&Partners
&Partners is a hybrid broker-dealer and RIA wealth management platform founded in 2023, serving experienced financial advisors and their high-net-worth clients through 117 affiliated practices managing approximately $57 billion in AUM.
- Company typePrivate
- Founded2023
- HeadquartersMissouri City, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What &Partners does
&Partners is a hybrid broker-dealer and registered investment advisor wealth management firm founded in fall 2023 by former Wells Fargo leaders David Kowach (former CEO of Wells Fargo Advisors), Kristi Mitchem (former CEO of BMO Global Asset Management and Wells Fargo Asset Management), and John Alexander. The firm is headquartered in St. Louis, Missouri with a secondary base in Nashville, Tennessee, and operates as Ampersand Partners LLC (Delaware holding company) with &Partners LLC as the operating broker-dealer and investment adviser subsidiary (FINRA/SIPC member). The firm serves two interlocking customer segments: experienced financial advisors recruited primarily from major wirehouses (Wells Fargo, Edward Jones, UBS, Merrill Lynch) seeking equity ownership and autonomy, and the high-net-worth individuals and families they advise. As of June 2026, &Partners had 117 affiliated advisor practices overseeing approximately $57 billion in AUM, with a stated three-year growth target of 150 teams and $120B in AUM.
The core product is the &Partners Platform — an open-architecture technology stack built on Fidelity infrastructure with integrations to Envestnet, Wealthscape Investor (Fidelity client portal), MoneyGuide, Holistiplan (AI-assisted tax planning), and Vanilla (AI-assisted estate planning). Trade execution is routed through two clearing firms, Pershing LLC and National Financial Services (Fidelity). Differentiating services include the Concierge CIO function (direct advisor access to senior investment professionals, including the former CEOs of BMO Global Asset Management and Wells Fargo Asset Management), the Prism biannual investment outlook co-published with major asset managers (J.P. Morgan, PIMCO, Carlyle, KKR, AllianceBernstein, DWS, Federated Hermes, Invesco, StepStone, Constitution Capital), and a triple-clean share class structure (no revenue share, no proprietary management fees, no model fees) designed to eliminate product-pushing conflicts.
The business model is recurring AUM-based advisory fees plus transaction-based brokerage commissions, distributed exclusively through affiliated advisor practices via relationship-driven, founder-led recruiting rather than mass advertising. The ownership structure is unusually distributed: advisors collectively form the largest shareholder group and no individual holds more than 5% equity. Revenue reached approximately $350 million by October 2025, with a stated three-year target of $800 million. The firm achieved a 1,106% AUM growth rate in Q1 2025, making it the fastest-growing firm in its asset range per RIA Catalyst, and 21 affiliated advisors were named to the 2026 Forbes Best-in-State Wealth Advisors list.
&Partners firmographics
Firmographics- Name
- &Partners
- Legal name
- Ampersand Partners LLC
- Website
- https://andpartners.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- &Partners is a hybrid broker-dealer and RIA wealth management platform founded in 2023, serving experienced financial advisors and their high-net-worth clients through 117 affiliated practices managing approximately $57 billion in AUM.
- Ownership category
- akta.pro rank
&Partners industry classification
Industry- Product category
- Wealth Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)
- akta.pro secondary industries
- Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC), Financial Planning–Led RIAs (FSAAACAB)
Keywords
Where &Partners is headquartered
LocationHeadquarters
- HQ city
- Missouri City
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
&Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Advisory Fees (AUM-based): Fee-based revenue model where the firm earns fees based on assets under management. As a hybrid broker-dealer and RIA, charges advisory fees for investment management services.
