Mindy Diamond Quoted
By Lisa Shidler
Raymond James is hoping to stand out among breakaway teams with $100 million in assets by dressing up its payout structure so it is more RIA-like and, ultimately, more competitive with RIA custodians. Their previous payout structure was more complex and costly to advisors, and industry leaders say the company, with its splashy new policy letting advisors keep 100% of their advisory fees, is now poised to compete head-to-head with RIA custodians.
Raymond James has a culture of keeping its advisors happy, and advisors are typically brought into the fold with the promise of better financial packages, says industry recruiter Mindy Diamond, president of Diamond Consultants. This move could help Raymond James retain its biggest and best advisors while capturing a bigger stake in the recruiting game.
“The thing about Raymond James is advisors don’t leave because they’re unhappy. They love the culture and they love the people. They leave for economics,” Diamond says. “This is great positioning and is a very smart move. It will also make them a likely spot to land for other advisors looking to move to the independent landscape.” Read more…
