The Oregon-based Lindsey Group and the Los Angeles workforce of Trost Monetary have mixed forces inside 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 workers will carry an extra $180 million in belongings below administration below Steward; when mixed with the Lindsey Group’s $532 million AUM complete, the newly created agency will handle $712 million in mixed shopper belongings.
The melding of the 2 companies is predicated on a relationship between the principals that spans 4 a long time, again to when Greg Trost attended faculty 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 up to now 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 higher than the sum of its elements when it’s all completed,” Lindsey mentioned.
In keeping 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 confused that neither he nor Lindsey had fast plans to retire, he felt buoyed by the information that his agency’s and clientele’s future had been in sturdy palms.
The brand new agency can even embody Trost alum Michael Mora as a associate and wealth supervisor, Melissa Kiser as a associate and senior registered shopper administrative supervisor, and Katie Scott, who will tackle the roles of associate, vp and shopper administrative supervisor.
Trost and Lindsey have purchasers all through California and the Pacific Northwest. Lindsey mentioned it might make it simpler for each companies to fulfill in individual with some purchasers they’d sometimes converse with remotely.
Trost mentioned the 2 companies’ differing strengths will complement one another. Trost tends to concentrate on fee-based planning, whereas Lindsey’s agency develops funding portfolio methods for its purchasers. Different specialties at the moment are in-house, with Trost mentioning that he’d beforehand wanted to schedule common consultations with CFAs. With Justin Lindsey’s assist, he can maintain that enterprise requirement inside the agency’s partitions.
“That’s actually highly effective,” he mentioned. “And purchasers need to refer (to us). They need extra folks 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 incredible construction and rather well put collectively,” he mentioned. “It’s fascinating how issues come collectively.”
Final month, Steward acquired Mainstay Wealth Management, a N.J.-based workforce of 4 advisors with over $850 million in managed belongings who joined from Ameriprise.