- Transaction-based brokerage: Securities transactions executed through the firm's broker-dealer entity. Trades are directed to clearing firms Pershing LLC and National Financial Services (Fidelity) for execution.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Annual | No proprietary management fees |
| Other | Annual | No revenue share |
| Other | Annual | No model fees |
Go-to-market motion3 records
Distribution channels1 record
Marketing channels6 records
&Partners product offering
Product offeringCore offering
&Partners operates a hybrid broker-dealer and registered investment advisor (RIA) platform that provides financial advisors with equity participation, institutional-quality investment research, a concierge CIO service, and an open architecture investment platform. The firm distributes wealth management, financial planning, and investment management services to clients exclusively through a network of affiliated advisor practices that join as partners and owners.
Product overview
&Partners is a wealth management firm offering a hybrid broker-dealer and RIA platform built for financial advisors. The core offering is the &Partners Platform, which combines competitive payouts with advisor equity participation, institutional support, and access to a collaborative peer network. The platform is supported by the Institutional Investment Research service (providing research once available only to large institutions), the Concierge CIO Service (direct access to senior investment professionals), and Prism (the firm's biannual investment outlook publication). Advisors also have access to integrated third-party tools including Fidelity's Wealthscape Investor portal, Envestnet Client Portal, MoneyGuide financial planning, Holistiplan tax planning, and Vanilla estate planning. Securities and advisory services are offered through &Partners LLC, a registered broker-dealer and investment adviser.
Differentiator
Problem solved
Functional benefit
Products and services
- &Partners Platform
- Concierge CIO Service
- Institutional Investment Research
- Prism
Quantifiable outcome
- 1,106% AUM growth rate making &Partners the fastest grower in its asset range
- +1 more outcomes
Companies that use &Partners
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
&Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability3 records
Feature3 records
&Partners partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered core and key.
- Fidelity InvestmentscorePrimary custody and clearing partner. Client accounts are held with Fidelity Investments, with National Financial Services LLC providing custody, clearing, and trading platform services. Wealthscape Investor platform provided for client account access.
- EnvestnetcoreEnvestnet Client Portal integration brings clients' complete financial picture together in one place. Allows viewing of investment plans, linking outside accounts, and monitoring progress toward goals.
- Wealthscape Investor (Fidelity)coreSecure online portal for clients to view accounts, manage day-to-day activity, check balances, download statements, move money, and access market research.
- HolistiplankeyTax planning application that allows advisors to scan client tax returns and generate insights for proactive tax deferral strategies. Fosters dialogue between advisors and CPAs.
- VanillakeyEstate planning fintech that makes it easier and less expensive to create and document estate plans. AI-generated routine documents such as powers of attorney reviewed by attorneys.
- Pershing LLCcoreOne of two clearing firms (alongside NFS) to which &Partners directs all trades for execution per SEC Rule 606 disclosures.
- National Financial Services (NFS)coreFidelity's clearing subsidiary and one of two clearing firms for trade execution. Primary venue for order routing disclosure reporting.
- J.P. Morgan Asset ManagementkeyInvestment partner providing perspectives for &Partners' Prism publications. Contributes macro analysis and market outlook insights to the firm's investment research.
- PIMCOkeyInvestment partner contributing fixed income perspectives and market outlook to &Partners' Prism publication.
- CarlylekeyInvestment partner providing perspectives for &Partners' Prism publications on alternative investments and private markets.
- KKRkeyInvestment partner contributing insights to &Partners' Prism investment outlook publications.
- AllianceBernsteinkeyInvestment partner providing public equity perspectives for the Prism 2026 Second Half Outlook.
- DWSkeyInvestment partner providing real assets perspectives for the Prism 2026 Second Half Outlook.
- Federated HermeskeyInvestment partner providing cash management perspectives for the Prism 2026 Second Half Outlook.
- InvescokeyInvestment partner providing fixed income perspectives for the Prism 2026 Second Half Outlook.
- StepStonekeyInvestment partner providing private equity and private credit perspectives for the Prism 2026 Second Half Outlook.
