Raymond James taps Franklin Templeton vet for independent contractor division

Raymond James has named Ronice Barlow chief operating officer of its independent contractor division, a newly created role aimed at strengthening advisor support and driving business growth across the firm’s independent network.

Barlow was most recently senior vice president and senior strategic sales director at Franklin Templeton, where she worked in the US Wealth division overseeing initiatives focused on client needs, analytics and business development.

Barlow's tenure at Franklin Templeton began in 1995, when she joined the firm as VP, director of internal sales, according to her LinkedIn profile.

In her new role at Raymond James, she will lead a team tasked with enhancing the firm’s capabilities and supporting regional leadership in the independent contractor division, according to Shannon Reid, president of the unit.

In a statement Monday, Reid highlighted Barlow's "extensive experience and proven track record to refine business strategies, enable more dynamic independent advisor support and streamline internal processes."

Reid's path to presidency at the ICD saw her take on several leadership positions across Raymond James. Before taking over the role from Jodi Perry in November 2023 – Perry was elevated to become the firm's national head of advisor recruiting – she was senior vice president and director of the firm's Northeast division.

The void in the Northeast would eventually be filled by Alex David, who left Stifel the following February. David's defection came to light just weeks after Stifel Financial CEO and chairman Ron Kruszewski confirmed it had no immediate plans to grow its independent broker and advisor business.

Raymond James’ independent contractor platform is structured to give advisors control over their practices while providing access to the firm’s scale and resources. The division includes wealth planning and asset management solutions, banking and lending services, trust capabilities, and integrated technology and marketing support.

Barlow’s appointment comes as firms across the industry continue to compete for experienced advisors seeking a greater degree of autonomy without sacrificing institutional backing.

The independent contractor model is one of several key areas within Raymond James' multi-advisor model platform, particularly as more advisors break away from wirehouse environments. The most recent US advisor report from Cerulli estimates wirehouse firms will see a -1.9 percent compounded annual decline over the five-year period ending between 2023 and 2028.

According to the most recent snapshot from its fiscal fourth quarter report in September, Raymond James' Private Client Group had 4,961 independent contractors, slightly more than its 3,826 employee advisors at the time.