The financial advisory landscape is witnessing a significant shift with the recent acquisition of Foothills Legacy Wealth Management by &Partners. This move marks a strategic expansion for &Partners, a hybrid RIA founded by David Kowach and his team of wirehouse veterans. The addition of Foothills Legacy, with its $864 million in prehire assets under management, further solidifies &Partners' position as a major player on the East Coast.
Foothills Legacy, led by co-founders Andrew Cook and Gerard Mehan, both former Wells Fargo advisors, brings a wealth of experience and a strong client base. The team's expertise in wealth planning, investment management, retirement planning, tax planning, and estate planning positions them as a comprehensive solution for clients across various life stages. This comprehensive approach is a key differentiator in the market, attracting clients seeking holistic financial advice.
The acquisition is part of a rapid growth trajectory for &Partners. Since its launch in 2023, the firm has been on an aggressive recruiting spree, adding advisor practices from prominent firms like Wells Fargo, Edward Jones, and UBS. The firm's equity cap of 40 million shares, designed to support growth to $120 billion in assets under management, is a strategic move to ensure advisors have a significant stake in the company's success.
One of the most intriguing aspects of &Partners' strategy is its focus on gender diversity. As of March, the firm claimed that 41% of its partner advisor teams were led by women, a significant improvement over industry standards. This commitment to gender diversity is a testament to &Partners' belief in the importance of attracting and retaining female talent. By empowering women advisors to own a piece of their business and participate in equity, &Partners is not only diversifying its workforce but also setting a new standard for the industry.
The firm's rapid growth and strategic acquisitions have been fueled by its ability to attract top talent. Kowach and his co-founders set an ambitious goal of 100 top-performing advisor partner teams when they launched the firm. This goal was achieved in just over two years, a remarkable feat that highlights the firm's ability to identify and recruit the best advisors in the industry. The equity cap strategy, combined with a focus on gender diversity, positions &Partners as a forward-thinking and inclusive organization.
As &Partners continues to expand its presence on the East Coast, it is poised to become a major player in the financial advisory space. The firm's commitment to comprehensive wealth management, gender diversity, and strategic acquisitions are shaping its future success. With a strong foundation and a clear vision, &Partners is well-positioned to attract and retain top talent, further solidifying its position as a leading hybrid RIA in the industry.
