A group of former Morgan Stanley managers have partnered with Raymond James Financial Services to launch new wealth advisory firm which will offer equity ownership and succession planning to advisers.
The new firm, Steward Partners Global Advisory, was co-founded by CEO Michael Maurer and president James Gold, along with founding partners Ross Wilkinson, Theodore Schwab
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The new wealth advisory firm aims to help advisers in the age group of 50-60yrs develop a succession plan that will keep their client base intact.
The package offered by Steward Partners for advisers include an equity ownership stake in Steward Partners and eligibility in a profit-sharing program, the option to serve of counsel to a team of advisers who have taken over the adviser’s book of business, the ability to sell their equity stake or receive dividends for up to seven years after retirement, and 100% medical coverage up to seven years after retirement.
Maurer was quoted by InvestmentNews as saying that the strategic partnership with Raymond James offers Steward wirehouse-level resources such as a platform that includes alternative investments, equity research, and trust and estate planning.
