Raymond James has announced that for the 2023 fiscal year, it plans to keep its pay plan for employee advisors unaltered. According to AdvisorHub, this is the fifth year that the pay plan has remained unchanged.
Raymond James currently pays employee advisors between 28 percent to 50 percent of the fees and commissions generated from customers according to a sliding scale based on production. Many advisors across the industry have been anxious about the market downturn and how it could prompt firms to cut costs. Despite the market downturn, pay changes have been relatively mild, according to AdvisorHub.
The last time Raymond James decreased advisor pay in its employee channel was in 2018 to cut costs following an increase in compliance and regulatory spending, as well as its costs tied to its acquisition of Deutsche Bank's U.S. brokerage unit. According to company executives, the only other time Raymond James made a change was in 2013.
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