Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
Advisor as Client: The Raymond James Model of Supported Independence
A conversation with Jodi Perry, President of Raymond James Financial Services Independent Contractor Division
Regional firms have been on a hiring tear in recent years, and no surprise: The model provides independent-minded advisors an opportunity to realize their entrepreneurial dreams, but with the scaffolding and support they’ve become accustomed to. It’s a formula that is well-aligned with a changing advisor mindset, positioning these firms for even higher levels of growth in the coming years.
One such firm, Raymond James, has been at the top of their game in recent years, with a multi-channel association that’s resonating with advisors. In this episode, we take a closer look at their Independent Contractor Division, which accounts for nearly 60% of the firm’s advisory force—some 4,700 advisors as of this recording.
Jodi Perry, the President of Raymond James Financial Services (RJFS) Independent Contractor Division, joins the show to share insights on what’s behind the firm’s success, including:
- How the RJFS model fits in the Raymond James ecosystem—and how their multi-channel association is a platform for their “advisor as client” culture.
- Why the RJFS model resonates so well with advisors—and the types of advisors who are the “right fit” for the firm.
- How the firm is differentiated from other similar models in the space—and how the firm’s focus on technology serves to enhance their success.
- How their model compares to independent broker dealer and RIA options—and the benefits that “supported independence” offers.
- How brand and reputation play into an advisor’s decision-making process—and how support and culture are often stronger drivers.
- How the firm is responding to changing advisor mindset—and what she anticipates will be the driving forces over the coming years.
Jodi also shares some case studies on wirehouse advisors who recently joined the firm, their motivations and how their business has changed since.
Raymond James has always defined itself by its culture and client-first ethos, and what makes the firm unique, as Jodi put it, “is that advisors themselves are viewed as clients of the firm.” It’s an interesting story about how RayJay has achieved tremendous success in a crowded and competitive landscape—particularly appealing to advisors who are looking for a model that offers the best of support, culture and independence.
For more information on this episode plus links to resources and other episodes in the series, visit: https://www.diamond-consultants.com/advisor-as-client-the-raymond-james-model-of-supported-independence