&Partners Hit 100 Practices. The Bigger Story Is Its Ownership Bet

Wealth Management

Jul 3

&Partners has crossed the 100-practice mark less than two years after launching, reaching a recruiting target that once sounded ambitious for a new hybrid broker-dealer and registered investment adviser.

The milestone came with the addition of Mannen Financial Group, a St. Louis-area team led by founder Elizabeth Mannen Berges. The team joined from Wells Fargo Advisors and became the 100th advisory practice to join &Partners, helping bring the firm’s network to approximately $50 billion in prehire assets and $350 million in annual revenue.

The number matters, but the more important story is the model behind it.

&Partners was founded in 2023 by former Wells Fargo leaders David Kowach, John Alexander and Kristi Mitchem. From the start, the firm has pitched itself as something different from a traditional advisor platform: a place where advisors and employees can become owners, not just producers working under a corporate brand.

That ownership message is now being tested at scale. Reaching 100 practices gives &Partners recruiting credibility. The next question is whether the firm can keep adding advisors without becoming the kind of large, bureaucratic platform it was built to challenge.

TL;DR

&Partners reached its 100-practice milestone with the addition of Mannen Financial Group in St. Louis.
The firm now reports approximately $50 billion in prehire assets and about $350 million in annual revenue across its network.
&Partners was founded in 2023 by former Wells Fargo leaders David Kowach, John Alexander and Kristi Mitchem.
The firm’s main recruiting pitch is ownership, giving advisors and employees equity participation in the business.
Mannen Financial Group joined from Wells Fargo Advisors, where founder Elizabeth Mannen Berges had spent the past 17 years.
AdvisorHub reported that Mannen Financial Group managed about $640 million and included Berges, Clyde Pilkington, Malory Caltagirone, Jarid King and client associate Courtney Kalist.
&Partners says 30% of its practices were founded by women and 40% include at least one woman advisor.
The firm has discussed a cap of roughly 150 advisor teams, with a goal of preserving culture and avoiding bureaucracy.
The key strategic question: can &Partners keep its owner-led culture as it moves from fast launch-phase recruiting into a more mature platform stage?
Main takeaway: the 100-practice mark is not only a growth milestone. It is proof that the advisor-ownership model is becoming a serious recruiting weapon.

The Milestone Is A Recruiting Proof Point, Not Just A Round Number

&Partners crossed the 100-practice milestone with Mannen Financial Group, giving the firm a visible marker in a crowded advisor recruiting market.

Round numbers can be overhyped. But this one matters because &Partners had publicly set the 100-practice target when it launched.

Reaching that goal gives the firm something every young advisor platform needs: proof.

Advisors considering a move often ask whether a new firm can really support their practice. They want to know whether the platform has enough advisors, assets, revenue, operational depth, leadership experience and peer momentum. A firm with only a handful of practices may sound interesting but still feel risky.

A firm with 100 practices feels different.

It can point to a growing advisor base, a recognizable recruiting pattern and evidence that other teams have already accepted the risk of moving.

The Four-Part Milestone

The Mannen announcement has four pieces that should be read together.

The number: &Partners reached 100 advisor practices.

The scale: the firm now reports roughly $50 billion in prehire assets and $350 million in annual revenue.

The location: Mannen Financial Group adds another St. Louis-area practice, deepening &Partners’ presence in one of its key markets.

The model: the milestone supports the firm’s argument that advisor ownership is a powerful recruiting differentiator.

None of those pieces works alone.

The 100-practice number gives the story visibility. The asset and revenue figures give it business weight. The St. Louis connection gives it local credibility. The ownership model gives it a reason advisors are moving.

Why Mannen Financial Group Was A Symbolic 100th Practice

Mannen Financial Group became the 100th advisor practice to join &Partners, according to the firm’s announcement.

That made the team more than another recruit.

It became the practice that allowed &Partners to say its original launch target had been reached.

The St. Louis Connection Matters

&Partners is tied to both Nashville and St. Louis. Adding a St. Louis-based team reinforces the firm’s identity in a market where many former A.G. Edwards and Wells Fargo Advisors professionals have deep roots.

