Financial advisors who want to take an independent route with Raymond James now have an enhanced support suite to help them make the transition.
The firm has announced improvements to its Independence Plus suite of support services for transitioning advisors, giving them the flexibility to pick the services that they need to help them make a success of their business, while not having to pay for those that they decide are not right for them.
For those moving to independence, a team of consultants offer support, but advisors can also choose third-party suppliers of their choice. Advice includes entity structure and taxation guidance, team structure and ownership consultation, and even furniture design and space planning for offices.
There are also turnkey employee benefits from a large provider partner to give advisors and their teams a benefits package and HR offering.
“Today, Raymond James delivers a highly personalized model supporting all transitioning advisors, from solo owners to large enterprise teams, designed to instill confidence throughout the journey to business ownership,” said Shannon Reid, president of the firm's independent contractor division. “These enhancements include significant investments in our team of experienced consultants and benefits partners to meet rising demand and provide our comprehensive transition process to more advisors.”
The program has helped 450 advisors transition to independence since it was launched more than a decade ago, and Steve Voss, vice president of independent business consulting, says that it eliminates the most challenging aspects of launching an independent advisor business.
“We are confident that with this launch of enhanced customized and comprehensive solutions, Raymond James will continue to lead the industry in attracting future business owners,” he said.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
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