The investment advisors division of Raymond James has entered into a partnership with WealthSource Partners, a $568m independent advisory firm, to offer its custodial services.
WealthSource is expected to transfer nearly $300m of client assets that have been custodied at Fidelity and elsewhere to Raymond James.
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WealthSource was founded in January 2016 following the merger of two independent firms Avant-Garde Advisors and Vellum Financial, both founded separately in 2009.
WealthSource executive team consists of CEO Bryan Sullivan, COO Eric Patton, chief development officer Jon Dubravac, chief strategy officer Kelly Smith, chief compliance officer and general counsel David Ito and chief investment officer Mark Malek.
It also has 21 financial advisors and eight support team members.
Bill Van Law, president of Raymond James’ investment advisors division, said: “Raymond James’ full-service RIA custodial platform is unique and provides advisors with comprehensive resources similar to the wirehouse firms along with the freedom and independence to serve their clients the way they know best.
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By GlobalData“The partners at WealthSource and their team of financial advisors are experienced industry veterans who are truly dedicated to putting their clients first, and we are delighted they chose Raymond James to be their full-service custodial partner.”
WealthSource CEO Bryan Sullivan said: “Part of the attraction of Raymond James is its experience and history as a full-service broker/dealer. Each of the firm’s divisions is recruiting advisors from the wirehouses, so they know those advisors’ expectations, they understand the mindset and, more importantly, they deliver a full spectrum of products and services these advisors are used to, combined with industry-leading technology, resources and support.”
