Raymond James signs off on sign up makeover

Raymond James Financial Services Inc. plans to improve the process its advisers use to sign on new customers, according to the independent broker-dealer's president. At the opening of the firm's national adviser conference in Dallas, Scott Curtis said the firm, which has 3,200 financial advisers managing $175 billion in assets, also will require advisers this year to add a layer of mobile security by implementing MobileIron. MobileIron is designed to secure and manage enterprise data (apps, docs) on mobile devices. “I think you'll see this as an increasingly common trend, particularly in the financial services industry,” said Maribel Lopez referring to the rollout of MobileIron by Raymond James to its advisers. She is principal analyst of Lopez Research, which specializes in the intersection of mobile, social, big data, analytics and cloud technologies. “One positive aspect of these mobile data management technologies is that they are far less draconian than even a few years ago; now you can segment and wipe [out] just work-product-related data on devices” if they are compromised, she said. 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 — a task that many advisers in the industry claim is too long and involved — also will incorporate allowing clients to sign documents electronically, he said. Improving how advisers use Raymond James' technology to serve clients and encourage asset growth is the focus of many of the firm's sessions during the four-day conference. Vin Campagnoli, head of technology strategy for Raymond James, said the brokerage has increased its technology spending by 30% since 2011. "That's unheard of — no other firm can claim that they are up in technology spending that much over the last two years," he said. Raymond James has had a 3% increase in the number of advisers and a 60% increase in client assets since 2008. Patrick O'Connor, senior vice present for wealth, retirement and portfolio solutions, described ways to use goal-planning software to show high-net-worth households during presentations what else they could do with their money. Raymond James defines the high net worth group as those with at least $5 million to invest. Advisers shouldn't stop with merely showing wealthy clients how they are fully funded for current goals, he said. The software can be used to show clients that they have enough money to make a large gift to a favorite cause, buy a boat or other large process, or make general lifestyle changes.