Alcyon Wealth Partners, a former Raymond James-affiliated registered investment advisor, is going the independent route.
The firm will operate out of the same Youngstown, Ohio, office where Marc Presley and Don Sherwood co-founded the practice under Raymond James’ independent contractor division in 2008.
They’ll be joined by Chief Operating Officer Brandon Polish, Wealth Manager Nick Bianco, Mindy Barton as client service director and Olivia Pavlak as marketing director. The firm works with 200 to 250 households and has assets under management totaling $325 million.
In an interview with WealthManagement.com, Presley stressed that the firm had a positive relationship with Raymond James throughout their partnership, but in the past several years, they had begun considering the possibility of going independent.
“I would say it’s about the idea of being able to provide true comprehensive advice and guidance in a more comprehensive way,” he said. “That was the biggest thing; just being able to help our clients with all aspects of their financial lives, and being able to do that in an independent structure was important to us.”
The firm focuses on investment management, financial and retirement planning, charitable giving and trust work. According to Presley, the firm has a significant focus on pro athletes and coaches, working with approximately 80 NFL players, coaches and college players nationwide (the athletic focus stems from Sherwood, who spent four seasons on the Sports Medicine staff of the Kansas City Chiefs before entering the wealth industry in 2002).
The firm is partnering with Fidelity to handle custody and will employ third-party guidance for compliance needs. According to Presley, while the firm is not planning on monetizing its business or selling fractions to private equity, owning the firm brings “an equity component” that helps with recruiting and retention.
“We just thought the timing was right for us,” he said. “But it’s a tremendous amount of planning. Anybody who thinks they can just flip a switch and go from either the employee side or the independent contractor side to a full-fledged RIA, there’s a tremendous amount of work that goes in.”
While the firm is amid a hectic transition into independence, Presley expects that once the day-to-day routine of servicing clients settles in, their focus will turn towards growth. Particularly, Presley wants to expand the firm’s reach into women’s sports, calling it a “tremendous opportunity” for growth, while expanding team members (and the specialties they cover).
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