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January 30, 2017 at 07:00 PM
Raymond James says it is ready to robo.
By year-end, the broker-dealer — which has more than 7,100 independent and employee advisors — will rollout Connected Advisor, its own digital advice platform. The platform includes tools to support more collaboration between advisors and clients and boost data-driven capabilities.
“This significant, multiyear ongoing investment ensures we continue to be an industry leader in advisor-oriented technology,” said CEO Paul Reilly, in a statement. “While many industry alternatives seek to disintermediate advisors, Connected Advisor will support advisors and their commitment to serving clients.”
About 300 branch managers and directors from several Raymond James channels had an introduction to Connected Advisor last week at a two-day meeting in St. Petersburg, Florida, where the company is based.
“The response from managers in the audience was quite positive,” said Tash Elwyn, head of the employee-advisor group Raymond James & Associates, in an interview. “This wasn’t a surprise to them by any means. They know it’s a vision we have been building towards with their input and that of the Technology Advisory Council.”
The idea behind the technology, Elwyn says, it to let computers do “what they do best” while allowing advisors to focus more of their time on “engaging … and deepening relationships with their clients.”
In addition, the platform moves the firm in the direction that clients are heading, he explains.
“We do lots of work on the client of the future,” the executive said. And that client is female, younger and more technologically savvy than ever before — meaning that the client wants to work both digitally and directly with the advisor, he adds.
