Raymond James' headquarters in St. Petersburg, Florida. Raymond James’ headquarters in St. Petersburg, Florida.

Raymond James says some employee advisors looking to retire can now participate in a new succession program, Advisor Emeritus.

Financial advisors who qualify for the program can work as a consultant to the advisor receiving their book of business for up to two years prior to retirement and then receive up to five years of payment post-retirement.

Advisor Emeritus is currently offered to employee advisors within Raymond James & Associates and its Alex. Brown division. It will be available for up to two years for “recognition club” level advisors and one year for other qualifying advisors.

“We continue to hear from advisors and potential recruits that the support Raymond James offers to advisors at all phases of their careers  from successors to retiring advisors  is a differentiator,” according to Tash Elwyn, president and CEO of Raymond James & Associates.

Raymond James has some 3,300 employee advisors and about 4,700 affiliated independent advisors.

Even for experienced advisors “the thought of retirement can be daunting administratively, financially and even emotionally,” according to Robert Goff, vice president of succession and acquisition planning. The new program can serve as “a structured pathway” to transitioning their book of business for both the advisors “themselves … and most importantly, their clients.”

In a statement, the firm explained: “Due to the employment structure of independent practices, the Advisor Emeritus framework can serve as a template for independent branch owners, with the Succession & Acquisition Planning team as a consultative resource for interested independent advisors.”

Raymond James’ Private Client Group had some $855 billion in client assets under administration as of Dec. 31, 2019.