Alex. Brown, a division of Raymond James, has added a father-son team from Janney Montgomery Scott with about $375 million in client assets, according to a news release.
William “Bill” Stewart III and W. Grove Stewart IV join the firm at its Annapolis, Md., office. The duo operates Stewart Wealth Advisory Group. They serve a range of clients, including owners of privately held businesses and their families, specializing in helping them navigate the arc of wealth transition, the release noted.
Bill Stewart, who joins the firm as director, has more than 35 years of experience in the financial industry, beginning his career in 1986 with Kidder Peabody & Company. He worked at other firms, including Donaldson, Lufkin & Jenrette, Legg Mason Wood Walker and Citigroup Global Markets, before moving to Janney Montgomery Scott in 2009. W. Grove Stewart entered the industry in 2017, joining his father at Janney Montgomery Scott.
“It was extremely important to our team to find a firm whose culture, history, resources and financial strength are second to none in the financial services industry, and Alex. Brown checked all of the boxes,” Bill Stewart said in a statement.
Haig Ariyan, president of Alex. Brown, said in a prepared statement, “The extent and quality of their collective industry experience makes it clear that they share the firm’s values and high level of integrity. They will be an excellent addition to the team as we continue to expand our presence throughout the country."
Alex. Brown was originally founded in 1800, becoming the nation’s first investment bank. The firm’s advisors offer financial planning and wealth management services for wealthy individuals and institutions. Its broker/dealer, Raymond James & Associates, Inc., has about 8,700 financial advisors throughout the U.S., Canada and overseas. Total client assets are $1.18 trillion.