By PR Newswire, March 12, 2013, 09:15:00 AM EDT
- San Francisco-Based Firm Brings Back Storied Financial Services Brand Under New Collaboration with LPL Financial to Provide Comprehensive Wealth Management Services to Individuals and Families -
SAN FRANCISCO, March 12, 2013 /PRNewswire/ -- Robertson Stephens Partners LLC announced today that it has commenced operations as the holding company of Robertson Stephens Asset Management LLC and broker-dealer Robertson Stephens Securities LLC, with Joseph Piazza serving as Chairman and CEO. Both the investment advisor and the broker dealer are not yet registered, but have commenced their respective registration processes.
"Launching the brand name is our way of paying respect to all of the entrepreneurs who founded the boutique firms of that era," said Piazza. Robertson Stephens Asset Management LLC, which will be the operating company, will provide customized, goal-oriented solutions primarily to individuals and families with $10 million to $100 million in assets, focusing on entrepreneurs from high growth industries including technology, social media and energy.
"Robertson Stephens Asset Management will reflect our commitment to our namesake firm's dedication to individual client needs, combined with our embrace of ultra high net worth solutions that are built for today's world. This means offering an unbiased, highly disciplined and risk-oriented approach to addressing clients' long-term wealth objectives and short-term liquidity needs," said Piazza. "There's been a gap in the market, and many high net worth individuals are looking for sophisticated solutions to fit their dynamic needs, delivered in a conflict-free way. We will focus on providing objective advice with an open architecture platform. We also offer a partnership culture that attracts top advisors and benefits their end clients."
The firm is headquartered at 555 California Street in San Francisco, where Piazza founded the Financial Services Division at Robertson Stephens in 1998 and grew the business to $40 billion in assets and 220 employees by 2002. Prior to joining Robertson, Piazza was a Managing Director at Furman Selz/ING, where he founded the Private Asset Management department, and prior to that was the founder and head of the Private Client Department at Montgomery Securities. Before focusing on asset management, Piazza held senior positions in global financial services firms, including Goldman Sachs.
LPL Financial — the nation's largest independent broker-dealer*, a leading RIA custodian, institutional service provider and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA) — is providing Robertson Stephens Partners with a broad infrastructure and technology platform as well as access to LPLA's wholly-owned subsidiary Fortigent, a premier provider of asset allocation modeling, portfolio construction, manager due diligence and consolidated reporting.
"Joe Piazza is an elite leader in the wealth management industry, with unmatched experience and relationships," said Robert Moore, President, Advisor and Institution Solutions at LPL Financial. "At LPL Financial, we feel privileged to play a key role in the founding of the new Robertson Stephens. Robertson Stephens Asset Management's decision to partner with LPL Financial reflects how the industry-leading resources and tools that we offer enable the scalability of top wealth managers across the nation. By providing a platform of fully integrated back and middle office capabilities that are delivered flexibly and seamlessly according to their needs, we allow financial advisors to stay focused on what they do best — serving clients."
"LPL Financial was our immediate choice because they provide a flexible, hybrid platform to manage client portfolios as well as meet clients' brokerage needs," said Piazza. "Robertson Stephens Asset Management and LPL share the same strong commitment to client service."
About Robertson Stephens Asset Management LLC
Robertson Stephens Asset Management, a wholly owned subsidiary of the holding company Robertson Stephens Partners LLC, is focused on providing independent, objective and conflict-free advice to High Net Worth individuals and families. Assets are managed through a deliberate process of understanding clients' near term liquidity needs and long-term wealth preservation and creation goals. A staff of highly experienced professionals provides clients access to asset managers on a global basis across a broad spectrum of appropriate asset classes. Robertson Stephens' corporate mission is to provide a level of service to clients unmatched in the industry. Its corporate slogan, "A Culture Of Exceptionalism," speaks to that commitment.
The new Robertson Stephens is not affiliated in any way with Sandy Robertson or Paul Stephens, two of the founders of the original firm. Nor is it affiliated in any way with RS Investments, a mutual fund company in San Francisco.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,300 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities offered through LPL Financial. Member FINRA/SIPC. LPL Financial is not affiliated with the new Robertson Stephens and Joseph Piazza.
*Based on total revenues, Financial Planning magazine, June 1996-2012.
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SOURCE Robertson Stephens Asset Management LLC; LPL Financial LLC