Raymond James says some mployee advisors looking to retire can now participate in
a new succession program, Advisor
Financial advisors who qualify for the
program can work with as a consultant
to the advisor receiving their book of
business for up to two years prior to
retirement and receive up to five years
of payment post-retirement.
Advisor Emeritus is currently offered
to employee advisors within Raymond
James & Associates and its Alex. Brown
division. It will be available for up to two
years for “recognition club” level advisors
and one year for other qualifying advisors.
“We continue to hear from advisors
and potential recruits that the support
Raymond James offers to advisors at all
phases of their careers — from successors
to retiring advisors — is a differentiator,”
according to Tash Elwyn, president and
CEO of Raymond James & Associates.
Raymond James has some 3,300
employee advisors and about 4,700 affiliated independent advisors.
Even for experienced advisors “the
thought of retirement can be daunting
administratively, financially and even
emotionally,” according to Robert Goff,
vice president of succession and acqui-
sition planning. The new program can
serve as “a structured pathway” to tran-
sitioning their book of business for both
the advisors “themselves … and most
importantly, their clients.”
In a statement, the firm explained:
“Due to the employment structure of
independent practices, the Advisor
Emeritus framework can serve as a
template for independent branch own-
ers, with the Succession & Acquisition
Planning team as a consultative resource
for interested independent advisors.”
Raymond James has rolled out a new
program to train aspiring financial advisors and says it has attracted a diverse
first group of participants.
Its two-year Wealth Management
Associate Program (or WealthMAP)
aims to introduce advisory work to
those interested in exploring the career
but not fully ready to join Raymond
James’ advisor-training program,
according to Matt Ransom, vice president of new FA development.
“There are many pathways into this
profession, and we recognize that nontraditional candidates, … [like] those …
changing careers, just graduating or …
reentering the workforce, may appreciate a longer runway to gain more education and experience before entering a
robust advisor training program … ,” said
Ransom in a statement.
The inaugural class, which began the
program last month, includes adults
based in 20 branches. More than 70% of
them are women or people of color, and
over half of whom are from different pro-
fessional fields or are recent graduates.
WealthMAP helps prepare candidates
for the Series 7 and Series 66 exams and
exposes them to financial planning via
home-office training, branch and group
coaching, and wealth planning and technology support, the firm says.
Successful graduates will transition immediately into Raymond James’
formal advisor training program, the
Advisor Mastery Program.
“WealthMAP not only expands the
candidate pool by attracting diverse talent to this industry, but also gives them
more hands-on experience and preparation to build their confidence and
chances of long-term success as advisors,” Ransom said.
In addition to WealthMAP, Raymond
James offers a Registered Associate
Mentoring Program for those who want
to enter its Advisory Mastery Program.
“We have seen tremendous results with
our advisor training programs, and we
look forward to continuing to attract and
prepare candidates for successful financial advisor careers through WealthMAP,”
according to David Patchen, senior vice
president of Private Client Group education and practice management.
“It’s important to us that our firm
and profession evolve to meet quality
candidates where they are and offer the
personalized training to help them succeed,” Patchen added. “This program is
another extension of our ongoing commitment to that.”
By Janet Levaux
Raymond James Is Introducing
New Training, Succession Programs
Meanwhile, Wells Fargo Advisors tweaks a policy for yearly fees, and its parent
entity reaches a $3 billion settlement over its multi-year fake-accounts scandal.