That local history matters because St. Louis has long been an important wealth management city. A practice with local client relationships can carry decades of trust, referrals and community recognition.

Mannen Financial Group fits that kind of profile.

The Wells Fargo Link Also Matters

Elizabeth Mannen Berges had spent the past 17 years affiliated with Wells Fargo, and &Partners itself was founded by former Wells Fargo leaders.

That makes the move part of a larger pattern.

&Partners has recruited from major firms, including Wells Fargo, Edward Jones, UBS and Merrill Lynch. But Wells Fargo remains especially important because the founders know that world, understand its advisor culture and can speak directly to advisors who may want a different platform without giving up institutional support.

Mannen Financial Group Brings More Than Assets

AdvisorHub reported that Mannen Financial Group managed about $640 million and joined &Partners from Wells Fargo.

The team is led by Elizabeth Mannen Berges and longtime advisor Clyde M. Pilkington. It also includes advisors Malory L. Caltagirone and Jarid C. King, along with client associate Courtney M. Kalist.

That team composition matters.

This is not a solo advisor move. It is a multigenerational practice with experienced advisors, younger advisor talent and client-service support.

Why The Multigenerational Mix Is Important

A multigenerational team can answer one of the most important client questions in wealth management: who will take care of my family later?

Berges and Pilkington bring long industry experience. Caltagirone and King add next-generation continuity. Kalist helps preserve daily client service through the transition.

That combination can be appealing to clients because it suggests the practice is not only moving platforms. It is trying to build a longer-term home.

Why &Partners Benefits From That Mix

For &Partners, a multigenerational team is valuable because it can stay and grow.

The firm does not only need older advisors with large books. It needs practices with internal succession, younger advisors who can expand relationships and support staff who can keep clients comfortable after the move.

Mannen Financial Group gives &Partners a team that fits that profile.

The Ownership Model Is The Center Of The Pitch

The main difference in the &Partners story is ownership.

The firm says advisors who join become owners, creating alignment among advisors, clients and the home-office team. That is the pitch David Kowach and the founding team have emphasized since launch.

For advisors, ownership can change the emotional and financial meaning of a platform move.

Instead of only receiving a transition package or a payout grid, the advisor participates in the firm’s enterprise value.

That can be powerful if the advisor believes the platform will grow.

Why Ownership Appeals To Advisors

Advisors often spend decades building client relationships.

Many eventually ask whether they are building value for themselves, their team and their clients, or mainly building value for a parent company.

Ownership answers that question directly.

It can give advisors:

economic participation in the firm’s future,
more alignment with leadership,
a stronger reason to support the platform’s growth,
a sense of shared mission,
a retention incentive,
a possible long-term wealth-building opportunity.

That is why equity can be more than a recruiting sweetener. It can become part of the advisor’s identity inside the firm.

Why Ownership Is Not Risk-Free

Equity also comes with risk.

A stake in a fast-growing private wealth platform may become valuable if the firm performs well, scales responsibly and eventually creates liquidity. But equity is not cash. It depends on execution, valuation, governance and future outcomes.

Advisors considering an ownership model need to understand what they own, how shares are valued, whether there are liquidity events, what restrictions apply and how the firm plans to grow.

The ownership pitch is compelling, but it is not magic. It has to be backed by durable economics.

The Scarcity Factor: Why The 150-Team Cap Changes The Recruiting Message

InvestmentNews reported that &Partners has discussed plans to recruit up to 150 advisor teams and reach $120 billion in assets under management by 2028. It has also described an equity cap of 40 million shares.

That cap changes the recruiting message.

A firm trying to add unlimited advisors sells scale. A firm that says it will stop at a certain size sells scarcity.

Scarcity Can Create Urgency

If advisors believe the ownership opportunity is limited, they may feel pressure to move sooner.

The message becomes: join while the equity opportunity is still available.

That can be useful in recruiting because advisors often take years to decide whether to move. Scarcity gives recruiters a reason to keep the conversation active.

Scarcity Can Also Protect Culture

The other argument is cultural.

