Steward Partners, an independent firm, announced its plans to transition its 173 advisors to Raymond James’ RIA and Custody Services as the hybrid advisory firm moves to work with multiple custodians.
Regulatory approvals are pending, according to a
Previously, Steward had an exclusive agreement with Raymond James as both custodian and broker-dealer.
It’s unclear whether the independent firm will retain any broker-dealer or RIA affiliation with Raymond James, which declined to comment on media inquiries.
Scott Curtis, president of Raymond James' Private Client Group, said he looks forward to “continuing our relationship and supporting Steward's advisors and their clients for years to come."
“We're proud of our relationship with Steward Partners. Their impressive growth since inception significantly surpassed their original expectations and ours,” Curtis said in the statement.
"Transitioning to a multi-custodial model requires building out Steward's technology platform and partnership infrastructure," said Hy Saporta, Steward Partners' president and chief operating officer, in the statement. The firm did not answer media inquiries.
Goldman Sachs’ Folio Financial has reached an agreement to serve as one of Steward Partners' custodial options as well,
Goldman Sachs didn't return a request for comment.
Washington, D.C.-based Steward Partners has more than $22 billion in client assets spread among 22 offices in the U.S.
Jim Gold, Steward Partners’ CEO, left Morgan Stanley in 2013 and registered with Raymond James that same year. In 2016, Gold started Steward Partners Investment Advisory as an RIA.
“Since Steward Partners' inception almost eight years ago, the two firms have enjoyed a strong, mutually beneficial working relationship and look forward to continuing their association into the future,” the statement said.
Steward said the recent acquisition of Umpqua Investments, a registered broker-dealer and registered investment adviser based in Oregon, “will help fuel the firm's growth plans,” according to the statement. Umpqua’s 22 advisors and $3.4 billion in assets joined Steward
Steward is “looking forward to an ongoing referral partnership” with Umpqua Bank, its new acquisition’s former corporate sibling, the firm said in the statement.
