Steward Partners, a hybrid partnership of employee-owned independent advisory firms, has acquired Mainstay Wealth Management, a team of four advisors in Riverdale, NJ, with over $850 million in assets under management. The team was previously with Ameriprise Financial Services for 33 years and will now be under Steward's legacy division.
The team, led by Timothy Burklow Sr. and Matthew Rotella, has 14 professionals and will operate as Mainstay Wealth Management at Steward Partners. Chris Rotella and William “Bill” Lewis join Steward as senior vice presidents and wealth advisors.
At Ameriprise, the practice operated as Mindful Wealth Management, but they decided to rebrand to Mainstay with the move.
“Entering this new chapter with Steward Partners was the perfect opportunity for us to fully embody our revised fan, strengthening the continuation of our mission to provide support in every aspect possible to bring together our clients and team alike.” Burklow said in a statement. “We are very grateful for the path we have followed for the past 33 years and the Steward Partners team brings us the platform and confidence to begin this new chapter and be part of something bigger than ourselves.”
This follows news earlier this month that Steward added two advisers with $175 million in AUM to its Miller Family Wealth arm. Florida-based advisors Zach Berg and Barry Berg created G2G Wealth Management at Steward Partners. The pair were previously with First Republic Bank, which was acquired by JPMorgan Chase last year.