A Florida-based advisory team has left Merrill Lynch after nearly four decades to join Steward Partners' W-2 model. WealthManagement.com reports that the team, operating under Coastal 360 Capital Advisors, manages over $320 million in assets under management (AUM).
This move marks the establishment of Steward Partners' fourth office in Florida, with other locations in Clearwater, Sarasota, and Winter Park. Steward Partners has grown significantly since its inception in 2013 with a single advisor and around $100 million in AUM. It now oversees over $35 billion in client assets across 500 partners, primarily by attracting breakaway wirehouse advisors.
Advisors joining Steward Partners have the option of a W-2 employee model or a 1099 model. In late 2023, Steward launched an M&A model, starting with the acquisition of Freedom Street Partners, a $3.2 billion firm. The firm continued its expansion by adding Monaco Capital and Saling Simms to the M&A model in the following months.
Steward Partners is majority-owned by its employees and supported by capital from Cynosure Group, the Pritzker Organization, and a $140 million credit facility.
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