Having established itself as a multi-channel force in the brokerage world, Raymond James is turning toward ways to bring RIAs into the fold.
Raymond James currently has about 100 advisory firms on its books, accounting for $7 billion in custody.
Break the numbers down, and you'll see that the typical RJ RIA is mid-sized, with maybe $70 million in client accounts.
But now that Raymond James is segmenting the custody business into its own business unit, new chief William Van Law promises that he'll leverage the firm's famous technology to win more -- and presumably bigger -- advisors from leaders like Schwab, TDA, and Fidelity.
As he says, this may only be a 3% piece of the Raymond James operation now, but growing it is now a "major" focus for management.