Nov 21, 2024, 09:08 ET
NEW YORK, Nov. 21, 2024 /PRNewswire/ — Steward Partners, a full-service, employee-owned, independent financial services firm, announced today the acquisition of Mainstay Wealth Management, adding four advisors and over $850 million in assets under management to Steward Partners’ roster in its Legacy Division.
This new partnership further expands Steward Partners’ New Jersey presence with an office in Riverdale. Led by Timothy Burklow Sr. and Matthew Rotella, the team of 14 professionals has established Mainstay Wealth Management at Steward Partners.
The Mainstay Wealth Management team brings over three decades of wealth management industry experience through their extensive tenure at Ameriprise Financial Services, where they were both recognized by multiple institutions for their dedication to client experience, including the Forbes Best-in-State Wealth Advisors list. With their departure from Ameriprise, the team decided to change their name from “Mindful Wealth Management” to “Mainstay Wealth Management” to best capture their new chapter as a part of Steward Partners.
“Embarking on this new chapter with Steward Partners was the perfect opportunity for us to fully embody our revised namesake, solidifying the continuation of our mission to provide support in every facet possible to unify our clients and team alike,” said Timothy Burklow, Managing Director and Wealth Advisor at Mainstay Wealth Management. “We’re very grateful for the path we’ve been on for the past 33 years, and the team at Steward Partners brings us the platform and confidence to begin this new chapter and be a part of something bigger than ourselves. This journey has created a newfound energy within me, and I cannot wait for the next decade.”
“This is an exciting development for every part of Steward Partners, and we are thankful to be working in tandem with such a strong, wonderful team,” said Scott Danner, Head of the Legacy Division at Steward Partners. “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. 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.”
In addition to Burklow and Rotella, who also joins Steward Partners as a Managing Director and Wealth Advisor, Chris Rotella and William (Bill) Lewis join Steward Partners as Senior Vice Presidents and Wealth Advisors.
Steward Partners remains one of the industry’s fastest-growing RIA firms since its launch in 2013. Earlier this year, the Firm was listed #18 on Barron’s’ Top 100 RIA Firms ranking and had 23 Wealth Managers named to the Forbes 2024 List of Best-In-State Wealth Advisors, an annual ranking that spotlights more than 7,000 advisors who are researched, interviewed, and assigned a ranking based on an algorithm of qualitative and quantitative criteria. Additionally, three Steward Partners Wealth Managers were included on Forbes Top Next-Gen Wealth Advisors Best-In-State 2024 list, all of which are prepared by SHOOK Research. The Firm was also included in 2024’s Inc. 5000 list which celebrates America’s fastest-growing private companies.
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 #18 RIA in the country in Barron’s Top 100 RIAs for the year 2024. Offering services such as comprehensive wealth planning, private banking, institutional consulting, international advisory, and business solutions, the Firm was responsible for over $38 billion in client assets as of October 2024.
To learn more about Steward Partners, visit www.stewardpartners.com.
All recognition award information is available on the Steward Partners website: https://www.stewardpartners.com/Recognition.35.htm
Barron’s Top 100 RIA Firms, 2020 / 2021 / 2022 / 2023 / 2024. 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. 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 its Wealth Managers pay a fee to Barron’s in exchange for the ranking.
About Forbes | SHOOK
2024 Forbes Top Next-Gen Wealth Advisors
SHOOK considered advisors born in 1985 or later with a minimum of 4 years as an advisor. Advisors must have built their practices, led their teams, joined teams, and are viewed as future leaders, or a combination of both. The ranking algorithm is based on qualitative measures: telephone and in-person interviews to measure best practices. Also reviewed are client retention, industry experience, credentials, review of compliance records, firm nominations, and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and audited performance reports are rare. Data provided by SHOOK® Research, LLC. Data as of 3/31/24. Rankings are based on the opinions of SHOOK Research, LLC, and are not indicative of future performance or representative of any one client’s experience. Neither Steward Partners Investment Solutions, LLC nor its Wealth Managers pay a fee to Forbes or SHOOK Research in exchange for the ranking. For more information, see www.SHOOKresearch.com.
2024 Forbes Best-in-State Wealth Advisors
Ranking was developed by SHOOK Research and is based on in-person, virtual and telephone due diligence meetings to evaluate each advisor qualitatively, a major component of a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC and are not indicative of future performance or representative of any one client’s experience. Neither Steward Partners Investment Solutions, LLC nor its Wealth Managers pay a fee to Forbes or SHOOK Research in exchange for the ranking. For more information, see www.SHOOKresearch.com.
About Inc. and the Inc. 5000
About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.
Inc. 5000 Methodology
Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 to 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2020. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to three decimal places. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.
Securities are offered through Steward Partners Investment Solutions, LLC (“SPIS”), registered broker/dealer, member FINRA/SIPC. Investment advisory services are offered through Steward Partners Investment Advisory LLC (“SPIA”), an SEC-registered investment adviser. SPIS, SPIA, Steward Partners Holdings, LLC and Steward Partners Global Advisory, LLC are affiliates and collectively referred to as Steward Partners.