How Raymond James Wants to Help Advisors Up Their HNW Game
Raymond James’ new Private Wealth Advisor Program should boost its market share of high-net-worth and ultra-high net worth clients, according to Scott Curtis, president of the Private Client Group at Raymond James.
Speaking to reporters virtually from the company’s recent Women’s Symposium in Tampa, Florida, Curtis said “when we looked at our overall market share of wealth in the U.S. what we identified as an opportunity to increase our market share in the high-net-worth/ultra-high-net-worth space, relative to our share of overall wealth in the U.S., was slightly higher.”
The firm, which has had resources to support HNW and UHNW client relationships “for a number of years,” then decided to launch a new initiative and “put advisors who opt in … through an education program that better equips them [and] enables them,” he explained.
To participate in the program, advisors must “have a certain number of clients who [are] high net worth,” which Raymond James defines as having $2.5 million and above of investable net worth, Curtis said, and many of its advisors already work with such clients.
Program Details
About 50 of its independent and employee advisors are enrolled in the initial program, which aims to help them develop competence and confidence “around working with the unique needs of” both high-net-worth and ultra-high-net-worth clients, Curtis explained.
The firm’s inaugural class of Private Wealth Advisors is set to complete the “intensive, highly interactive” six-month program this fall, and the next group will be enrolled later this year, Raymond James said when announcing the program two weeks ago.
