Helping clients navigate and embrace their transitions

Our investment process is driven by experience – and it’s distinct among FAs vying for this business.

Our team’s experience dates to Bill Stewart’s start on Wall Street in 1986 at Kidder Peabody & Co.’s headquarters at 10 Hanover Square in lower Manhattan:

  • He was one of Kidder’s 20 PRIME Consultants, among more than 1,200 financial advisors through 1994.

  • One of Smith Barney’s 55 Consulting Group Directors, among more than 11,000 financial advisors through August 1997 and Co-founder of Smith Barney’s Philadelphia branch office tech center.

  • National Manager Donaldson Lufkin & Jenrette’s Institutional Consulting Group through January 2003.

  • Sr. Vice President, Consulting Group, Legg Mason through May 2009 and established and ran only branch office tech center at the Firm.

  • Exec. Vice President, Janney Montgomery Scott through February 2022 and established and ran only branch office tech center at the Firm. One of only two FAs with a published, discretionary portfolio track record among more than 850 FAs.

    • For over a quarter century, since Bill became National Manager of DLJ’s Portfolio Consulting Group, he has designed sophisticated, institutional investment portfolios.
    • Investment portfolio design optimization through direct experience using Ibbotson’s asset allocation optimization software.
    • Direct interaction with money managers has been integral to Bill’s due diligence and investment process since DLJ, and it continues today with new manager research and existing manager monitoring.
    • Alex. Brown has access to strong private equity and private placement investments, which are judiciously included in our clients’ comprehensive investment portfolios, when warranted.
    • Our team’s due diligence is complemented by Alex. Brown/Raymond James manager research and oversight.
    • Banyan Partners’ investment portfolios are well diversified across many different managers and investment processes.
    • The fixed income portion is actively managed to create portfolio exposure across the breadth of the fixed income markets to enhance portfolio diversification

  • We believe investing with high quality money managers, who have experience managing through multiple market cycles, and are properly weighted across an optimized portfolio structure, can substantially reduce inherent investment portfolio risk and offer solid portfolio return potential.

    • Banyan’s portfolio management strategy is akin to an ultra-marathon.
    • Typically, clients have built their wealth over the better part of their lifetime. Banyan is determined to be a good steward of that capital for the long-term. It’s a responsibility we take very seriously.
    • Tax mitigation awareness is an integral part of our lexicon.
      • When appropriate, philanthropic strategies can significantly enhance legacy planning:
      • CRUTs, Donor Advised Funds, Family Foundations
      • Use of active tax harvesting investment strategies when potential capital gains tax liability issues are on the horizon.

  • We work closely with our clients and their other professional advisors to develop what we believe to be the optimal, long-term strategic financial plan to help them accomplish their goals and objectives over the rest of their lives.

    • We build customized, personal financial plans which inform corresponding investment portfolio design.

      Why does this matter? If the long-term financial plan only requires a 4.75% return to be successful, for example, the portfolio design will be built accordingly and not to try to achieve higher, unnecessary returns. The highly publicized S&P 500 return is irrelevant for our clients and is likely not the most suitable benchmark for clients’ overall investment portfolios.

    • We create a written, personal investment policy statement to guide the portfolio management process over the short and long-term.

    • Determine which investment strategy or combination of strategies aligns with the financial plan’s return objectives and the personal investment policy.

      • Growth strategy target: 75% equity/25% fixed income
      • Growth & Income strategy target: 55% equity/45% fixed income
      • Income strategy target: 35% equity/65% fixed income
        • All investment strategies invest in effectively the same investment managers and are weighted differently to align with each risk/return profile. (However, in taxable accounts, muni managers will likely be over-weighted in the fixed income portion of the portfolios versus taxable bond managers.)

    • We aim to have quarterly investment portfolio reviews to ensure consistent and open communication with our client-partners. These conversations seem to offer solid reassurance, especially during challenging market conditions and adverse world events, to stay the course and remain focused on long-term investment strategy. Further, it enables our team to stay in front of any pending client financial events and rebalance investment portfolios accordingly, whenever necessary.

    • Banyan Partners applies a graduated, institutionally geared portfolio management fee structure and the lowest cost share class available for the underlying investment funds to minimize total client fees.

Opinions expressed are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. This is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.

Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

In a fee-based account clients pay a quarterly fee, based on the level of assets in the account, for the services of a financial advisor as part of an advisory relationship. In deciding to pay a fee rather than commissions, clients should understand that the fee may be higher than a commission alternative during periods of lower trading. Advisory fees are in addition to the internal expenses charged by mutual funds and other investment company securities. To the extent that clients intend to hold these securities, the internal expenses should be included when evaluating the costs of a fee-based account. Clients should periodically re-evaluate whether the use of an asset-based fee continues to be appropriate in servicing their needs. A list of additional considerations, as well as the fee schedule, is available in the firm’s Form ADV Part II as well as the client agreement.