the initial Freedom Street Partners merger in December 2023.

Meanwhile, the inclusion of Saling Simms introduces four new financial advisors managing $314 million in assets, marking Steward Partners’ entry into the Columbus, Ohio market with the opening of a new office. Saling Simms’s leadership, President Jim Saling and Vice President Brent Simms, bring over 70 years of combined industry experience to their new roles at Steward Partners.

Jim Gold, CEO and Co-Founder of Steward Partners, highlighted the significance of these acquisitions: “The acquisition of both Monaco Capital and Saling Simms marks another step in our commitment to deliver excellence to our advisors, partners, and clients through our legacy model. 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.”

Scott Danner, CEO of Freedom Street Partners, also emphasized the benefits of the acquisition, stating, “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. 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.”

The strategic acquisitions of Monaco Capital and Saling Simms by Steward Partners not only enhance the firm’s asset management capabilities but also its geographical reach. Integrating these firms under the Steward Partners umbrella showcases a proactive approach to growth and a commitment to providing a robust platform for financial advisors. The expansion into new markets like Columbus, Ohio, coupled with the strengthening of existing operations in Virginia Beach, positions Steward Partners to capitalize on diverse market opportunities and continue its upward trajectory in the competitive financial services landscape.

  client asset management, financial advisory firms, Financial Services Expansion, Freedom Street merger, Market Growth, Monaco Capital, Saling Simms, Steward Partners