After reporting better-than-expected earnings last week, Raymond James Financial said Tuesday that it hired Greg Williams for a new position within the private-client group. Williams will be the senior vice president and managing director of private-client group administration, the company says.
“Over nearly five decades, Raymond James developed one of the best performing and most respected private-client organizations in the industry,” said company COO Chet Helck (left) in a press release. “With his depth of experience and corporate knowledge, Greg is the perfect choice to help us strengthen and improve our practice.”
Williams is set to improve productivity for the PCG by working with other executives in the group and “further align functions supporting Raymond James financial advisors and their clients,” the company explains. He will report directly to Helck.
Williams is a 17-year veteran of Raymond James and is currently chief administrative officer for the independent-channel subsidiary Raymond James Financial Services, as well as a member of the RJFS board of directors.
“Part of my role is to share best practices,” Williams said in an interview Wednesday. For instance, he will work with Raymond James’ subsidiaries in the United Kingdom and Canada to expand their business in the independent channel.
“Overall, I’ll be working administratively to improve the efficiency of our private-client operations,” explained Williams. “We have great products and services and will work to further align them as we make a big push in retirement next year. As we make improvements in efficiency for advisors and their practices that translates into better results for the parent company, as well.”
Raymond James Financial reported net income of $46.8 million, or $0.37 per share, for the period ended June 30 vs. income of $60.7 million, or $0.48 per share, for the year-ago period on July 20. Analysts had expected the firm to have EPS of $0.33.
Excluding a $45 million pre-tax charge for the repurchase of auction rate securities, net income would have been $74.9 million, or $0.59 per share in the most-recent period, a 23% increase over the prior year’s quarter and a slight decrease from a strong earlier quarter this year, the company says.