Twenty Four Wealth Management, a newly-named firm dually based in New York City and Fairfield, Conn. with more than $460 million in brokerage and advisory assets, is aligning with Stratos Wealth Partners, an RIA and office of supervisory jurisdiction that works with LPL-affiliated firms using its broker/dealer and hybrid RIA platforms.
The firm will be joining LPL and Stratos from MassMutual Financial Advisors. Co-founder Anthony Truino said they hope to capitalize on the operational support and tech options Stratos offers that will help the firm’s advisors act in a manner akin to being CFOs for clients.
“As the industry changes, we need to make sure we’re with the best partners who can pivot quickly so we can continue offering the highest level of service,” Truino said. “There are many talented advisors who could grow exponentially if they just plugged in to a vast power source, which is a system like ours.”
The firm works with executives, business owners and professional athletes, developing about 300 financial plans each year. In addition to Truino, Twenty Four Wealth Management has three advisors and seven support staff. The firm hopes to find growth in organic and inorganic ways; Stratos and LPL’s platforms can assist them in doing so, according to Stratos Wealth Partners Managing Partner Michael O’Brien.
“The breadth of the Twenty Four Wealth Management team, coupled with the flexibility, resources and support now surrounding them, puts them in great position to continue their exponential organic growth and expansion through acquisitions,” he said.
Stratos Wealth Partners has more than 275 independent advisors in more than 87 locations throughout the country. In addition to the $6.3 billion in managed assets advising through LPL, it manages $6.2 billion in brokerage and third-party managed assets; the RIA also has 60 home office staff. Last month, Utah-based investment advisory firm Whittenburg Wealth Partners, which had about $475 million in assets, joined LPL by aligning with Stratos. As with the Twenty Four Wealth Management deal, Stratos cited its experience with inorganic growth via acquisition as a prime reason for the partnership.