Raymond James has a new program to attract and train new financial advisers.
The Wealth Management Associate Program, or WealthMAP, is a two-year program for professionals who are interested in a career as a financial adviser but want to gain more experience and knowledge before joining a formal training program, such as Raymond James’s own Advisory Master Program (AMP).
WealthMAP participants earn their Series 7 and Series 66 licensing while developing financial planning skills via home office, branch office and technology training. Program graduates can transition immediately into AMP.
“It’s important to us that our firm and profession evolve to meet quality candidates where they are and offer the personalized training to help them succeed,” David Patchen, Raymond James senior vice president of private-client group education and practice management, said in a statement.
The inaugural class kicked off in January with participants from 20 Raymond James branches. Half the participants are transitioning from a different field or are recent graduates, while 70% are women or people of color.
A recent report by research firm Cerulli Associates estimated at least 111,500 advisers will retire over the next decade, and nearly a quarter of them don’t have a succession plan. Meanwhile, less than 20,000 trainees entered the industry in 2019, and as many as 75% are expected to fail within their first five years.
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Cerulli researchers suggested that making hiring practices and training more inclusive could address the growing talent shortage threatening an aging financial advice industry.
“There are many pathways into this profession, and we recognize that nontraditional candidates, for example those who are changing careers, just graduating or are reentering the workforce, may appreciate a longer runway to gain more education and experience before entering a robust adviser training program like AMP,” said Matt Ransom, Raymond James vice president of new financial adviser development. “WealthMAP not only expands the candidate pool by attracting diverse talent to this industry, but also gives them more hands-on experience and preparation to build their confidence and chances of long-term success as advisers.”
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