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Raymond James Tag

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What Do Raymond James’ Layoffs Mean for Advisor Recruiting?

14:52 21 September in In the News by rafferty

September 16, 2020 By Janet Levaux, ThinkAdvisor Raymond James is trimming close to 4% of its workforce of 13,900 employees in and outside the U.S. — or roughly 500 positions. But will the firm, which has over 8,100 advisors and added a net 251 in the past year, see any impact from the move on its recruiting efforts — including the transition packages it offers? “It’s part of an overall industry trend,” said Mark Elzweig, an executive search consultant based in New York, about the job cuts. Raymond James’ announcement Tuesday about layoffs followed similar news from Wells Fargo and Citigroup, which had paused layoffs earlier this year due to pandemic and recently resumed them. Worldwide, some 64,000 positions have been eliminated at banks so far this year, according to Bloomberg, which estimates that close to...

Financial Advisor IQ a Financial Times Service

Raymond James Plans Big Play to Keep RIA-Bound Advisors

18:14 26 June in In the News by rafferty

June 25, 2019 By Mrinalini Krishna, Financial Advisor IQ Hoping to catch advisors looking to go the RIA route, Raymond+James is considering providing an in-house opportunity for advisors who want to drop their Finra registration to transition to the RIA model. Raymond James private client group president Scott Curtis says the firm is working on “an opportunity for advisors who perhaps want to drop their Finra registration, but operate as a fee-only practice. They’ll be able to do that under the corporate RIA and not necessarily have to exit Raymond James as either an independent advisor or potentially as an employee advisor, and go to an independent RIA to operate under that model.” Curtis adds that a pilot for this program will likely be “up and running before the end of this calendar year.” Some industry...

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LPL Looks Beyond Indie Roots with New Employee Channel

20:20 23 May in In the News by rafferty

May 22, 2019 by Mason Braswell and Jed Horowitz, AdvisorHUB   LPL Financial, the nation’s largest independent broker-dealer, will use its acquisition of Allen & Co. of Florida to seed a new business channel of brokers who work as full-time employees, executives said on Wednesday. LPL announced its plan to buy Allen, which has about 30 brokers servicing $3 billion of client assets, after the market closed on Tuesday. It followed Wednesday with an outline of how it hopes to attract advisors from traditional firms with higher payouts, albeit fewer services, than they are used to.“This is the largest segment of the marketplace, and one we have not traditionally pursued,” LPL business development head Richard Steinmeier said at LPL’s Investor Day presentation in New York on Wednesday. Steinmeierjoined LPL last year from UBS Financial Services,...