Raymond James Financial is fully embracing its newly established "private wealth" division and aims to have approximately 500 advisors designated under this category in the upcoming years.
Last summer, Raymond James offered a private wealth corporate title to advisors who completed a six-month course on working with customers with $5 million or more in assets. Raymond James saw an opportunity to implement the program after finding that it had a lower market share than its peers in the high-net-worth space, according to AdvisorHub.
Raymond James is in its third cohort, with around 40-50 advisors in the program. Once the third cohort graduates, the firm will have about 150 private wealth-qualified advisors, according to Private Client Group President Scott Curtis.
Raymond James' RIA &Custody Services (RCS) channel has become the fastest-growing compared to the employee and independent brokerage segments. As of March 31, RCS held $124 billion in assets, a significant increase from $37 billion five years ago. This represents a compound annual growth rate of 27%. RCS accounts for over 10% of Raymond James' total client assets in the U.S., amounting to $1.07 trillion. Over the same period, Raymond James' client assets grew at an annual rate of 10%.
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