&Partners says it wants to avoid the bureaucracy that often comes with large firms. Limiting the number of advisor teams may help preserve access to leadership, peer collaboration and operational responsiveness.

That is an important promise because many advisors leave large firms precisely because they feel buried inside a massive institution.

The Trade-Off

A cap can be attractive, but it also creates pressure.

If &Partners wants to reach $120 billion in assets by 2028 with roughly 150 teams, it must keep recruiting high-quality, high-asset practices. Smaller teams may still fit culturally, but the math becomes more demanding.

The firm has to balance selectivity, growth and advisor diversity.

The Women-Advisor Data Gives &Partners A Differentiated Recruiting Story

&Partners said 30% of its practices were founded by women and 40% include at least one woman advisor.

That matters because wealth management still has a gender representation problem.

A platform that attracts women-led and women-involved practices can use that as more than a diversity talking point. It can become part of the firm’s recruiting identity.

Why This Matters For Clients

More women are leading wealth decisions.

Women are founders, executives, business owners, widows, inheritors, trustees and household financial decision-makers. They are also increasingly central to family wealth conversations.

A platform with visible women advisor leadership may be better positioned to serve clients who want a broader range of advisor perspectives.

Why This Matters For Recruiting

Women advisors may be especially sensitive to platform culture, leadership access, flexibility, ownership opportunity and whether the firm truly values diverse practices.

If &Partners can demonstrate that women-founded practices are joining and growing, it strengthens the firm’s credibility with other women advisors considering a move.

Mannen Reinforces The Point

Mannen Financial Group is led by Elizabeth Mannen Berges.

That makes the 100th-practice milestone align naturally with &Partners’ women-advisor story. The firm did not simply reach a numeric target. It reached the target with a woman-led St. Louis practice.

The Former Wells Fargo Leadership Advantage

&Partners’ founders bring credibility because they have operated inside large financial institutions.

David Kowach previously served as president and CEO of Wells Fargo Advisors. John Alexander also spent decades at Wells Fargo Advisors and held senior retail branch leadership roles. Kristi Mitchem previously led Wells Fargo Asset Management and has a background across asset management and capital markets.

That leadership experience helps the firm speak the language of large-platform advisors.

Why Advisors Listen To Former Wirehouse Leaders

Advisors leaving a major firm may want independence, but they also want leaders who understand scale.

They want to know the destination firm can handle compliance, technology, operations, product access, transition support, banking relationships, client reporting and advisor supervision.

Former wirehouse leaders can make that promise more credibly because they have managed large systems before.

The Challenger Message Works Because Of That Background

&Partners is not trying to sound like a small boutique RIA with no institutional history.

It is trying to sound like a challenger firm built by people who know what large firms do well and what frustrates advisors inside them.

That is a different message.

It says: we know the old system because we helped run it, and now we are building a different version.

The Growth Model: Employee-Like Structure With Owner Economics

AdvisorHub reported that &Partners pitches a model similar to Wells Fargo’s legacy profit formula channel, where advisors join as employees but can take home a higher portion of revenue in exchange for managing more of their office expenses.

That helps explain the firm’s positioning.

&Partners is not simply a traditional RIA aggregator. It is not a pure independent broker-dealer. It is not a wirehouse branch model. It sits somewhere between employee affiliation, advisor ownership and platform flexibility.

Why That Middle Ground Can Work

Some advisors do not want to start a full independent RIA.

They may not want to build a compliance department, choose all technology, manage vendor contracts, negotiate custody, set up payroll or run every business function.

But they may also not want to remain inside a traditional employee model with limited ownership.

&Partners is trying to serve that middle group.

What Advisors Give Up

Advisors may still accept some platform structure, shared systems and firm oversight.

That is not necessarily bad. Many advisors want freedom, but not total operational burden.

The key is whether the platform gives enough flexibility to make the ownership model feel real.

The Platform Promise: Investment, Technology And Operations Without Big-Firm Friction

Mannen Financial Group’s own &Partners page describes the platform as offering technology, a flexible investment platform, premium service, a broker-dealer platform, banking and safekeeping services, operational support and an on-call investment team.

That is the client-facing version of the recruiting pitch.

