Steward Partners Hires RBC Team in Houston
Making good on its plans to expand beyond the East Coast, Raymond James affiliate Steward Partners Global Advisory has hired a father-and-son team in Houston, Texas, from Royal Bank of Canada’s U.S. brokerage division.
Randolph “Randy” Price and his son, Matthew, listed in Barron’s rankings as among the top advisors in Texas with around $525 million in client assets, joined Steward on Thursday with two associates. A spokeswoman at RBC Wealth Management-U.S. did not respond to a request for comment.
Steward Partners now employs about 89 advisors in 14 offices located in New Hampshire, Massachusetts, New York, New Jersey, Maryland, Florida, Texas and its home base of Washington, DC.
Steward Chief Executive James Gold hinted at the Lone Star State expansion earlier this year when he hired Morgan Stanley’s Dallas complex manager Chris Barton in January, saying that the former Smith Barney colleagues saw “massive opportunity in Texas.”
Gold, who did not return a request for comment about his new team, earlier this month opened another new office in Richmond, Va. It is staffed by Richard Godfrey and Matthew Spradlin, who joined from Merrill Lynch, where they were managing around $180 million in client assets, according to a press release.
Steward, which uses Raymond James Financial Services as its custodian and its broker-dealer clearing firm, has also tapped the larger firm’s recruiting resources to promote its expansion.
“RJFS has provided forgivable loans to certain [Steward] investment adviser representatives, as well as other loans” to the reps that are paid off over five to eight years, Steward Partners wrote in the “material changes” of its newly filed ADV regulatory disclosure firm.
The elder Price, who had been with RBC since 1999, according to his BrokerCheck history, did not return a call for comment about his move. He began his career at E.F. Hutton in 1987, and also sojourned at G.R. Phelps & Co., Lehman Brothers and Salomon Smith Barney before joining RBC. His son started at RBC in 2011, according to BrokerCheck.
Steward’s brokers and advisors manage about $3.5 billion of advisory assets, according to its March 21 ADV filing, making it one of the larger independent firms in the Raymond James family. The firm has around $7.5 billion in total, including clients’ brokerage assets, according to Gregory Banasz, director of business development at Steward.
The Florida-based brokerage firm distributes investment products and services through a melange of company-owned branches, independent advisors and its new high-net-worth Alex. Brown division. Raymond James’ top executives say they are agnostic about which channel advisors join, but the competing offers and sometimes overlapping geographies have created tension among hiring managers, according to recruiters.
Raymond James also is making internal changes. It is reorganizing the sales management team of Alex. Brown, which it bought 18 months ago, and bidding adieu to Bill Van Law, president of its business that services independent registered investment advisers.
Tony Sirianni, the publisher and chief executive of AdvisorHub was a founding partner of Steward.