Raymond James trims fees for some RIAs

Raymond James Financial Inc. is cutting some fees paid by clients of the advisory firms that hold assets in custody at its investment adviser unit. Equity ticket charges were reduced to a range of $8.95 to $19.95 per trade, down from $12.95 to $29.95. Pricing varies depending on asset levels and trading volumes. In addition, for advisory firms holding assets of $75 million or more at Raymond James, clients' IRA fees will be waived The reduced fees, which will take effect today, were announced during Raymond James' annual meeting for its registered investment advisory firms in Naples, Fla. Fees have been an issue with some advisers who hold assets in custody at Raymond James, although the firm says its full-service brokerage capability offers good value compared to its discount-brokerage competitors. “I think we're close enough now [with pricing], so it won't be an issue with advisers or their clients,” William Van Law, president of the IAD unit, said in an interview. Earlier this year, Mr. Van Law took charge of the Raymond James' RIA custody operation, which was reorganized as a stand-alone division within the company. The unit had been part of the company's independent-broker-dealer arm. Mr. Van Law had been head of sales for the firm's independent channels. The firm serves about 100 advisory firms, which, in total, have $7 billion in assets under management. djamieson@investmentnews.com Twitter: @dvjamieson