In rebuke of Wall Street, Raymond James, William Blair and Stifel help form non-wirehouse advocacy group to 'shed baggage' but not without a suitcase of SIFMA ideals
American Securities Association proclaims a fresh 'voice' but for now seems to be a rebel with a cryptic cause
Related Moves
After recruitment of minorities and women gets CEO-level attention at Raymond James, a program gets a dynamic leader
With ratios stuck in the teens, CEO Paul Reilly gives chief marketing officer at subsidiary Carillon Tower Advisers, Renee Baker, her shot at mission impossible -- getting Advisor Inclusion Networks to live up to its Orwellian name
August 24, 2019 at 4:25 AM
Last year's RIA chief departs Raymond James after ship sails without her at helm of RIA unit, leaving her anchored to COO role
Maria Daley took the reins after Bill Van Law's unexpected departure, but Greg Bruce came on in March to lead RIA Unit, a job she held on interim basis
June 6, 2019 at 2:16 AM
Raymond James finally names new RIA chief and, yes, he is a Schwab veteran
The St. Petersburg, Fla. broker-dealer parted ways with Bill Van Law -- a Merrill Lynch veteran -- a year ago; now it has a real RIA veteran in Greg Bruce
March 4, 2019 at 11:54 PM
Raymond James promotes yet another woman to a powerful position -- this time an alum of Duke, Columbia by way of Goldman Sachs -- to head the very LPL-intensive Northeast corridor
Jodi Perry puts Shannon Reid in charge of the wealth-intensive Maryland-to-Maine corridor
December 3, 2018 at 8:28 PM
Raymond James Financial Inc.
Asset Custodian
Top Executive: Bill Van Law
Stephen Winks
The old regional firm Roundtable (Wheat First, Alex Brown, Robinson Humphrey, Advest, Butcher & Singer, Blunt Ellis Loewi, William Blair, Dain, Rauscher Pierce, Foster Marshall, Raymond James, Bateman Eichler, Boettcher, Sutro, Prescott Ball &Turpin, Morgan Keegan, AG Edwards, Edward D Jones, DA Davidson, Chicago Company, and a few others) were uniquely client centric in ways foreign to Wall Street. Wells Fargo built out of a series of Wheat First acquisitions now is comprised largely of these firms with Raymond James acquiring a few. The unique aspect of these firms is that they retained their local identity and were dominant in municipal finance and were a very powerful distribution syndicate in corporate finance. They were very concerned about the well being of their clients and their communities and were good corporate citizens. That connectivity with the consumer has been lost when it is most needed today to advance fiduciary duty. What is troubling is that many of these firms today are the most aggressive opponents to fiduciary duty when in fact their devotion to the client’s best interest years ago is an important part of their DNA and is what made them great. A lot of pride in building a “quality firm” is now transferred to RIAs who now hold the high ground. RIAs will have similar success to the old regional firm roundtable as the client’s best interest is their driving force. Perhaps the Zero Alpha Group or other assemblages of high level RIAs with extraordinary technical competency can emerge as the client centric alternative to Wall Street to advance professional standing in the client’s best interest—triggering massive market share and industry redefining market leadership. Roll-ups have largely ignored fiduciary duty creating a vacuum that needs to be filled.
SCW
Stephen Winks
