July 10, 2023
Jason Diamond Quoted
By Nathan Place
Seven years after acquiring Alex. Brown, Raymond James is absorbing the subsidiary more fully into the rest of its business.
Raymond James, a giant of wealth management with $194.4 billion in assets under management, said last week that it was reshuffling its executive ranks to ensure “further leadership alignment” and “a more unified approach” across Alex. Brown and Raymond James & Associates (RJA), the firm’s employee advisor channel.
“It’s going to look and feel a lot more like the core Raymond James unit,” said Jason Diamond, a vice president of financial advisor recruiting firm Diamond Consultants. “When they say things like ‘leadership alignment,’ it’s pretty clear that the leaders they’re aligning to are the Raymond James leadership structure.”
To Diamond, the reorganization signals something simpler: the end of a “honeymoon” phase and the settling in of reality.
