Broker set to revamp use of data

Raymond James Financial Services Inc. plans to improve the process its financial advisers use to sign on new customers, according to the independent broker-dealer's president. At the firm's national adviser conference in Dallas last week, Scott Curtis said Raymond James, which has 3,200 advisers managing $175 billion in assets, also will require advisers to add a layer of mobile security by implementing MobileIron. MobileIron is designed to secure and manage enterprise data (apps, documents) on mobile devices. “One positive aspect of these mobile data management technologies is that they ... can segment and wipe [out] just work-product-related data on devices” if compromised, said Maribel Lopez, principal analyst at tech-focused Lopez Research LLC. As for Raymond James, “the goal is to completely renovate how we collect and store data, and re-purpose basic client information to make it reusable across applications,” Mr. Curtis said. Improving the client intake process — which many advisers in the industry claim is too long and involved — also will incorporate allowing clients to sign documents electronically, Mr. Curtis said.

TECH INVESTMENTS

Raymond James has increased its tech spending by 30% since 2011, to about $200 million this year, according to executives. Tech investments can accentuate an adviser's value. For example, advisers using goal-planning software shouldn't stop with merely showing wealthy clients how they are fully funded for current goals, according to Patrick O'Connor, senior vice president for wealth, retirement and portfolio solutions at Raymond James. The tools can show clients that they have enough money to make a large gift to a favorite cause or make general lifestyle changes. [email protected] Twitter: @skinnerliz