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


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.



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