The advisor-facing version is similar: &Partners wants to give practices institutional-quality support without the bureaucracy of a giant firm.

What That Means In Practice

For a practice like Mannen Financial Group, the platform has to support:

client account transition,
investment platform access,
brokerage and advisory services,
banking relationships,
reporting,
compliance,
planning conversations,
operational service,
advisor collaboration,
client communications.

A good ownership model will not matter if those basics do not work.

The Real Test Is Service At Scale

The hardest part for &Partners is scaling service without weakening it.

A firm with 20 practices can be highly personal. A firm with 100 practices is more complex. A firm with 150 practices and a goal of $120 billion in assets is more complex still.

If &Partners can preserve fast support, leadership access and advisor empowerment as it grows, the model becomes stronger. If service slows or bureaucracy creeps in, the firm risks becoming the kind of platform it was built to challenge.

Why This Milestone Matters In The RIA Growth Market

The &Partners milestone fits the broader wave of RIA growth and succession moves reshaping wealth management.

Advisors have more choices than ever. They can stay at wirehouses, join independent broker-dealers, launch RIAs, tuck into aggregators, join hybrid platforms, use supported independence models or join employee-owner structures like &Partners.

That means recruiting is no longer only about payout.

It is about the advisor’s preferred ownership structure, client-service model, culture, succession path and long-term economics.

&Partners is winning attention because it offers a different answer to those questions.

The Client Question: Does Advisor Ownership Improve The Experience?

The &Partners model is built on the idea that advisor ownership creates better alignment.

That claim makes sense, but clients should still ask what it means for them.

Potential Client Benefits

If ownership works well, clients may benefit from:

advisors who feel more invested in the platform,
lower advisor turnover,
stronger service culture,
more direct leadership accountability,
better continuity,
a more entrepreneurial client experience.

Potential Client Questions

Clients should also ask:

Will my fees change?
Will my account statements change?
Who custodies my assets?
What new investment or banking options are available?
Will my service team stay the same?
How does the advisor’s ownership stake affect recommendations?
What conflicts should I understand?
How will the firm support my advisor long term?

Ownership can be positive, but clients still deserve clear disclosure and practical answers.

The Advisor Question: What Are You Really Buying Into?

For advisors, joining &Partners means more than changing firms.

It means buying into a platform thesis.

The thesis is that an advisor- and employee-owned firm can grow quickly, preserve culture, avoid big-firm bureaucracy and create better alignment than traditional wealth management platforms.

That thesis has now reached 100 practices.

The Questions Advisors Should Ask

Advisors considering a similar model should ask:

How is equity granted or purchased?
How is the equity valued?
Is there a liquidity path?
What happens if I leave?
How much control do I have over my practice?
What expenses do I manage?
What support does the home office provide?
How does the payout work?
How are conflicts disclosed?
What is the firm’s long-term ownership plan?
What happens when the firm reaches its advisor cap?

Those are not skeptical questions. They are necessary questions.

A strong ownership model should be able to answer them clearly.

Why 100 Practices Is Also A Retention Challenge

Recruiting 100 practices is one achievement.

Keeping them is another.

The next stage for &Partners will be less about proving that advisors will join and more about proving that advisors will stay, grow and refer other teams.

The Launch Phase Is Different From The Operating Phase

In the launch phase, excitement helps.

Advisors may be attracted by the founders, the ownership opportunity, the challenger message and the chance to get in early.

In the operating phase, the day-to-day experience matters more.

Advisors will judge the firm by service quality, technology performance, transition support, compliance responsiveness, investment resources, client feedback and leadership accessibility.

The Peer Network Has To Become Real

&Partners emphasizes a collaborative peer network.

That can be powerful if advisors actually share ideas, refer expertise, mentor each other and help improve the platform.

But a peer network is not automatic. It requires culture, structure and time.

If &Partners can turn 100 practices into a genuine advisor community, the milestone becomes more valuable.

The Competition Will Not Ignore The Milestone

The 100-practice milestone gives &Partners a stronger recruiting story, but it also makes the firm more visible to competitors.

