Kestra Adds $9.5B in New Assets

By John Manganaro

News February 20, 2024 at 02:47 PM

Share & Print

Austin-based Kestra Financial last week announced its final recruiting results for 2023, reporting the addition of 110 advisors overseeing some $9.5 billion in assets.

This is up from the 80 advisors and brokers that joined the Kestra network in 2022, when the firm added $8.5 billion in recruited assets.

The average level of yearly fees and commissions made by the financial professionals who joined the firm in 2023 is close to $655,500.

In a statement about the 2023 results, Daniel Schwamb, executive vice president of business development, said these figures represent a record for the firm and its ongoing recruiting efforts.

"We are delighted to celebrate the substantial growth and success the Kestra ecosystem has achieved in the past year," Schwamb said. "This milestone is a clear indicator of the resonance of our value proposition to high-performing advisors in our industry and the clients they serve."

Schwamb said the main driver of growth is the firm's "unwavering commitment to helping advisors who want to maximize the value of their firms and provide unwavering support to their clients," adding that 2024 will bring continued recruiting momentum.

As noted in the announcement, recruited advisors joined the firm via its traditional Kestra Finanical platform and via Kestra Private Wealth Services. The firms' advisors now work with roughly $103 billion in assets under advisement and $51 billion in assets under management.

Pictured: Daniel Schwamb

NOT FOR REPRINT