The Rise of Hybrid RIAs: How &Partners is Reshaping Wealth Management

The wealth management industry is undergoing a seismic shift as top advisors abandon traditional wirehouses for agile hybrid registered investment advisory (RIA) models. At the forefront of this migration is &Partners, a firm that has rapidly emerged as a strategic destination for high-AUM teams seeking autonomy, technological flexibility, and a shared ownership structure. By examining &Partners' growth trajectory, recruitment strategies, and innovative platform, we uncover why this firm is redefining the competitive landscape-and what it means for the future of wealth management.

A Structural Shift in Wealth Management

According to a report by Cerulli, nearly 10% of financial advisors plan to transition their practices in 2025, with hybrid RIAs projected to control one-third of the intermediary asset market by 2027. This migration is driven by advisors' desire to escape the rigid hierarchies and opaque fee structures of wirehouses like Wells Fargo and UBS. Hybrid RIAs, which blend the operational support of a traditional firm with the independence of an RIA, offer a compelling alternative. They provide institutional-grade technology and investment tools while allowing advisors to retain control over client relationships and revenue models.

&Partners: A Model Built for Growth

Launched in 2023, &Partners has become a poster child for this trend. As of June 2025, the firm oversees $35 billion in client assets across 83 advisor teams, with ambitions to reach $120 billion and 150 teams within five years. Its hybrid RIA structure is underpinned by a shared ownership model: advisors and employees collectively own up to 40 million shares, with no individual holding more than 5%. This structure aligns incentives across stakeholders, fostering a culture of collaboration and long-term value creation.

The firm's technology platform further differentiates it. It offers a "white glove" operational and investment experience, enabling advisors to customize services for clients without relying on impersonal call centers. A concierge-style chief investment officer (CIO) service provides tailored support, while flexible technology accommodates diverse client preferences. Crucially, &Partners limits its growth to 150 teams to preserve its culture and avoid bureaucratic inefficiencies.

Recruiting High-AUM Talent from Wirehouses

&Partners has aggressively targeted top teams from wirehouses, leveraging its ownership model and revenue-sharing structure. For instance, the firm recently added the Florham Park Wealth Advisors group ($730 million in assets), Gerardi Wealth Management ($827 million), and Arrowhead Private Wealth ($728 million). Advisors joining &Partners retain up to 85% of their revenue, though they cover operating and real estate costs-a trade-off many find favorable compared to wirehouse constraints. Equity incentives further sweeten the deal, with new teams becoming partial owners of the firm.

As of October 2025, &Partners reported over $50 billion in pre-hire assets, underscoring the appeal of its model. This success is not accidental: the firm's founders, former Wells Fargo executives, understand the pain points of advisors in traditional firms and have designed solutions to address them.

Strategic Implications for the Industry

The rise of &Partners reflects broader industry trends. Strategic partnerships and technology are becoming central to competitive advantage. For example, 80% of asset and wealth managers believe generative AI will boost revenue, with applications ranging from hyper-personalized client service to risk management. &Partners' platform integrates such innovations, enabling advisors to deliver data-driven insights while maintaining a human touch.

Meanwhile, wirehouses are scrambling to retain talent by improving support structures, but the hybrid RIA model's flexibility is hard to replicate. Mega-RIAs and robo-advisors also pose challenges, but firms like &Partners combine scalability with personalization-a rare combination in an industry grappling with rising costs and regulatory complexity.

Conclusion

&Partners exemplifies how hybrid RIAs are reshaping wealth management by addressing the core needs of high-AUM advisors: autonomy, technology, and shared ownership. Its rapid growth and strategic recruitment from wirehouses signal a broader shift toward models that prioritize agility and client-centricity. As the industry evolves, firms that fail to adapt risk being left behind in a landscape increasingly dominated by collaborative, tech-enabled platforms. For investors, the lesson is clear: the future of wealth management lies in firms that empower advisors to innovate while aligning their interests with clients.