Benjamin F. Edwards, the Clayton, Mo.-based brokerage began by the great-great grandson of A.G. Edwards’ founder, goes after unbiased, fee-only advisors, a shift for the 10-year-old agency that has primarily targeted on commission-based, worker advisors. The agency has launched a custody-agnostic company registered funding advisory, Edwards Wealth Administration.
The Dunlop Funding Group, a father-son crew with $230 million in consumer property, is the primary to hitch the RIA, after spending the final eight years with Benjamin F. Edwards.
Any groups that be a part of the company RIA will stay unbiased contractors, using the agency for back- and middle-office providers, stated Chris Keller, managing director of Edwards Wealth Administration. Pershing is the agency’s preliminary custodian, however its tech stack is custody-agnostic, and the agency is in a position to deliver on advisors who custody elsewhere.
“We see this as purely an offensive technique,” Keller stated. “There’s a perception right here that we might be profitable in delivering to those unbiased enterprise house owners lots of what we’ve been delivering to our workers for the final 10 years.”
However the agency’s legacy goes again multiple decade. It was based in 2008 by Benjamin “Tad” F. Edwards IV, the great-great grandson of Albert Gallatin Edwards, who established the brokerage agency A.G. Edwards in 1887. That agency is now a part of Wells Fargo Advisors.
At the moment, Benjamin F. Edwards has about 300 worker advisors managing simply over $25 billion in consumer property.
However Edwards Wealth Administration doesn't function throughout the dealer/vendor. Impartial advisors can use the b/d for brokerage enterprise, as an lodging if wanted, Keller stated. However the thought is to draw fee-only advisors with no less than $1 million in annual income onto the RIA platform. The agency is not trying to assist advisors beginning their very own RIA.
In contrast to another RIA platforms on the market, the agency will not be requiring an fairness stake within the companies it brings on, though there are financing choices in place in sure circumstances, stated Keller. Advisors aren't required to take an fairness stake within the company RIA both.
“If you're an worker of say one other agency and also you’re prepared to begin your personal follow and also you want start-up capital, we’re ready for that,” Keller stated. “If you wish to get some fairness off the desk, I believe we’re ready for that."
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