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May 21, 2015 at 12:56 PM
Raymond James (RJF) says it has rolled out a technology tool to bring together clients’ account data to give advisors a clear view of their financial situation. The tool, External Account Aggregation, also recently received a Technology Innovation Award from the Bank Insurance and Securities Association.
“External Account Aggregation is another key project that validates the work we have done to meet the needs of our advisors,” said Josh Bohlander, vice president of technology for Raymond James, in a statement. “By automating and integrating the information, it streamlines the work done by the advisor so they can focus on their client needs.”
Initial advisor reaction has been positive, the firm says.
“These days, clients are very busy, and to the extent we can help them simplify and feel in control of their financial destiny, we can be successful in further building our practices and retaining clients,” said Mitch Kauffman, an independent rep affiliated with Raymond James Financial Services and a branch manager in Pasadena, California, in a press release.
“External Accounts is easy to use and sets advisors and clients up with the information we need to have those deeper, more holistic financial planning conversations,” explained Kauffman, who tried out the tool at the independent channel’s national conference in April. “Raymond James continues to be forward-looking and responsive when it comes to the type of technology we and our clients need, and this is a great addition to the firm’s technology platform.”
Employee-advisor Shams Deitrick, CFP, of Deitrick Wealth Management, a Raymond James & Associates branch in Walnut Creek, California, is also upbeat on the new technology. “The tool assists me and my team in countless ways,” he said, in a statement.
“It helps with completing reviews – whether it’s for clients’ net worth statements, retirement analyses or asset allocation on their 401(k)s. More important, it’s another tool to help me strengthen my relationships with my clients. Time-saving, efficient technology allows me to focus on client conversations and helps to further position me as my clients’ primary trusted advisor,” Deitrick explained.
Monthly Results
Raymond James, which supports some 6,400 financial advisors, said this week that its reps had total securities commissions and fees of $287.8 million in April, a 7% year-over-year jump, “driven by growth in the Private Client Group segment and Fixed Income division.”
