Steward Partners, an employee-owned, hybrid partnership of independent advisory firms, has acquired Mainstay Wealth Management, a team of four advisors in Riverdale, N.J., 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 was operating as Mindful Wealth Management, but they decided to rebrand to Mainstay with the move.
“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,” Burklow said in a statement. “We’re very grateful for the path we’ve been on for the past 33 years, and the team at Steward Partners brings us the platform and confidence to begin this new chapter and be a part of something bigger than ourselves.”
This follows news earlier this month that Steward added two advisors with $175 million in AUM to its Miller Family Wealth branch. Florida-based advisors Zach Berg and Barry Berg created G2G Wealth Management at Steward Partners. The duo were previously with First Republic Bank, which was acquired by JPMorgan Chase last year.