Partner, FMIA


Colby Masterson Investment Advisor

Colby Masterson is an owner/partner at Frey Masterson Investment Advisors. Colby is a CERTIFIED FINANCIAL PLANNER professional™ and one of less than 1% of financial advisors with a CFP designation and Juris Doctor.

Prior to establishing the firm, Colby practiced law with a focus on estate/tax planning, probate and real estate. He then transitioned to a career in finance as an institutional sales trader with JonesTrading, where he worked with large institutional investment firms (hedge funds, mutual funds, RIAs) to source liquidity for large equity trades, mostly in illiquid small cap companies. A desire to return home and refocus his practice on personal and small business planning brought Colby back to St. Petersburg, where he worked as an investment consultant for Northern Trust. During that time, he provided consultative investment advice and goal planning techniques to high net worth families, retired executives, small business owners and local charitable organizations.

Colby is an active participant in non-profit community organizations, serving on the board of the Give Hope Foundation ( for the past nine years and as treasurer for seven years. He is a past chair of the Police Athletic League (PAL) of St. Petersburg ( and has volunteered his time with the American Heart Association, Great American Teach-In and Habitat for Humanity of Pinellas County. Colby is a graduate of the 2014 Class of Leadership St. Pete and is a member of the Suncoast Estate Planning Council.

Colby is a graduate of Florida State University and Florida State University College of Law, where he concentrated on estate planning and tax.

Colby is proud to be a fourth-generation St. Petersburg resident and of the footprint that members of his family have left in this great community. His great-grandfather, Nick Dennis, built the Dennis Hotel (now Williams Park Hotel) in 1914. Two annual awards from separate legal organizations are named after his grandfather, Barney Masterson. The awards are given to attorneys exemplifying professionalism and ethical behavior – qualities that Colby works toward every day in his own professional career.

Colby’s wife, Andrea, is Director of Corporate Responsibility for HSNi. Colby and Andrea live in St. Petersburg with their two children, Ella and Tommy. They attend St. Paul’s Catholic Church where their children attend school.

When he’s not working, Colby enjoys spending time with his family, running, reading, watching Florida State football, grilling, fishing and traveling to new places.

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*Raymond James is not affiliated with, and does not endorse any of the above mentioned organizations, Nick Dennis or Barney Masterson.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP(R), CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.