The firm has run an independent branch business model for 20 years, which included the same freedoms as the new launch, but wealth managers can now also choose to benefit from the “security and support” that employment affords.
Raymond James’ news Employee Affiliation Model, which also allows wealth managers to take clients with them should they choose to leave, has been available in the firm’s US business for 60 years.
The firm also offers an Independent Contracting model and a Professional Partner model, in which wealth managers are all commercially independent and own their own business.
There is also a fourth model available in the Investment Management Platform.
Head of business development at Raymond James Anthony Scott said: “Every wealth manager joining us at Raymond James comes through the doors with their own vision of success for their clients, their teams and themselves, and our primary goal is to help them along the path to achieving those goals.
“Employees will be able to manage their own clients and investments in the way that they choose, backed by one of the largest financial services firms in the world.”
The first employee utilising this model, which will be available to both new and existing Raymond James wealth managers, is Simon Monk, who joined the firm from Brown Shipley to open an office in London last year.
Monk said: “Initially one of the main attractions of Raymond James was the prospect of building my business whilst retaining client ownership and control in the way those clients are serviced and the bespoke manner in which their investments are managed.
“This offering is not diminished in any way as an employee of Raymond James.”