Raymond James on Wednesday announced a training program geared toward helping advisors better target clients with $5 million or more to invest.
The St. Petersburg, Florida-based broker-dealer rolled out its Private Wealth Advisor Program in partnership with educational consultant Cannon Financial Institute. The curriculum from the Athens, Georgia-based school covers topics such as trusts, estate planning, wealth transfers, challenges for business owners and working with families, according to Kim Jenson, chief operating officer of the Private Client Group at Raymond James.
The six-month-long program consists of virtual and onsite training sessions to help advisors understand the needs of high-net-worth clients, and Jenson said it should appeal to a wide array of the firm’s roughly 8,600 advisors.
“Whether you’re an advisor who wants to go through the designation program and really become focused on the high-net-worth space, this program is for them. Whether you’re an advisor who has one $50 million client opportunity and [needs] a helping hand or just [wants] to make sure that they’re accessing all resources and tools available to them for an ultra-high-net-worth client, this program is also for them,” she said during a media briefing about the program. “For a new financial advisor just starting out in the business and they choose to focus their niche potentially on business owners who might happen to become high-net-worth or ultra-high-net-worth investors, this program is for them.”
The first cohort, consisting of 49 advisors, will graduate the program in October. Raymond James expects that 200 advisors will have participated in the program by the end of 2023, Jenson said.
Advisors pay an up-front fee to participate, which can be reimbursed after completing the course, according to Jenson. Jenson did not specify the up-front cost.
“This is a really important component of a larger, broader initiative at Raymond James to deepen the solutions and the support for our advisors serving high-net-worth and ultra-high-net-worth clients,” Jenson said during the media briefing.
At the firm’s May 2021 Investor and Analyst day, CEO Paul Reilly identified the high-net worth market as its focus for growth, and described a new client-facing app targeting such investors, as reported.
At the May 2022 event, Scott Curtis, president of the private client group, said that the firm is focused on gaining market share, specifically in the Northeast and West, where he said there was a high concentration of wealthy clients, but where the firm has low penetration, as reported.
In January 2022, Raymond James hired Kevin Ruth as the first senior vice president for private wealth, as reported by sister title FundFire. Ruth reports to Jenson. Prior to joining Raymond James, Ruth had worked at Fidelity, UBS Wealth Management and Merrill Lynch. At the time of his appointment, Raymond James said he was expected to bolster estate and charitable planning, intergenerational wealth strategies, custom investment products, cash management programs and risk mitigation strategies, FundFire reported.
Andrea Beyer, director of private wealth coaching and architect of the program announced Wednesday, also joined Raymond James in January. She had previously spent 11 years with Wells Fargo Advisors, according to her LinkedIn profile. Beyer will lead a team of dedicated Private Wealth Coaches, Raymond James says.