Hybrid RIA Steward Partners has acquired Mainstay Wealth Management, expanding its New Jersey foothold.
The move adds four advisors and over $850m in assets under management to Steward Partners’ Legacy Division. This acquisition is also said to enhance the firm’s presence in the region with a new office in Riverdale.
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The Mainstay Wealth Management team, led by Timothy Burklow Sr. and Matthew Rotella, is composed of 14 professionals with over 30 years of wealth sector experience.
The team was previously affiliated with Ameriprise Financial Services.
Mainstay Wealth Management managing director and wealth advisor Timothy Burklow said: “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.”
With the transition from Ameriprise, the team has rebranded from “Mindful Wealth Management” to “Mainstay Wealth Management.”
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By GlobalDataBesides Burklow and Rotella, who joins as a managing director and wealth advisor, Chris Rotella and William (Bill) Lewis have been appointed as senior vice presidents and wealth advisors at Steward Partners.
Steward Partners legacy division head Scott Danner said: “Departing any firm after 33 years is no small feat, and we are honoured that the Mainstay Wealth Management team has put their full trust in us to fulfil 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.”
Steward Partners is an employee-owned firm established in 2013. It offers a range of services, including comprehensive wealth planning, private banking, institutional consulting, international advisory, and business solutions.
As of October 2024, the firm managed over $38bn in client assets. Recently, Steward Partners launched G2G Wealth Management, a hybrid team managing $377M in client assets.
