Raymond James on Thursday introduced a regional reorganization of its Raymond James & Associates worker advisor channel. Efficient Oct. 1, the shifts will set up “additional management alignment throughout” RJA and the agency’s Alex. Brown division, it stated.
The agency defined that it’s concentrating on a extra unified method to supporting present and future advisors, in line with Tash Elwyn, RJA CEO and president.
“Offering advisors and their purchasers with a powerful management group centered on furthering the mixed efforts of Raymond James & Associates and Alex. Brown is a key part of our development technique,” Elwyn stated in an announcement.
“Doing so will assist determine efficiencies, bolster continued development, optimize advisor help and add help for increasing strategic markets,” he added.
Taking part in down the importance of the most recent Raymond James’ growth, Timothy Welsh, head of the consulting agency Nexus Technique, informed ThinkAdvisor by electronic mail Friday: “With brokerage companies the scale of RJ, they undergo these re-orgs on a regular basis, as numerous enterprise models develop, shrink or are offloaded — so nothing uncommon [is] happening right here. Typically, they get triggered by the retirement or exit of a senior government, which appears to be what is going on right here.”
In 2020, some two weeks after saying layoffs of about 4% of its workers, or roughly 500 staff, as a part of its want to chop prices within the face of declining earnings, Raymond James stated it was merging its funding advisor and custody and clearing companies into the newly created RIA & Custody Providers Division.
Western Division Director Retiring
Raymond James additionally introduced Thursday that Pat Allison, Western division director and senior vp, will probably be retiring on the finish of the present calendar yr.
Allison has been a “valued member of our RJA management group” and has had a “outstanding affect … over the previous 30 years,” in line with Elwyn.
