Announcement Comes Amidst Impressive 2019 Growth for the Firm
WASHINGTON, Oct. 22, 2019 /PRNewswire/ -- Steward Partners Global Advisory, LLC, an employee-owned, full-service independent partnership associated with Raymond James Financial Services, Inc. (member FINRA/SIPC), today announced a new 1099 affiliate model, offering advisors the ability to run their own office and local profit and loss statement, while still being connected to the firm's robust infrastructure. The new offering comes in response to increased advisor requests for local autonomy, coupled with the significant resources and equity opportunity that are unique to Steward.
Steward Partners' new affiliated offering uses a 1099 employment model, where advisors are classified as self-employed independent contractors while operating within Steward Partners' infrastructure. This grants advisors more independence and control of their business, while still providing them with the technology, compliance, resources and executive support enjoyed by full-time employees. Steward's new affiliate model differs from many in the RIA industry in that it will provide independent employees equity in the firm, just as it does to all full-time employees.
"Our new affiliate model was created with entrepreneurial advisors in mind," said Jim Gold, Chief Executive Officer at Steward Partners. "We know that different advisors have different needs, and we couldn't be more excited to expand and evolve our business by offering advisors more options as they consider the move to independence. Up to this point, we were only able to accommodate advisors in a W-2 model. This opens the Steward offering to anyone considering independence. This also allows existing independent advisors to consider joining the Steward family."
"Our team has been working hard to make this a reality for a long time," said Hy Saporta, President at Steward Partners. "We continue to hear from advisors that recognize the value Steward Partners provides, and we believe this is an important step in our continued evolution as a firm and something that will take us to the next level and continue to support our strong growth."
Steward Partners has been one of the fastest growing RIAs in the industry since being founded in 2013. Just this year alone, the firm has added 18 new advisors and opened 6 new offices to support their aggressive recruiting, pushing overall advisor headcount above 100 across 21 locations, with more expected before year-end.
"This is a big day for the entire firm, and we look forward to welcoming more advisors to the Steward family under this new model," added Charlie Johnston, a board member at Steward Partners and former CEO of Smith Barney and President of Morgan Stanley Smith Barney.
Additionally, in April, Steward Partners received a $50 million minority investment from The Cynosure Group, an independent alternatives asset manager and advisor that makes long-term investments on behalf of families, foundations, and other like-minded institutions. This investment made Steward one of the first RIAs to provide its team with a meaningful liquidity event in such a short timeframe since launching, and highlights the strong momentum the team aims to continue through 2020.
For more information, visit Steward Partners at www.stewardpartners.com/
About Steward Partners Global Advisory
With offices in Newtown, CT., Washington, D.C., Clearwater, FL., Andover and Boston, MA., Baltimore and Bethesda, MD., Portland, ME., Hendersonville, NC., Keene, Manchester and Portsmouth, NH., Paramus and Morristown, NJ., Albany and New York City, NY., Plymouth Meeting, PA., Austin, Dallas and Houston, TX., and Richmond, VA., Steward Partners Global Advisory, LLC, is an employee-owned, full-service independent partnership catering to family, institutional and multigenerational wealth. For more information, visit us at www.stewardpartners.com.
About Raymond James Financial Services, Inc.
Raymond James Financial Services, Inc. is a financial services firm supporting independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF) a leading diversified financial services company with approximately 7,900 financial advisors throughout the United States, Canada and overseas. Total client assets are $825 billion.
Steward Partners Holdings, Steward Partners Global Advisory, LLC maintain a separate professional business relationship with, and our registered professionals offer securities through, Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Steward Partners Investment Advisory, LLC, 1776 I Street NW, Suite 700, Washington, DC 20006. Toll Free: (844) 801-8268.
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