Stonebridge Financial Group, the $1.5 billion wealth management and corporate retirement services firm, has found the first advisor for its newly launched 1099 RIA platform.
WhiteCliff Wealth Management CEO Robert Seiden is joining Stonebridge's new RIA, which launched in early February after preparation that began in the third quarter of last year.
Seiden entered the industry in 2009, according to Stonebridge. His background includes stints at Morgan Stanley, Merrill Lynch and LPL Financial (among others) before landing at Triad Advisors in 2018. according to his IAPD profile (in 2018, Triad recruited Stonebridge from Wells Fargo). Seiden managed $30 million at WhiteCliff.
Stonebridge Principal and COO Cody Gehman said the firm was “thrilled” to have Seiden as its first advisor for the 1099 platform, especially after partnering with it for more than five years.
“We're also excited to serve more advisors like Bob who maintain their brand but are looking for an outsourced solution for compliance, client operations and portfolio management,” said Gehman.
Although Stonebridge now provides advisory services through its own RIA after leaving Triad's corporate RIA, it is still dually registered with Triad acting as its broker/dealer.
Doylestown, Penn.-based Seiden. offers financial planning, investment and risk management through his firm and said joining Stonebridge's 1099 platform was an “easy decision” for a sole practitioner like him, looking after portfolio management, compliance and general office support support.
Stonebridge has focused on working with clients in central Pennsylvania, but the new RIA configuration will make it easier to assist advisors locally and across the country. Making the change required revising all of the firm's investment agreements. According to Stonebridge, the firm works with corporate clients as well as families, business owners and institutions.
Initially, Triad was a subsidiary of Ladenburg Thalmann, but in early 2020, Advisor Group acquired Ladenburgcreating one of the industry's largest broker/dealer networks with approximately 11,300 advisors and more than $450 billion in client assets (Advisor Group later renamed to Osaic).