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The “Third Option” for Breakaway Advisors Nobody Talks About – with Steward Partners

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Most financial advisors think independence means one thing: Going 1099.<br />That assumption is costing advisors time, money, and flexibility.<br /><br />In this episode, I sit down with Jeff Gonyo, Head of Wealth Management at Steward Partners, to break down a model that lives between traditional wirehouses and full independence—and why it’s attracting some of the fastest-growing advisory teams in the country.<br /><br />We cover:<br />• Why W2 vs 1099 is the wrong debate<br />• How advisors can gain real equity ownership without running a firm<br />• The hidden opportunity cost of “doing it all yourself”<br />• Why many RIAs are choosing to re-partner instead of scaling alone<br />• How M&A can be a growth strategy, not an exit<br />• What “independence” actually looks like at different stages of an advisor’s career<br /><br />Steward Partners has grown from under $500M to $50b in AUM, while maintaining a structure that prioritizes advisor ownership, flexibility, and infrastructure—without forcing advisors into an all-or-nothing decision.<br /><br />If you’re a financial advisor:<br />• Considering a breakaway<br />• Running an RIA and feeling the weight of operations<br />• Curious about equity, succession, or M&A<br />• or simply want to understand what options actually exist today<br /><br />This conversation will challenge how you think about independence.<br /><br />I hope this is helpful. If you're an elite advisor that could use the help of a non-biased transition consultant please reach out, I'd be happy to talk. <br /><br />----<br />► Useful? <br /><br />Subscribe: https://www.youtube.com/channel/UC2-A82CiACaopNFmDA87uhQ<br /><br />Apple Podcast: https://podcasts.apple.com/us/podcast/firm-transitions-with-corey-walen/id1672117664<br /><br />Spotify Podcast: https://open.spotify.com/show/278IpmwyIWbyGoos4InCOV?si=3146e811274d4fd5 <br />----<br />Contact & connect with me:<br />Call or Text: (908) 902 4903<br />Meet: https://calendly.com/coreywalen<br />LinkedIn: https://www.linkedin.com/in/coreywalen<br />LinkedIn Newsletter: https://www.linkedin.com/newsletters/firm-transition-insights-7039226694691426304/<br />Website: https://www.coreywalen.com<br /><br />Thanks for watching!

The “Third Option” for Breakaway Advisors Nobody Talks About – with Steward Partners

Firm Transitions Podcast With Corey Walen 386 views February 5, 2026 6:21 pm

Most financial advisors think independence means one thing: Going 1099.
That assumption is costing advisors time, money, and flexibility.

In this episode, I sit down with Jeff Gonyo, Head of Wealth Management at Steward Partners, to break down a model that lives between traditional wirehouses and full independence—and why it’s attracting some of the fastest-growing advisory teams in the country.

We cover:
• Why W2 vs 1099 is the wrong debate
• How advisors can gain real equity ownership without running a firm
• The hidden opportunity cost of “doing it all yourself”
• Why many RIAs are choosing to re-partner instead of scaling alone
• How M&A can be a growth strategy, not an exit
• What “independence” actually looks like at different stages of an advisor’s career

Steward Partners has grown from under $500M to $50b in AUM, while maintaining a structure that prioritizes advisor ownership, flexibility, and infrastructure—without forcing advisors into an all-or-nothing decision.

If you’re a financial advisor:
• Considering a breakaway
• Running an RIA and feeling the weight of operations
• Curious about equity, succession, or M&A
• or simply want to understand what options actually exist today

This conversation will challenge how you think about independence.

I hope this is helpful. If you’re an elite advisor that could use the help of a non-biased transition consultant please reach out, I’d be happy to talk.

—-
► Useful?

Subscribe: https://www.youtube.com/channel/UC2-A82CiACaopNFmDA87uhQ

Apple Podcast: https://podcasts.apple.com/us/podcast/firm-transitions-with-corey-walen/id1672117664

Spotify Podcast: https://open.spotify.com/show/278IpmwyIWbyGoos4InCOV?si=3146e811274d4fd5
—-
Contact & connect with me:
Call or Text: (908) 902 4903
Meet: https://calendly.com/coreywalen
LinkedIn: https://www.linkedin.com/in/coreywalen
LinkedIn Newsletter: https://www.linkedin.com/newsletters/firm-transition-insights-7039226694691426304/
Website: https://www.coreywalen.com

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Understanding the Independence Spectrum

Many financial advisors mistakenly believe that independence equates solely to the 1099 model. However, the independence spectrum is much broader, encompassing various models that can offer advisors different levels of autonomy and support.

For instance, some firms provide a hybrid approach where advisors can enjoy the benefits of independence while still having access to valuable resources and infrastructure. This nuanced understanding is crucial for advisors considering their options in today's evolving financial landscape.

Benefits of Alternative Advisory Models

Alternative advisory models present unique advantages that can significantly enhance an advisor's practice. These models often prioritize advisor ownership and flexibility, allowing for a more personalized approach to client service.

For example, firms that offer a partnership structure can provide advisors with equity ownership without the burdens of running a full-fledged business. This can lead to increased job satisfaction and improved client outcomes, as advisors can focus on what they do best—serving their clients.

Common Misconceptions About Independence

There are several misconceptions surrounding the concept of independence in financial advising. Many advisors believe that going independent means sacrificing support and resources, which is far from the truth.

In reality, advisors can choose models that offer a balance between independence and the support of a larger organization. Understanding these misconceptions can help advisors make more informed decisions about their career paths and the models that best suit their needs.

Strategic Growth Through M&A

Mergers and acquisitions (M&A) are often viewed solely as exit strategies, but they can also serve as powerful growth mechanisms for financial advisory firms. Advisors can leverage M&A to enhance their service offerings and expand their client base.

For instance, by merging with another firm, advisors can gain access to new markets and resources, ultimately leading to increased revenue and a more robust practice. This strategic approach can redefine what independence looks like in the financial advisory space.