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Scott Curtis of Raymond James

Industry Spotlight > Broker Dealers

Raymond James Is on a Recruiting Tear, Exec Says

By Melanie Waddell

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Raymond James is seeing recruiting success “across the board this year” within the broker-dealer’s channels, according to Scott Curtis, president of the firm’s Private Client Group.

“We’re in deep conversations with large teams, more than what we’ve seen historically,” Curtis told reporters Tuesday at the Raymond James Elevate conference, held at National Harbor, Maryland, just outside Washington. The teams, Curtis said, have “$1 billion plus” in assets.

“I can’t recall a time in our history where we’ve been engaged with as many large teams as we are right now,” said Curtis, who will become chief operating officer of Raymond James Financial on Oct. 1.

All of Raymond James’ channels, Curtis added, “are growing.”

Growth “comes in three ways” at Raymond James, added Tash Elwyn, president and CEO of Raymond James & Associates, during the media briefing.

First, “We’re honored to continue to be able to retain, and serve and support advisors,” Elwyn said. Second “is by helping advisors serve their clients.” And third, he said, is the “really significant momentum … that we see across all of our PCG affiliations in terms of recruiting throughout the industry.”

What’s spurring the movement of large teams?

“It’s a combination of push and pull factors,” said Elwyn, who will become president of the Private Client Group, also on Oct. 1. “There’s a variety of reasons throughout the industry, both with national firms as well as independent firms, why advisors may be increasinging dissatisfied with the service, support, capabilities and culture” at some firms.

As to the pull factors, “advisors want to find a partner that has all the capabilities of a national firm, in terms of investment solutions, technology, etc., but they want to pair that with the culture, autonomy and independence of being with a boutique or a regional. That’s what’s driving so much of the interest with larger teams.”

Raymond James is seeing the most movement “coming from national firms to Raymond James,” Elwyn said, “but we’re also just as successful from other firms as well.”

The largest and most “high-quality practices tend to be with those larger firms,” Curtis added, “so it makes sense. Historically, that really has been our largest source of recruits.”

DOL Fiduciary Rule ‘Manageable’

The Labor Department’s final fiduciary rule is “certainly better than when the rule was proposed,” Curtis said. “At a high level, it looks manageable. If advisors comply with [the Securities and Exchange Commission's Regulation Best Interest], then they should largely be compliant with the new DOL fiduciary rule — but … the devil is in the details.”

Pictured: Scott Curtis of Raymond James

Melanie Waddell

@Think_MelanieW

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