Incorporating the Raymond James Investment Management Platform within your investment business is an exciting and rewarding opportunity to take your practice to another level, with the benefit and peace of mind of our established middle and back-office support and technology infrastructure. However, it is also a challenging and demanding task to develop and manage your own advisory or discretionary investment management business and as we know from our considerable experience in the US, Canadian and UK markets, there are some critical issues that you must consider.
The Raymond James Business Development Team will collaborate with you; outlining our offering in detail, and ensuring that they fully understand your specific needs.
>> Set up a confidential meeting with us
Once we are both satisfied that there is sufficient common ground to take things forwards, you will need to consider the implications of interrupting some aspects of your daily business and preparing for a time and resource commitment to migrate your clients onto the Raymond James platform. You may wish to consider:
We will require some additional information so we can understand the specific needs of your business. In particular we will ask you to complete a Discovery Document, providing information about your firm and business mix so we can ensure we address the areas of most interest to you.
When appropriate, the Relationship Management team is introduced to address any questions you may have regarding Raymond James’ services and support as well as contractual queries. As part of this exercise, we spend time reviewing the logistical, regulatory and operational challenges of moving your established client base and associated assets onto our Investment Management Platform.
Once we are all clearly committed and ready to proceed, a Financial Intermediary Agreement will be executed. This document sets out all charges, indemnities and responsibilities of the parties, including the rights for severance and termination. A specimen copy is available for review. Once signed, the formal Transition process can begin.
>> Contact our Business Development Team for more information
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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