If you know Raymond James Financial Services structure, then you probably already know they support five different business models that their financial advisors within their Private Client Group can choose from in one combination or another to run their businesses.
- the independent contractor division
- the employee model
- Advisor Select, in which an employee can pay his or her own overhead
- financial institutions
In addition, they also support the Investment Advisors division which is the RIA-focused division.
According to CEO Paul Reilly, in a press briefing in Orlando last week, this model is being “beefed up” to make it more competitive.
Raymond James will continue to support a flexible environment for advisors to do business, as the independent advisors generate 55% of commissions in the firm’s Private Client Group. That goes up to 62-65% when taking into account the Morgan Keegan acquisition in April.
Reilly confirmed that the firm’s recruiting efforts will continue to go forward.*
*OnWallSteet “Raymond James’ Focus…” Donna Mitchell, May 24, 2012