$550 Million Raymond James Team Switches To RIA Model, Says Their Business Was 95% Fee-Based Anyway

Friday, October 07, 2011 08:12
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$550 Million Raymond James Team Switches To RIA Model, Says Their Business Was 95% Fee-Based Anyway

Chicago planning firm Financial Strategy Network says it was a tough decision, but Raymond James' advisory approach just wasn't the right fit for their business.

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The firm ended 12 years of affiliation with Raymond James recently to convert into an independent RIA using Pershing as its custodian. 

 

They still like their old broker-dealer, but note that the business model over there still seems more geared toward an individual production philosophy than the all-inclusive approach they've taken.

 

A full 95% of their business is now fee-based anyway, so they wanted better block trade pricing for their clients, 99% of whom have followed them into their new firm structure.

 

At the end of the day, not much will change, the principals say. In their opinion, it's a lot harder to leave the wirehouse than it is to pull away from an independent broker-dealer relationship.

 

 

Comments (2)

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Joshco0752
My observations agree with the decision of this firm. I believe it's very difficult if not impossible to run an ensemble firm under a broker/dealer umbrella.
Joshco0752 , October 10, 2011
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agluck
Please explain.
agluck , October 11, 2011

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