Wirehouses, independent broker-dealers, RIAs and aggregators will pay attention when a young firm reaches $50 billion in prehire assets.

Large Firms Will Defend Their Advisors

Wells Fargo, UBS, Merrill Lynch and Edward Jones will not simply let advisor teams leave without a fight.

They can respond with retention packages, improved technology, better support, succession programs or internal ownership-like incentives.

Other Platforms May Copy The Ownership Language

If &Partners keeps winning teams with equity, other firms may lean harder into ownership, partnership units, profit-sharing or equity-like incentives.

The model may become less differentiated over time unless &Partners can prove its culture and execution are also different.

Recruiters Will Use The Milestone

Recruiters can now tell prospects that &Partners is no longer just a new idea. It has reached 100 practices.

That can reduce perceived risk for advisors who were interested but hesitant.

What To Watch Next

The Path From 100 To 150 Practices

&Partners has discussed capping growth at approximately 150 advisor teams. The pace and quality of the next 50 additions will show whether the firm can stay selective.

Progress Toward $120 Billion

The firm’s reported ambition to reach $120 billion in assets by 2028 is aggressive. Watch whether new teams are large enough to support that target.

Advisor Retention

The best recruiting model fails if advisors later leave. Retention will be the real test of the ownership structure.

Client Transition Quality

Mannen Financial Group and other new teams must move clients smoothly. Poor transitions can damage trust even when the platform story is strong.

Women Advisor Momentum

The firm’s women-advisor data is a differentiator. Watch whether &Partners continues attracting women-founded and women-led practices as it scales.

Equity Value And Liquidity

The ownership model depends partly on whether advisors believe their equity has meaningful long-term value. More clarity around liquidity, valuation and governance will matter as the firm matures.

Reader Guide: &Partners And Mannen Financial Group

What milestone did &Partners reach?&Partners reached 100 advisor practices with the addition of Mannen Financial Group.

Who founded &Partners?The firm was founded in 2023 by former Wells Fargo leaders David Kowach, John Alexander and Kristi Mitchem.

What does &Partners report in scale?The firm reports approximately $50 billion in prehire assets and $350 million in annual revenue across its network.

Who leads Mannen Financial Group?Mannen Financial Group is led by founder Elizabeth Mannen Berges. AdvisorHub also reported that the team includes Clyde Pilkington, Malory Caltagirone, Jarid King and client associate Courtney Kalist.

Where did Mannen Financial Group come from?The team joined &Partners from Wells Fargo Advisors.

How large is Mannen Financial Group?AdvisorHub reported that the team managed about $640 million in assets.

What makes &Partners’ model different?&Partners emphasizes advisor and employee ownership, broad equity distribution, operational support, flexible technology and a capped-growth strategy.

Why does the 100-practice milestone matter?It shows that the ownership model has gained real recruiting traction and gives &Partners more credibility with advisors considering a move.

The Bigger Takeaway: &Partners Is Turning Ownership Into A Recruiting Product

&Partners’ 100-practice milestone is not only a sign that the firm has recruited quickly.

It is a sign that advisor ownership has become a product in the recruiting market.

The firm is not simply saying it has better technology, better support or better culture. Every platform says that. &Partners is saying advisors should participate in the enterprise they are helping build.

That message is resonating. The firm has reached 100 practices, roughly $50 billion in prehire assets and $350 million in annual revenue in less than two years. Mannen Financial Group gives the milestone symbolic weight because it is a St. Louis-based, woman-led, multigenerational team from Wells Fargo, the same large-firm world that shaped &Partners’ founders.

But the next phase will be harder.

Fast growth creates expectations. Ownership creates financial questions. A cap creates scarcity but also pressure. Culture is easier to protect when the firm is young than when it becomes larger and more complex.

The opportunity for &Partners is clear. It can become one of the strongest examples of an advisor-owned hybrid platform built for teams that want institutional support without traditional big-firm friction.

The risk is just as clear. If the platform grows too fast, service weakens or equity value becomes hard to explain, the ownership promise may lose power.

For now, the 100-practice mark gives &Partners a recruiting story many newer firms would want.

The firm has moved from concept to proof point.