Raymond James’ RIA Chief Bill Van Law Leaves
Bill Van Law, president of Raymond James Financial’s Investment Advisors Division, has unexpectedly left the company after a 15-year career with the Florida-based company.
Van Law, who joined the St. Petersburg-based broker dealer in January 2003 after an 18-year career at Merrill Lynch, has led the unit for registered investment advisers since it was spun off in 2012 from the firm’s independent brokerage channel as a separately managed business.
It competes with much larger “custodians” such as Charles Schwab, Fidelity Investments and Pershing that service clients of RIAs, the fastest growing area of the retail wealth management business. The business of providing products and services to RIAs is lucrative since with the addition of a single advisor a retail broker-dealer can process trades and hold assets for dozens of an advisory firm’s customers.
Van Law’s last day at Raymond James will be April 2, according to a press release.
“Bill has had significant impact on our PCG [private client group] businesses, including the growth and success of the Investment Advisors Division,” Raymond James Chairman and CEO Paul Reilly said in the prepared statement. “We are grateful for his many contributions and wish him well with his future endeavors.”
The release said he is leaving “to pursue other personal and professional interests,” but did not give a reason for his departure or discuss his future plans. Raymond James “has begun a search process” for Van Law’s replacement, it said.
Van Law did not immediately respond to a request for comment left at his office.
At Merrill, where he worked from 1985 through the end of 2002, Van Law ranked for several years among the top 2% of the firm’s salesforce and also served in management, advancing to be director of two complexes, according to his LinkedIn biography.