Jim GoldĀ first visited our show back in March 2019. At the time, Steward Partners was just over five years old and already considered a success with 104 advisors in 17 offices and $10.9 billionĀ under management while still operating under the Raymond James Independent Contractor Platform.
Today, just three-and-a-half years later and with less than a decade under its belt, Steward is managing some $27 billion in assets with 350 partners, 200 of which are financial advisors, in 30 locations throughout the United States.
Plus, Steward has expanded itsĀ custodial optionsāmaking headlines as one of the first to sign on to the Goldman Sachs custodial platform āand the firm now offers a 1099 option as well as its original W-2 path.
In this episode, Jim discusses the evolution of Steward Partners with Louis Diamond, including:
- The gap in the landscape that Steward first sought to fillāand how the firmās goals and value proposition have grown over time.
- The choice to move off the Raymond James Independent Contractor Platformāand how that impacted its ability to expand options for advisors.
- Breaking new groundĀ with the Goldman Sachs custody platformāand how Stewardās custody options have made the firm more attractive to a broader swath of advisors.
- The factors around the firmās extraordinary growthāand how the firm gained incredible traction over recent years.
- The value of equity vs. cashāand what advisors considering Steward need to know about the economics.
- Plus, Jim shares his thoughts on a very evolved independent spaceāand what advisors associated with Steward can do that they could not under a wirehouse umbrella.
Just as the wealth management landscape has evolved, so have relatively young firms like Steward Partners. Less than a decade ago, it created a firm that took a ācommon senseā approach, as Jim put it, to offer advisors a blend of what worked in the large firms and those things advisors lacked, adding in greater freedom and control. And Stewardās growth over the years is a testament to the formulaās success.
Itās an episode that demonstrates the evolution of the independent spaceāoffering an insiderās perspective on change in the landscape at large.