Raymond James has reported that Raymond James Financial's Private Client Group lost just $4.6 billion in client assets due to the departure of a large independent practice. The firm retained 60% of the departing firm's assets and advisors.
According to AdvisorHub, Concurrent Investment Advisors left Raymond James Financial Services for Purshe Kaplan Sterling Investments in April and May.
CEO Paul Reilly stated that Concurrent, with approximately 145 advisors and around $12.7 billion in client assets, experienced a "planned mutual separation," leading approximately 60 advisors to leave Raymond James.
Despite the departures, Raymond James achieved a remarkable milestone by reaching a record $1.28 trillion in client assets at the end of June, showing a 5% year-over-year increase. The company experienced a boost from market growth. It attracted $14.4 billion in net new assets during the quarter, maintaining a growth rate of 5.4%, which matched the same period's performance last year. Overall, the private client group witnessed a substantial 11% year-over-year increase in net revenues, totaling $2.18 billion.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
