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Emery County approves transition of investment account from Zions to Raymond James
Summary
Commission approved moving the county’s investment account from Zions Wealth Advisors to Raymond James to maintain continuity with advisor Scott Burnett; Raymond James representatives said there would be no fee increase and highlighted broader institutional resources and purchasing access.
County staff recommended transitioning the county’s investment account from Zions Wealth Advisors to Raymond James at the June 17 meeting to continue working with advisor Scott Burnett, who moved firms.
Scott Burnett (online) introduced himself as a Raymond James representative and said the firm manages large institutional portfolios and offers access to a broad array of market counterparties and pricing advantages on certain agency securities. He stated there would be "no increase in fees for the county" as part of the transfer and emphasized institutional research and buy-side access as advantages.
Commissioners asked about investment constraints and environmental, social and governance (ESG) exposure; staff said county investments must follow the Utah Money Management Act, which limits allowable investments and provides governance constraints. Commissioners emphasized the value of the county’s relationship with Scott and asked staff to coordinate transfers and quarterly reviews.
A motion to approve the transition passed unanimously. Staff will coordinate account transfer and continue quarterly portfolio reviews with the new advisory firm.
