Steward Partners Acquires $500M Ameriprise Team, Expands with Seven Advisors
Steward Partners, with nearly $50 billion in client assets, acquired Wisdom Rock Financial Advisory Group’s Rochester team managing $500 million AUM, adding seven advisors under its M&A channel. The deal follows a $475 million capital infusion from Ares Management and builds on Steward’s 19 M&A transactions over the past year.
1. Acquisition Overview
Steward Partners has acquired Wisdom Rock Financial Advisory Group’s seven-advisor team and Rochester, New York office, transferring $500 million in client assets under management into its hybrid partnership model. The team is led by industry veterans Michael Keys and Chris Neitz, both former Ameriprise advisors.
2. M&A Channel Growth
Under its dedicated M&A channel, Steward completed 12 deals last year—nine external—and has already closed seven acquisitions year to date, signaling accelerated expansion beyond its legacy wirehouse breakaway roots. The firm has shifted new advisor onboarding to a W-2 model to better manage this rapid growth.
3. Capital Infusion Role
Last December, Steward secured a $475 million non-controlling minority investment and expanded lending relationship with Ares Management, bolstering its balance sheet for further acquisitions and advisor succession planning. This capital strengthens Steward’s ability to support internal retirements and external M&A opportunities.