Tom Sedoric and Casey Snyder

Please enjoy this insight into the why and the how of our new partnership with Steward Partners and relationship with Raymond James evolved and developed. We thank you for your patience, encouragement and support in making this transition as seamless and productive as possible, and are so grateful for your continued trust as we embark upon this new and exciting chapter together. 

Why did it take it so long?

With our clients’ best interest in mind, we knew a transition of this size required ample planning and due diligence. In many cases, it meant walking away from decades of client records (other than basic contact information, industry protocol prohibits the retention of records when changing firms). We may have wished to move sooner, but our duties as fiduciaries served as compass first and foremost. It would have been imprudent to leave near the end of the year due to our client’s estate, tax and charitable planning needs. We thought it equally unwise to create stakeholder disruptions during tax season. Lastly, it was important that team members, their families, and the members of our new firm were ready and prepared to facilitate as smooth a transition as possible. With all this in mind, we slated our departure for the end of April 2018 to mitigate any major disruptions and kick off summer in our new home. It has been an amazing journey.

Why Steward Partners and Raymond James?

Over the past three years, our team engaged in a rigorous screening process as we sought out the ‘right’ firm and platform to serve our clients. We met with many firms, toured home offices, spoke with compliance administrators, cyber security teams, and evaluated financial planning software, trading platforms, analytical tools and online portals. Our assessments were made in the context of the evolving needs of our clients. Our client’s needs are always evolving so our decision evolved around convenience, security and our overall ability to better serve you.

In the end, there were three routes from which to choose: 

  1. Become employees of another large impersonal public firm.
     
  2. Create our own firm as a team, allowing for total autonomy and the creation of our own infrastructure.
     
  3. Become partners in a hybrid of both models, which offers strengths of both alternatives which offers the freedom of independence with the oversight and strength of a major financial services firm.

For our clients and the future of our team, we felt the hybrid model was the best fit: Autonomy allows us the ability to adapt and innovate, while the operational infrastructure and administrative advantages offered by Steward Partners and Raymond James provides enhanced client protections and allows us to refocus on evolving client needs. 

What has changed? 

  • Custody: Your assets are now held at Raymond James, which is the firm you will see listed on your statements. As a reminder, Steward Partners is an independent office of Raymond James Financial Services. 
  • Ownership structure: Steward Partners is an employee-owned partnership. This equates to a collaborative culture focused on client needs and long-term success.
  • Technology: Over the course of the next year, we’re excited to introduce new planning, investment, and communication tools and services into our process to enhance the depth of our practice and our ability to collaborate with clients.
  • Culture: Thanks to the ‘team’ mentality on which Steward Partners has been built, we are excited to meet our new colleagues and grateful for their support of us, and you in recent weeks. We feel “partner” in every contact we have with our new firm. The energy is palpable, and we couldn’t be more excited – enjoying the buzz of downtown Portsmouth has been an unexpected and welcome bonus!

Has your compensation changed? 

No, our compensation structure has not changed. We made this move for our clients and the future of our practice, not to increase our compensation. 

History:

In many ways, The Sedoric Group has come full circle. Almost twenty years ago, Tom pursued a fiduciary relationship with his clients – an uncommon arrangement at the time – in the wake of the repeal of the 1933 Glass-Steagall Act that prohibited the merging of commercial and investment banking. As an advisor at A.G. Edwards, he sought permission to attend a Raymond James conference, and at that conference learned about an emerging fiduciary relationship Raymond James explored with their clients and select advisors. Though trained as a broker, Tom understood the impact a comprehensive, planning-based fiduciary relationship could have in helping clients reach their goals. Tom brought this fiduciary relationship back to A.G. Edwards and continued to advocate for this ‘client-first’ arrangement. 

Today, the financial services industry persists in its quest to make the fiduciary relationship the standard throughout the industry in spite of the shifting political winds.

And now, twenty years later, the professionals at The Sedoric Group of Steward Partners are affiliated with Raymond James – a firm we’ve admired for a very long time. The vigor and advocacy on behalf of the clients we serve is an important component of our team’s DNA, and as evolution of our clients and industry continues, we’re proud to be partners of a firm that makes this their mission.

 

This information has been obtained from sources deemed to be reliable but its accuracy and completeness cannot be guaranteed. The views expressed are those of Tom Sedoric – Partner, Executive Managing Director and Wealth Manager and D. Casey Snyder, CFP® - Partner, Senior Vice President and Wealth Manager and are not necessarily those of Raymond James. Steward Partners Global Advisory LLC and The Sedoric Group maintain a separate professional business relationship with, and our registered professionals offer securities through, Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Steward Partners Investment Advisory LLC. 2985754