Scott & Stringfellow has named Bryan Cram president of its Private Client Group.
Cram, formerly the group’s chief operating officer, said he plans both internal and external expansion of the retail business. “We will leverage our relationship with our parent company, BB&T [Branch Banking and Trust],” Cram said.
Internally, Scott & Stringfellow made a major move recently when it hired Rodney Lineberry as a managing director and complex manager, based in the firm’s Charlotte, North Carolina, office. “This complex consists of two major branches, Charlotte and Columbia, South Carolina,” said Mike Owen, who manages Scott & Stringfellow’s Southeast region.
Lineberry comes from Morgan Stanley Smith Barney, where was a branch manager. According to Owen, Lineberry was a manager in Virginia Beach and, most recently, in Charlotte, where he was responsible for more than 30 financial advisors. Scott & Stringfellow’s Charlotte branch is smaller, so there is room to expand there and in Columbia. “Rodney will be a non-producing manager, responsible for administration and recruiting,” Owen said. Cram indicated that Scott & Stringfellow could possibly open a second branch in Charlotte.
While Richmond-based Scott & Stringfellow focuses on key markets in its Virginia-Carolinas main area, it’s also setting its sights on other states. “We have some offices in Georgia and West Virginia,” Cram said. “Now we’re planning to enter Florida, Alabama, Kentucky, and Maryland as well.”
Cram said that the parent company is deeply rooted in those states, which will help his firm expand in key markets there. “BB&T has a growing Wealth Division,” he pointed out, adding that Scott & Stringfellow plans to coordinate with BB&T in order to expand overall business with key clients who need sophisticated financial planning.
“We’ll be looking for financial advisors with drive,” Cram said, “and a history of putting clients’ interests first.” Desirable recruits should have some experience but need not be industry veterans. Cram said that reps with five years in the business could be considered if they have the other attributes sought by Scott & Stringfellow.