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Raymond James Launches Wealth-Focused Coaching Program

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Raymond James says it is started a new 20-week coaching program that aims to help advisors boost their ability to find, attract and serve “more affluent and higher net worth clients.”

“Industry studies reinforce clients’ growing need for services beyond just investment management, particularly among [these client segments], and the desire to work with one trusted advisor on all aspects of their wealth,” according to Liz Stiles, director of practice management coaching at Raymond James.

“This provides an opportunity for advisors to really enhance their offering and value proposition,” Stiles explained.

In particular, veteran advisors who’ve been more focused on investments, or those new to the business, will be taught “actionable strategies to engage more deeply with clients and integrate wealth planning resources and expertise from Raymond James into their practices.” she added.

The  program, started in September, is being offered in partnership with the Investment & Wealth Institute (formerly IMCA) and includes experts on Raymond James’ wealth planning, alternative investments, RJ Trust, and longevity planning teams.

Advisors who participate in it complete 14.5 hours of coaching, most of which is done with a group. At the end, program participants receive a Private Wealth Essentials (PWE) designation and Continuing Education credits.

Other Programs

The announcement comes only about two months after Raymond James introduced an enhanced client experience coaching program for affiliated advisors and support teams to help them comply with Regulation Best Interest and embrace other best practices as they worked remotely during the pandemic.

Also in September, the firm rolled out a new coaching resource for financial advisors and branch professionals affiliated with the firm’s Black Financial Advisors Network (BFAN).

 “It’s important to us to continually enhance our support for our Advisor Inclusion Networks and build new programming to help them navigate challenging times and continue to grow their businesses,” said Renée Baker, head of Private Client Group Advisor Inclusion Networks at Raymond James, in a statement.

“Building on our continued support for our Black Financial Advisors Network and the firm’s pledge to the Black community, we are thrilled to bring this resource to our BFAN advisors and support teams,” Baker explained

The pilot program was developed with Practice Management Consultants, LLC, as well as with the firm’s Advisor Inclusion Networks and its PCG Education and Practice Management group. PMC-LLC’s culturally diverse consultants have an average 20 years of industry experience each, according to Raymond James.

The BFAN curriculum is focused on areas like business development, deep client engagement, refining core client-facing functions, and organizing and streamlining a practice.

Raymond James reported a jump in its advisor headcount to 8,239 advisors as of Sept. 30 — up 228 from a year ago and 84 from June 30. Its total Private Client Group asset level was $883.3 billion, up 11% over September 2019. Fee-based assets grew 16% from a year ago to $475.3 billion. 

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