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Technology > Investment Platforms > Turnkey Asset Management

Raymond James Adds 3 Texas Reps, Shares October Results

By Janet Levaux

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Raymond James says three advisors with a total of over $465 million in client assets have joined its independent broker-dealer in the Lone Star State, after ending their affiliation with LPL Financial.

Jason “J.J.” Croix, CFP, CPA; Michael MacRory, CFP; and Jeffrey “Chance” Shoop, who worked together at Edward Jones in Texas before affiliated with LPL in the early-2000s, now do business in three different locations — El Campo, Houston and Center, respectively.

“We’re pleased to welcome J.J., Chance and Michael to our independent channel,” said Kirk Bell, Central regional director for Raymond James Financial Services, in a statement. “They came from three different offices, yet through conducting due diligence together, all three found the research, technology, support and freedom at Raymond James to best meet their needs and the needs of their clients going forward.”

According to Croix, “The service, coupled with such notable research, made Raymond James a great fit for all three of us and our practices. We’re really looking forward to our new partnerships with the firm.”

“We’re looking forward to using the firm’s technology, particularly the Account Aggregation tool, which will help document external assets and give our clients a more holistic financial picture. Being on this platform will help us and our clients across the board,” explained MacRory, in a press release.

Other News

On Tuesday, Raymond James said that total securities commissions and fees in October were $317 million, a 10% jump from last year and roughly flat with September 2016.

“Securities commissions and fees in the month benefited from higher Private Client Group asset balances in fee-based accounts at the start of the quarter, which were partially offset by lower institutional fixed-income commissions,” the company stated in a press release.

Client assets under administration of $599.5 billion were up nearly 20% from October 2015 but down 1% from September 2016, which the firm says reflects a 2% drop in the S&P 500 index last month. Financial assets under management rose 10% year over year to almost $76 billion, though they dropped 2% from the prior month.

“The transition of a new presidential administration always creates some uncertainty, which we expect will result in higher levels of market volatility over the next several months,” said CEO Paul Reilly in a statement. “However each of our businesses is well-positioned for any potential volatility, and we will continue to focus on providing advisors the best possible support, so they in turn can continue to serve their clients well.”

Raymond James has some 7,100 financial advisors in the U.S., Canada and United Kingdom with about $600 billion of client assets.

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