Steward Partners Buys $3.2B Virginia RIA

Steward Partners Global Advisory, a hybrid registered investment advisor, has acquired Freedom Street Partners, a $3.2 billion financial services firm with 38 independent advisors.

Specific financial terms of the deal, which is expected to close by the end of the year, were not disclosed.

Chesapeake, VA-based Freedom Street Partners advisors will join Steward Partners as equity partners, employees, or affiliates through the firm’s Washington, D.C. office, and will work with Raymond James as their broker.

Steward Partners, which manages $28 billion in client assets, will acquire the Freedom Street Partners wealth management business, including its client assets and network of financial advisors. Freedom Street Partners’ management team and staff will be joining Steward Partners to operate this new division.

With locations across New England, the mid-Atlantic, South, and Northwest, Steward Partners’ acquisition of Freedom Street Partners’ wealth management business now creates the ability to expand in those regions and elsewhere across the country.

Founded by Scott Danner, CEO, Freedom Street has experienced similar growth since its founding in 2016, with 17 locations in the Mid-Atlantic, Southeast, and Midwest.

“Establishing this new division allows us to expand our business model and we believe it will be a key component of our future growth, attracting a new segment of advisors to Steward Partners,” said James Gold, CEO and Co-Founder of Steward Partners.