News, Vision & Voice for the Advisory Community


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

Author Lisa Shidler February 24, 2016 at 10:44 PM
1 Comment
no description available
Knut Rostad: A new group could help stimulate much-needed changes .... I don't presume for a second they will.

RIA Compliance

Stephen Winks

Stephen Winks

February 25, 2016 — 12:42 AM

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.

Stephen Winks

Related Moves

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

Mentioned in this article:

Raymond James Financial Inc.
Asset Custodian
Top Executive: Bill Van Law

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.