The Oregon-based Lindsey Group and the Los Angeles group of Trost Monetary have mixed forces throughout the $38 billion employee-owned Steward Companions. The 2 companies will merge to create the Lindsey-Trost Group of Steward Companions.
The addition of Trost and his employees will deliver an extra $180 million in property underneath administration underneath Steward; when mixed with the Lindsey Group’s $532 million AUM complete, the newly created agency will handle $712 million in mixed shopper property.
The melding of the 2 companies relies on a relationship between the principals that spans 4 a long time, again to when Greg Trost attended school on the College of Oregon and met Doug Lindsey.
In an interview with WealthManagement.com, Trost and Lindsey mentioned their partnership and the advantages of merging their companies.
Over the a long time, Trost and Lindsey independently grew their books of enterprise, with Lindsey becoming a member of Steward Companions in 2021. However previously a number of years, the duo started discussing the advantages of mixing forces to create a agency that spans the size of the nation’s west coast, from Trost in Century Metropolis, Calif., to Lindsey in Lake Oswego, outdoors of Portland, Ore.
“I believe the entire goes to be better than the sum of its elements when it’s all executed,” Lindsey mentioned.
In line with Trost, one premier profit was becoming a member of a family-focused agency like Lindsey’s operation, which incorporates Douglas’ sons Justin and Collin as companions and wealth managers. Whereas Trost careworn that neither he nor Lindsey had quick plans to retire, he felt buoyed by the information that his agency’s and clientele’s future have been in sturdy palms.
The brand new agency can even embody Trost alum Michael Mora as a accomplice and wealth supervisor, Melissa Kiser as a accomplice and senior registered shopper administrative supervisor, and Katie Scott, who will tackle the roles of accomplice, vice chairman and shopper administrative supervisor.
Trost and Lindsey have purchasers all through California and the Pacific Northwest. Lindsey mentioned it will make it simpler for each companies to satisfy in particular person with some purchasers they’d sometimes converse with remotely.
Trost mentioned the 2 companies’ differing strengths will complement one another. Trost tends to give attention to fee-based planning, whereas Lindsey’s agency develops funding portfolio methods for its purchasers. Different specialties at the moment are in-house, with Trost stating that he’d beforehand wanted to schedule common consultations with CFAs. With Justin Lindsey’s assist, he can preserve that enterprise requirement throughout the agency’s partitions.
“That’s actually highly effective,” he mentioned. “And purchasers need to refer (to us). They need extra individuals to get what they’re getting.”
Eric Discipline, Steward Companions’ divisional president for the west, mentioned the agency hoped to proceed constructing its presence within the area, together with in San Francisco and Arizona, amongst different locales. Lindsey discovered the truth that everybody from the companions to their assistants benefitted from fairness in Steward to be a premier promoting level.
“It’s an important construction and rather well put collectively,” he mentioned. “It’s attention-grabbing how issues come collectively.”
Final month, Steward acquired Mainstay Wealth Administration, a N.J.-based group of 4 advisors with over $850 million in managed property who joined from Ameriprise.
