May 19, 2022
Louis Diamond Quoted
by Lisa Shidler
Raymond James Financial prospects far too often in 2021 checked none-of-the-above on its menu of affiliation channels — IBD, RIA and captive, so it’s added a fourth– a new “RIA” model that is more user-friendly.
But at least one industry recruiter says the channel launch is almost certainly a competitive threat because it conflicts with the Raymond James’s IBD channel.
“It’s definitely competing against the other advisor groups. Every year, the metrics keep changing. Advisors are becoming much more fee-based.” said Louis Diamond.
“It’s a way to retain current independent advisors who no longer have a need for a broker-dealer affiliation. Instead of losing them to the RIA channel, they can stay within Raymond James.” Diamond Continued.