While there's already been so much said – and by all accounts, not enough done – about the shortage of advisor talent in the US wealth industry, Raymond James is helping advisors in its independent channel take on a much less talked-about gap in talent.
This week, Raymond James announced it is introducing a new in-house recruiting service aimed at helping its independent advisors expand their teams and manage growth demands more effectively.
The firm unveils its new offering as it joins an assortment of other firms looking to woo creme-de-la-creme advisors away from Commonwealth Financial, which is officially being acquired by LPL in a $2.7 billion all-cash deal set to be completed later this year.
The new Talent Sourcing offering at Raymond James connects independent practices with a dedicated recruitment specialist who conducts market consultations, candidate outreach, screening and interviews tailored to specific hiring needs. The service is positioned to support staffing for roles ranging from entry-level advisors to specialized non-production associates.
Shannon Reid, president of the firm’s independent advisor division, Raymond James Financial Services, explained how the service was developed in response to one of the most common challenges facing advisory businesses: aligning day-to-day operations with the demands of growth.
“One of the biggest challenges faced by successful advisor teams is balancing the priorities that continue to fuel their organic growth with the support required to deliver and expand on the services that their clients enjoy,” Reid said in a statement. “Talent Sourcing is designed to help create capacity for both.”
A report by Cerulli this week explained how advisory practices are being reshaped by fee compression and changing client expectations, with advisors being expected to provide more value to high-net-worth clients. It found advisors expect the average fee charged to clients with $5 million in investable assets will setle to 76 basis points by the end of 2026.
"To succeed in the future, advisors must adjust their business models to cater to the next wave of clients," the report said. "Clients and potential clients increasingly expect their advisors to provide more services beyond investment management. They desire a more holistic approach, placing a greater emphasis on comprehensive financial planning."
Advisors using Raymond James's new service are presented with a shortlist of vetted candidates based on the firm's internal screening processes and business requirements defined during initial consultations.
Talent Sourcing adds to Raymond James's growing array of practice management support tools which also includes Paraplanning Services, a solution it launched in February last year to assist with client meeting preparation and administrative follow-up. More recently this past March, the firm announced another change at RJFS as it tapped Ronice Barlow, a veteran leader with stripes from Franklin Templeton, as the unit's new COO.
In its most recent annual report for 2024, Raymond James said it had 4,961 advisors within its independent contractor division, virtually steady when compared to the 5,019 it logged in the 2023 fiscal year and 5,043 at the end of fiscal 2022.
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