Barron's Advisor Jeff Gonyo: The Rise of the ‘Sell and Stay’ M&A Model
Dec 30, 2025
Jeff Gonyo, Head of Wealth Management at Steward Partners, brings over 30 years of financial expertise to the conversation. He discusses the innovative 'sell and stay' M&A model that allows advisors to monetize their businesses while continuing client relationships. Gonyo highlights the growing trend driven by market pressures and technology costs. He also delves into the importance of succession planning for the next generation of advisors and the unique benefits and challenges of this evolving landscape in wealth management.
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From Wirehouse To Founder
- Jeff Gonyo described moving from Merrill Lynch to Smith Barney and then helping found Steward Partners to create an ownership-driven firm.
- He said the firm was built so everyone is a shareholder and aligned in growth and culture.
Sell-And-Stay Gives Operational Relief
- Sell-and-stay lets advisors monetize their business while remaining with clients and getting operational relief.
- Gonyo noted many advisors leave advisory work because administrative burdens crowd out client time.
M&A Buyers Skew Much Younger
- The average age of advisors entering M&A with Steward is about 46, much younger than industry norms.
- Gonyo tied this shift to scaling pressures, tech, compliance, and benefits burdens on independent advisors.