&Partners

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.

Name

&Partners

Legal name

Ampersand Partners LLC

Website

https://andpartners.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

101–250 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

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAAACAA

Comprehensive/Full-Service RIAs & Independent Wealth Managers

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

SECONDARYFSAAACAC

Portfolio Management–Led RIAs (Discretionary/Model-Based)

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

SECONDARYFSAAACAB

Financial Planning–Led RIAs

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

Keywords

• Wealth management services
• Registered investment advisor
• Hybrid broker-dealer
• Financial advisory platform
• Institutional investment research

Headquarters

HQ city

Clayton

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. 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.
2. 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

Go-to-market motion3 records

Distribution channels1 record

Marketing channels6 records

Core 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

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability3 records

Feature3 records

Partnerships

17 partnerships are on record, tiered core and key.

• Fidelity InvestmentscoreTechnology or IntegrationPrimary 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.
• EnvestnetcoreTechnology or IntegrationEnvestnet 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)coreTechnology or IntegrationSecure online portal for clients to view accounts, manage day-to-day activity, check balances, download statements, move money, and access market research.
• HolistiplankeyTechnology or IntegrationTax planning application that allows advisors to scan client tax returns and generate insights for proactive tax deferral strategies. Fosters dialogue between advisors and CPAs.
• VanillakeyTechnology or IntegrationEstate 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 LLCcoreTechnology or IntegrationOne of two clearing firms (alongside NFS) to which &Partners directs all trades for execution per SEC Rule 606 disclosures.
• National Financial Services (NFS)coreTechnology or IntegrationFidelity's clearing subsidiary and one of two clearing firms for trade execution. Primary venue for order routing disclosure reporting.
• J.P. Morgan Asset ManagementkeyStrategic or Co-development PartnerInvestment partner providing perspectives for &Partners' Prism publications. Contributes macro analysis and market outlook insights to the firm's investment research.
• PIMCOkeyStrategic or Co-development PartnerInvestment partner contributing fixed income perspectives and market outlook to &Partners' Prism publication.
• CarlylekeyStrategic or Co-development PartnerInvestment partner providing perspectives for &Partners' Prism publications on alternative investments and private markets.
• KKRkeyStrategic or Co-development PartnerInvestment partner contributing insights to &Partners' Prism investment outlook publications.
• AllianceBernsteinkeyStrategic or Co-development PartnerInvestment partner providing public equity perspectives for the Prism 2026 Second Half Outlook.
• DWSkeyStrategic or Co-development PartnerInvestment partner providing real assets perspectives for the Prism 2026 Second Half Outlook.
• Federated HermeskeyStrategic or Co-development PartnerInvestment partner providing cash management perspectives for the Prism 2026 Second Half Outlook.
• InvescokeyStrategic or Co-development PartnerInvestment partner providing fixed income perspectives for the Prism 2026 Second Half Outlook.
• StepStonekeyStrategic or Co-development PartnerInvestment partner providing private equity and private credit perspectives for the Prism 2026 Second Half Outlook.
• Constitution CapitalkeyStrategic or Co-development PartnerInvestment partner contributing perspectives to &Partners' Prism publication on alternative investments.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• YouTubeyoutube.com/@AndPartnersWealthManagement
• LinkedInlinkedin.com/company/and-partners-wealth-management

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about &Partners