Raymond James Financial Inc. is cutting some fees paid by clients of the advisory firms that hold assets in custody at its Investment Advisors Division.
For advisory firms holding assets of $75 million or more at Raymond James, clients' IRA fees will be waived and equity ticket charges reduced to as low as $8.95 per trade, the company said Tuesday. Ticket charges have ranged from $12.95 to $30.
Pricing will depend upon asset levels and trading volumes. The fee cuts take effect at the start of next month.
The reduced fees were announced during Raymond James' annual meeting for its registered investment advisory firms in Naples, Fla.
The firm serves about 100 advisory firms, which, in total, have $7 billion in assets under management.
Earlier this year, William 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.