A Naples, Fla.-based team led by counsel Alicia Fuller has left Merrill Lynch after nearly 40 years on the wire to join Steward Partners' W2 model. Steward, a hybrid partnership of employee-owned independent advisory firms, added Coast 360 Capital Advisors, with over $320 million in AUM.
This represents Steward's fourth office in Florida; it also has locations in Clearwater, Sarasota and Winter Park.
Fuller is joined by Courtney Shrewsberry, vice president and wealth manager, and Christina Sanchez, vice president and client administrative manager.
Launched in 2013 with one advisor and approximately $100 million in assets under management, Steward has since grown to more than $35 billion in client assets across 500 partners, primarily through the recruitment of office-based advisors.
Advisors can join through a W2 employee model or a Form 1099. Late last year, the firm launched an M&A model it created the acquisition of Freedom Street Partners, a $3.2 billion firm. leader added two more firms models, Monaco Capital and Saling Simms, last month.
“With optionality, we really want to make sure that however you want to connect with Steward, we have something that fits you, versus putting everything in one box,” said Jeff Gonyo, senior division president, Southern Division and head of recruitment of Steward Partners.
Coastline 360 united according to the W2 model; Fuller said it was the easiest transition for the team coming off a wire.
“Going to a 1099 channel was just a bridge too far for me, so the middle ground was a perfect fit,” she said.
Fuller said the firm will use Raymond James for the custody.
Steward moved to a multi-custodial model in 2022 as the firm brought brokerage and records in-house, and Pershing added that fall. Efforts to add Goldman Sachs have been delayed since Steward was announced as its own RIA's first custody client in 2021. Since then, Goldman has slowed the rollout of the new channel and added several other firms ahead of Steward.
Fuller said she chose Steward because the firm allowed her to be “entrepreneurial-minded,” create her own brand and build a legacy business.
“We do a lot of in-depth planning for our clients, a lot of estate planning, so this is very generation-driven,” she said. “For clients to understand that there's a team here that can be here for several of their children's lives is very rewarding for them and a very positive thing for us as well.”
Steward is majority employee-owned and backed by equity from Cynosure Group and the Pritzker Organization, as well as a $140 million credit facility.