Raymond James looks to replicate recruiting success on West Coast

The firm is looking to match its success in the Northeast, including last year's acquisition of Alex. Brown and a 2013 agreement to partner with Steward Partners

Jul 28, 2017 @ 1:58 pm

By Bruce Kelly

Go West, young adviser.

That was the message of Paul Reilly, CEO of Raymond James Financial Inc., during Thursday morning's earnings call with analysts.

An analyst asked Mr. Reilly about the company's recent success in recruiting in the Northeast and whether it could replicate it out West.

Mr. Reilly has been CEO of Raymond James since 2010, replacing Thomas James.

"When I came in, one of my platforms was growth in the Northeast and out West and we just kind of hit it better in the Northeast," Mr. Reilly said, in particular citing last year's acquisition of Alex. Brown and the 2013 agreement to partner with Steward Partners, both located in the Northeast.

"Now, we're just as focused as we were a few years ago on the West Coast," he said. "In fact, we moved our November board meeting to California to make a statement and making a concerted effort for both clients and advisers to start gearing up for better drive out West, which has been our slow area."

"We've made progress, we have recruited advisers, we've got a good pipeline, but that's a big market. We've got a lot to do, and it's a big opportunity for us," he said. "If we can do it in the rest of the country, there's no reason we can't do it in the three western states on the coast."

Raymond James in 2016 reported its best recruiting year ever. Scott Curtis, president of Raymond James Financial Services Inc., the independent broker-dealer, in April attributed recruiting success to its continued flexibility with how advisers run their practices.

Meanwhile, Raymond James Financial, the broker-dealer holding company, on Wednesday afternoon reported record quarterly net revenues of $1.62 billion and record quarterly net income of $1.24 per diluted share.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Advisers should look beyond 529 plans for college planning

Editor Fred Gabriel talks to reporter Ryan Neal about how college-savings strategies are more important than ever as tuition costs soar.

Latest news & opinion

New ways to pay for college

Experts respond to real-life scenarios of people struggling to afford higher education.

How technology is reshaping the advice business

Artificial intelligence, Amazon and robo-advisers are some of the topics on the minds of tech experts.

Best- and worst-performing sector funds and ETFs this year

A rising tide may lift all ships, but a bull market doesn't lift all stock sectors. Here are the best- and worst-performing sectors this year, with the top and bottom fund in each sector.

Betterment slapped with $400,000 fine from Finra

Robo-adviser cited for violating customer protection rule and not maintaining its books and records correctly.

Supreme Court ruling on SEC judges unlikely to upend advice industry

But it could give rise to new hearings for some advisers who are already in litigation with the agency such as Dawn Bennett.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print