Raymond James has gotten bigger in Texas yet again, but it’s done so in novel fashion as it rolls out a new affiliation model for advisors.
Stephen Kruchten, senior vice president and national director at Raymond James Financial Institutions Division, announced the addition of Ronald Folwell as a new financial advisor with the firm's corporate RIA model.
“Affiliating with Raymond James' Corporate RIA model as part of our national network of FID banks and credit unions offers advisors tremendous flexibility and, in many cases, combines the best of both worlds for them and their clients,” Kruchten said in a statement.
As the firm explains, the corporate RIA affiliation lets fee-only investment adviser representatives with Raymond James Financial Services Advisors provide comprehensive wealth management to clients with support from its infrastructure of advisory resources.
"Our community institutional programs and advisors have embraced this new offering with enthusiasm," Kruchten said, underscoring how it "[alleviates] the compliance and regulatory requirements associated with [advisors] operating their own independent RIA."
Folwell, who joins Woodforest Advisors at Woodforest National Bank in The Woodlands, Texas, previously managed approximately $197 million in assets at United Capital Financial Advisors.
With over 30 years of experience, Folwell began his career in 1991 at Ameriprise Financial, where he worked for 23 years before joining United Capital in 2014. Alongside Folwell, Laura Folwell will serve as a client services associate at the WNB Woodlands office.
“We’re excited to welcome this highly experienced and respected team to our growing investment program,” said Steve Tucker, president of Woodforest Wealth Strategies.
He highlighted the corporate RIA model as “a turnkey affiliation option” that creates “a strategic advantage for operational planning, recruiting and retention.
“Most importantly, it allows our program to continue providing clients with best-in-class services and solutions," Tucker said. Raymond James’ corporate RIA addition comes shortly after it welcomed a seasoned New Jersey advisor from Benjamin F. Edwards to its independent advisor channel, before which a $360 million duo from Morgan Stanley joined its employee advisor arm.
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