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Raymond James' headquarters in St. Petersburg, Florida

Practice Management > Building Your Business

Raymond James Revamps Independence Plus Platform

By John Manganaro

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Raymond James says it has updated its Independence Plus platform for newly autonomous advisors by expanding consulting services for transitioning advisors, who can now pick and choose more options for how they set up, run and grow their firms, for instance.

The changes include “significant investments” in the program’s team of experienced consultants, according to the firm, and the addition of new benefits partners who can deliver “a more comprehensive transition process to more advisors.”

“Today, Raymond James delivers a highly personalized model supporting all transitioning advisors, from solo owners to large enterprise teams, designed to instill confidence throughout the journey to business ownership,” said Shannon Reid, head of the firm’s Independent Contractor Division, in a statement.

“These enhancements include significant investments in our team of experienced consultants and benefits partners to meet rising demand and provide our comprehensive transition process to more advisors,” Reid explained.

The program — which has been in operation for over a decade and has helped some 450-plus advisory offices become business owners — will continue to be led by Steve Voss, vice president of independent business consulting.

“Through Independence Plus, we eliminate the most challenging elements of establishing an independent business and empower advisors to focus on what’s most important — serving their clients,” according to Voss, who added that these transition support services are available to all new independent offices, regardless of their size.

The services are offered a la carte, according to the executive, which gives advisors the ability to to build a custom plan without having to pay for unneeded services. Participating advisors also can choose third-party suppliers to suit their business needs.

Other areas of support include help with choosing the right business structure; taxation guidance; ownership and flow-of-funds consultations; real estate selection and negotiation;  lease review; human resources and payroll benefit solutions; business owner insurance solutions; advisor and staff compensation consultation; and more.

As of Dec. 31, Raymond James’ Private Client Group had about $1.37 trillion in assets under administration and included 8,710 financial advisors — 4,992 of whom are independent contractors and 3,718 of whom are employees.

John Manganaro

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