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Oswego Crest Financial Group Leaves Commonwealth Financial for Steward Partners

The Oregon quartet specialized in retirement planning manages around $230 million in client assets.

Steward Partners Global Advisory, a D.C.-based hybrid RIA with some $30 billion in client assets, announced the addition of Oswego Crest Financial Group to its growing stable of independent financial advisors on Wednesday.

Based in Lake Oswego, Ore., Oswego Crest is owned by four team members managing approximately $230 million in assets, including wealth managers Patricia Sturr, Peter Miller and Tom Daniels, as well as client administrative manager Peggy Maxwell. The quartet joined Steward after more than 15 years with Commonwealth Financial and will continue operating under their own brand as an affiliate of Steward Partners.

"The systems and connectivity that they have in place and the fact that Raymond James, who will be our custodian, has a dedicated team that just works with Steward Partners advisors were all very important to us," Daniels said in a statement.

Oswego Crest is focused on serving individuals in or nearing retirement, providing investment management, financial planning, risk management strategies, tax optimization, retirement and estate planning services, as well as advice around risk management, corporate compensation and succession planning for business owners.

Affiliated practices may join Steward as independent contractors or W-2 employees; they may choose to take on Steward branding or operate under their own as a Steward Partners affiliate, as Oswego has chosen to do.

Incoming advisors are also offered a choice of custodian, after the firm purchased a broker/dealer in early 2021 and shifted to a multi-custodial model. BNY Mellon | Pershing was added earlier this year, and Steward has already brought several teams onto that platform. A partnership with Goldman Sachs has taken a bit longer to get off the ground.

Since launching in 2013 with around $50 million in client assets, Steward Partners has grown to around $30 billion in assets, managed by more than 225 advisors in 23 states, through the ongoing recruitment of breakaway wirehouse advisors and, more recently, advisors leaving independent broker/dealers.

Majority owned by employees, the firm is backed by Cynosure Group and the Pritzker Organization and received a $140 million credit facility, led by Apogem Capital, last fall to fuel continued growth.

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