- Constitution CapitalkeyInvestment partner contributing perspectives to &Partners' Prism publication on alternative investments.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
&Partners competitors and assessment
Company assessmentDirect peers
- Focus Financial Partners: Partner-owned network of independent wealth management firms that has scaled via roll-up acquisitions of breakaway practices. Closely comparable model for advisor transition to independent ownership.
- Commonwealth Financial Network: Independent broker-dealer/RIA platform that recruits advisors from wirehouses with an ownership-style model and open architecture. Directly comparable to &Partners in target advisor segment, service model, and growth narrative.
- Creative Planning: Large, fast-growing independent RIA offering comprehensive wealth management to HNW clients. Comparable in scale trajectory, institutional research offering, and advisor ownership structure.
- LPL Financial: Largest independent broker-dealer and RIA custodian in the U.S., serving affiliated financial advisors with practice ownership and equity-style programs. Most directly comparable scaled platform on which &Partners competes for breakaway advisors.
- Cetera Financial Group: Independent broker-dealer/RIA platform supporting thousands of affiliated advisors through multiple custodian and technology stacks. Competes with &Partners for breakaway wirehouse advisors seeking independence.
- Cambridge Investment Research: Independent broker-dealer focused on supporting financial advisors with flexible affiliation and ownership economics. Closely comparable to &Partners in advisor-centric hybrid RIA/IBD model.
- Mariner Wealth Advisors: Independent RIA that has scaled rapidly through advisor acquisition and integration, with similar institutional-quality investment offerings. Direct comparable on growth-via-M&A and platform scale.
Broad incumbents
- Ameriprise Financial: Diversified wealth management and insurance firm with a large affiliated advisor channel. Broad incumbent competing for experienced advisors and HNW clients with its own ownership-style program.
- Raymond James Financial: Diversified financial services firm with a large independent advisor channel. Broader incumbent that overlaps with &Partners in advisor recruiting and HNW wealth management, but with multiple business lines.
Others
- RIA Catalyst: Consulting and research firm that benchmarks independent advisor practices and tracks RIA growth rankings, including &Partners' 1,106% growth recognition. Ecosystem participant relevant to industry benchmarking and competitive positioning.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
&Partners social profiles
Digital presence&Partners compliance and trust
Trust signalCompliance8 records
&Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
&Partners leadership team
Management profileNumber of profiles
Profiles20 records
&Partners subsidiaries and ownership
Company hierarchySubsidiaries1 record
&Partners funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
&Partners M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about &Partners
What does &Partners do?
&Partners operates a hybrid broker-dealer and registered investment advisor (RIA) platform that provides financial advisors with equity participation, institutional-quality investment research, a concierge CIO service, and an open architecture investment platform. The firm distributes wealth management, financial planning, and investment management services to clients exclusively through a network of affiliated advisor practices that join as partners and owners.
Is &Partners a public or private company?
&Partners is a private company. It is classified as management employee owned and is currently operating.
When was &Partners founded?
&Partners was founded in 2023. It employs 51 to 100 people.
Where is &Partners based?
&Partners is headquartered in Missouri City, United States, in the North America region.
How does &Partners make money?
Two revenue lines are on record. Advisory Fees (AUM-based) is the primary driver. The others are transaction-based brokerage.
Who are &Partners's main competitors?
Direct peers on record are Focus Financial Partners, Commonwealth Financial Network, Creative Planning, LPL Financial, Cetera Financial Group, Cambridge Investment Research and Mariner Wealth Advisors. Broad incumbents are Ameriprise Financial and Raymond James Financial. RIA Catalyst is listed as an others.
Does &Partners have an API?
No public API is recorded for &Partners.
What industry is &Partners in?
&Partners's product category is Wealth Management. Its primary akta.pro industry code is FSAAACAA, Comprehensive/Full-Service RIAs & Independent Wealth Managers, with a secondary code of FSAAACAC, Portfolio Management–Led RIAs (Discretionary/Model-Based). Its NAICS code is 523940 and its SIC code is 6282.