RIA moving $300M in client assets to Raymond James

RIA moving $300M in client assets to Raymond James
AUG 02, 2016
A registered independent adviser with more than $500 million in client assets is joining Raymond James Investment Advisors Division. WealthSource Partners, based in San Luis Obispo, Calif., is bringing over $300 million in assets that had been custodied with Fidelity and other firms. In addition to partnering with Raymond James for custodial services, the firm plans on using its platform for its advisers. As of June 30, WealthSource had $568 million in client assets. WealthSource Partners was created earlier this year as a result of the merger of two independent firms, Avant-Garde Advisors and Vellum Financial, both founded separately in 2009. With advisers in California, Colorado and Florida, the firm as 21 financial advisers and eight support team members. "We were looking for a firm which genuinely put clients' interests first, but also offered us a 'custodian as partner' cuture -- without dictating how we run our business," said Jon Dubravac, WealthSource's chief development officer, in a press release announcing he move. "We ... look forward to recruiting individual advisers who want to join an RIA as part of their plan for retirement or succession, in addition to other teams and firm who recognize what we offer in the way of independence and autonomy." Aside from Mr. Dubravac, the firm's executive team includes Bryan Sullivan, CEO; Eric Patton, chief operating officer; Kelly M. Smith, chief strategy officer; David Ito, chief compliance officer and general counsel; and Mark Malek, chief investment officer.

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