A 25-year veteran of the financial services industry will take the helm of a new family office offering that aims to provide a midway solution for some of America’s wealthiest people.
Robertson Stephens says that it will offer something different from what it traditionally available for ultra-high-net-worth individuals who have outgrown multi-family offices but are not ready to have their own dedicated setup.
The independent RIA has hired Bruce Stewart as head of family office, tasked with creating the right experience and services to meet the sophisticated needs of a special group of clients. CEO Raj Bhattacharyya says the firm had always planned to add a family office alongside its wealth management practice.
"With the launch of our family office, clients have the rare opportunity to access unique and highly valuable services beyond the standard offering seen in traditional private banks, multi-family offices and many other players in the industry without the upfront and high recurring expenses typical of a single-family office,” he explained. “Bruce is not only a deep expert in this space, he has also demonstrated his ability to build out successful single-family offices over the past few years."
Last year, a report from Morgan Stanley Wealth Management said that family offices would need to evolve to meet the changing needs of wealthy clients.
Stewart’s experience with family offices includes his own firm Spartan Risk Solutions which offered consultancy for wealthy clients seeking family office and outsourced CIO services. He built and managed $23 billion for four families.
Previously, he managed a $15 billion AUM team as global head of investments for Bank of New York Family Office, was president of BNY Mellon Canada, and co-head of investments at Toronto Dominion Bank.
Stewart says he relishes taking on a unique new role.
"In my experience, some families have outgrown the capabilities of a traditional multi-family office but prefer to avoid the financial commitment of establishing their own,” he said. “These families have more complex needs that require a specialized skill set, enhanced capabilities, and a sophisticated approach. I'm excited to build this practice at Robertson Stephens and deliver a truly differentiated solution."
Robertson Stevens has recently appointed a Wall Street executive to its board of directors. Former Goldman Sachs legal counsel Esta Stecher is now a board advisor for the firm.
Last year, the firm added several acquisitions including the $530M firm Ratio Wealth and the $240M CAFG.
Commonwealth Financial joins a number of firm that have recently cut jobs.
A slow drip of disclosures, an executive exit, and a stock that fell hard before the suit landed
New research finds unpaid caregivers are more likely to struggle with debt, lower savings and diminished retirement confidence than non-caregivers.
Large broker-dealers and registered investment advisors have, since 2020, been developing or sticking to strategies and tactics to combat the pain of intense, short-term market volatility
Centaurus Financial touts its independence as a key selling point at a time when many firms are being swallowed up.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
