August 15, 2013

Raymond James Appoints Exec to New Private Client Role

David Patchen, a regional director, will head up advisor education and practice managment initiatives

David PatchenRaymond James (RJF) said Thursday that it appointed David Patchen (left), a regional director for its independent-advisor channel, as the new head of its private-client education and practice management group. Patchen begins the new job, which supports all of the firm’s advisor channels, on Sept. 1.

“David will continue Raymond James’ emphasis on advisor education, including helping financial advisors take best advantage of the products and services offered by Raymond James so that they can grow their businesses,” said Global Private Client Group CEO Chet Helck, in a press release.

“He has extensive knowledge of and proven experience with advisor education and practice management, two areas that are key to growing our Private Client Group as a whole,” Helck explained. He is uniquely suited for this role, and I look forward to the contributions he will make to our ongoing efforts.”

Patchen was one of the four hand-picked industry experts who explored the findings of Investment Advisor and ActiFi's Pursuing Practice Excellence practice management study last year.  

Patchen’s new role will focus on strengthening the firm’s education for new and experienced advisors, conferences and practice management. In addition, he will work with business leaders across the company to support advisor productivity and contribute to the firm’s succession planning and practice acquisition initiatives.

As a regional director for Raymond James Financial Services—the firm’s independent channel—in the central part of the United States, Patchen has been responsible for risk management and supervision, branch manager and advisor relationship management, and experienced advisor recruiting.

This work has included interacting with more than 450 advisors in 217 branches who should produce $175 million in revenues this fiscal year. In addition, he has provided practice-management coaching to advisors and their teams, who range from midlevel advisors to some of the top advisory firms affiliated with Raymond James.

In a video from the Pursuing Practice Excellence roundtable last year, Patchen said his practice management coaching efforts revolved around "results and improvement. Rather than practice management, perhaps we should call it 'practice improvement.'"

Earlier in his career, Patchen also served as a financial advisor and recruiter for RJFS.

Raymond James says the number of U.S. financial and investment advisors was 5,428 as of June 30, down slightly from 5,431 as of March 31 and a drop of 61 from 5,489 in the year-ago period. The number of advisors in the U.S., Canada and United Kingdom stands at 6,301 vs. 6,297 three months prior and 6,367 in June 2012.

In early July, Raymond James said it tapped four new regional directors to help boost its recruiting and advisor-related business results.

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Check out Raymond James Rolls Out Tool for Discretionary Trading on ThinkAdvisor.

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