&Partners, the hybrid RIA co-founded by former Wells Fargo executive David Kowach, has recruited another sizable breakaway team. The Meridian, Mississippi-based practice 32 North Wealth &Partners arrived with $1.8 billion in prehire assets under management, according to a company announcement. The team, which previously operated under Wells Fargo, is led by founders Wade Sims, Alan Lamar, Bob Coffin, and Trey Hannah.
Sims and Coffin each bring nearly four decades of industry experience, according to FINRA BrokerCheck records. Sims began his career at Merrill in 1986, while Coffin's path also started at Merrill and included a stint at AG Edwards. The four founders are joined by a support staff of four: Jane Collins and Margie Smith as senior client experience associates, Rita McMuller as senior client service associate, and Lexi McRae as client service associate.
The addition marks the 121st advisor practice to join &Partners since its founding in 2023, and the fourth team to come aboard in July alone. Earlier in the month, the firm brought on Foothills Legacy Wealth Management, a seven-person Upstate New York practice with $864 million in prehire assets, in a deal that extended a recruiting run built on Wells Fargo departures. Days later, &Partners expanded into the Pacific Northwest by adding Fisette & Kim Financial Services, an Issaquah, Washington, team that arrived from Raymond James Financial Services with $524 million in assets.
As of June 30, &Partners reported 117 advisor practices and roughly $58 billion in combined assets under management. The firm has now attracted scores of breakaway teams from firms including Wells Fargo, Edward Jones, UBS, and Merrill Lynch since its launch in 2023, when Kowach and his co-founders set a goal of recruiting 100 “top performing Advisor Partner teams.” That milestone was crossed in just over two years.
The hybrid RIA's recruiting strategy is tied to a finite pool of equity. The firm has capped its equity distribution at 40 million shares, a limit designed to support growth to roughly $120 billion in assets under management before it shifts toward cash-based recruiting. Co-founder Kristi Mitchem has said that once that threshold is reached, the firm intends for its advisors to hold the largest ownership stake in the business.
“When we complete our five-year plan and we've recruited the advisors we want to recruit, advisors will be the single most significant group of shareholders within our firm,” Mitchem previously told InvestmentNews. Beyond current wealth professionals, Mitchem has flagged colleges and universities as a critical source of talent to help fill the financial advisor gap for women clients.
“We have seen the number of planning and financial advice programs offered at educational and academic institutions increase over the last several years,” Mitchem said in a March interview. “It's grown about threefold, but there still are very few universities and colleges which offer an educational platform for people that are going to be seeking a career in financial services.”
The rapid expansion of &Partners mirrors broader trends in the independent channel, where billion-dollar Wells Fargo breakaways have become increasingly common. The firm's equity model, which limits ownership to 40 million shares, is designed to preserve advisor ownership as it scales. With 121 practices now on board, &Partners continues to position itself as a destination for top-producing teams seeking hybrid independence.
