Steward Partners snags ex-UBS team, and a new divisional president
A former UBS team that managed $250 million in client assets has joined Steward Partners in Clearwater, Florida, according to the firm.
The Blue Water Wealth Management team is headed by advisors Chris McAdoo and Richard Humphrey. They are also joined by Humphrey’s spouse, Anita, wealth manager associate, and Christina Elam, senior wealth management associate. The team’s clients include retirees and small business owners.
Chris Barton, Southern divisional president at Steward, says the team was connected via referral from another partner at the independent firm who also used to work at UBS.
McAdoo and Humphrey say they were attracted to Steward, which is associated with Raymond James, for several reasons.
“We wanted more flexibility, more control of our cost structure,” says Humphrey. “We’re excited to use their technology and planning software, which gives us more options.”
“We also liked that Steward is partner-owned,” says McAdoo. “It’s all the resources of Raymond James combined with the smaller, partner side. It’s very unique.”
McAdoo brings 32 years of industry experience, having spent the last 13 at UBS. Humphrey has 18 years of experience, all at UBS, according to FINRA BrokerCheck. His wife has 13 years of experience, and Elam has seven years.
McAdoo and Humphrey also share a military background, having served in the U.S. Air Force and the U.S. Marine Corps, respectively.
Steward also announced the addition of a new divisional president in New York, Michael Drumm. He joins the firm from Janney Montgomery Scott, and has 24 years of experience, according to BrokerCheck.
Drumm will oversee the growth and development of Steward’s offices and teams in the tri-state area.
“Steward’s success in the industry has been impressive, but what drew me to the firm were its people and culture,” Drum said in a statement.