Leaving Stifel, Alex David to boost Raymond James independent channel

Less than three years after joining Stifel Financial to oversee its independent channel, Alex M. David is moving over to a similar role at Raymond James.

David, who has 28 years of industry experience, will become Northeast division director of Raymond James Financial Services' independent unit. The new position will have him working with advisors in a dozen East Coast states, from Virginia northward to Maine, plus Washington, D.C.

David said in an email that he was attracted to Raymond James by its "unwavering, unrelenting commitment to the independent model."

"I, too, share that vision," he wrote. "It's a perfect match."

The change brings David from a firm where independent advisors make up only a small percentage of all financial planners to one where they constitute the majority of planners on staff. In its 2023 fourth-quarter earnings, St. Louis-based Stifel reported having only 108 independent advisors out of 2,386 in all, or less than 5% of the total. St. Petersburg, Florida-based Raymond James, by contrast, had 4,992 independent advisors out of a total of 8,710 at the year's end.

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A spokesman for Stifel said the firm wishes David the best. 

"Stifel will continue to operate its independent channel and we look forward to its continued success," he said.

Mark Elzweig, an advisor consultant, said David enjoys a good reputation in the industry and it makes sense that he would "choose a firm where the independent model is a core business."

David's new position will have him reporting to Shannon Reid, who was named president of the firm's independent contractor division in November. Reid said in an email that Raymond James places a priority on giving advisors room to run their businesses as they see fit.

For planners who join the firm's independent channel, Reid said, the appeal is often in the ability to build their own brands and manage their own practice while receiving support on regulatory compliance, human resources and similar matters.

Photo courtesy of Raymond James

"Total independence isn't always right for everyone," she said in an email. "With the regulatory environment, we see some advisors who take comfort in having a firm that has the infrastructure, interprets the rules and shares guidance on what advisors can do to comply."

Before joining Stifel in 2021, David was at Wells Fargo Financial Advisors in St. Louis for 13 years. After he left Wells Fargo, according to a disclosure on his BrokerCheck page, allegations arose that he had failed to tell the firm of his and his spouse's ownership or partial ownership in two outside businesses.

David wrote in comments published on BrokerCheck that he was surprised by the review.

"He learned about the review and allegations only after he resigned voluntarily from [Wells Fargo Financial Advisors]," according to the comment. "There was no intent to conceal the two limited liability companies Mr. David owned wholly or jointly with his spouse from WFAFN and its affiliates."

Before joining Wells, David was an institutional wholesaler at various firms, including Lord Abbett, Federated Investors and OppenheimerFunds, according to a statement from Raymond James.