Steward Partners Global Advisory has added Hy Saporta, a former Citigroup executive, as chief operating officer, managing director and founding partner to help the firm gear up for growth.
Saporta will help Steward Partners transition new advisors as the recently-established wealth management firm grows. Since launching three months ago, Steward Partners has opened offices in Andover, Mass., Portsmouth, N.H., and Washington, D.C. The firm plans to expand to six offices between Boston and Washington and have between 50 and 60 advisors.
My role as COO is to keep the wheels on the car, says Saporta, who was previously chief operating officer for Citigroups Global Learning and Development division.
Saporta says that many financial advisors are looking to go independent, but are concerned that they will not get the same level of support. Saporta says that his role is to ensure they can still get that at Steward Partners while clients still can get the benefits of working with a smaller firm. He will also assist the firm in enhancing the client experience.
This is the exact moment for this model," Saporta says.
Steward Partners recently formed a partnership with Raymond James in order to provide the firms advisors with access to its service platform.
Given our rapid growth since inception, we realized we had a tiger by the tail, and needed a seasoned executive who understands the intricacies involved in expanding operations, Mike Maurer, chief executive officer and founding partner of Steward Partners, said in a statement.
Saporta has been in the industry for 18 years. Prior to his time at Citigroup, he was a managing director at Morgan Stanley Smith Barney and a member of the companys managing committee. Maurer is a former managing director at Morgan Stanley. Other founding partners at the firm have come from Morgan Stanley, Smith Barney, Citigroup, Merrill Lynch and Legg Mason.