Robertson Stephens Partners has commenced operations as the holding company of Robertson Stephens Asset Management and broker-dealer Robertson Stephens Securities, with Joseph Piazza serving as chairman and chief executive.
Both the investment adviser 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," says Piazza.
Robertson Stephens Asset Management, which will be the operating company, will provide customised, goal-oriented solutions primarily to individuals and families with USD10m to USD100m 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," says 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 in San Francisco, where Piazza founded the financial services division at Robertson Stephens in 1998 and grew the business to USD40bn 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 – is providing Robertson Stephens Partners with a broad infrastructure and technology platform as well as access to LPLA’s wholly-owned subsidiary Fortigent, a provider of asset allocation modelling, portfolio construction, manager due diligence and consolidated reporting.
"Joe Piazza is an elite leader in the wealth management industry, with unmatched experience and relationships," says Robert Moore, president, adviser 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 advisers to stay focused on what they do best – serving clients."
