Raymond James’ FA Retention Chops Driving Growth: CFO
Raymond James’ efforts to retain financial advisors are paying dividends toward the firm’s aspirations to grow further, Chief Financial Officer Paul Shoukry said at a recent industry event. The firm’s Private Client Group, which generates 70% of firmwide revenue, depends on net recruiting results and so keeping advisors in house is a key strategic element for the firm, Shoukry said. Key to the firm’s low attrition rate, according to Shoukry, is the culture it has developed. He said the firm strives to offer the size, scale, technology, products and solutions advisors enjoy at large brokerages while maintaining “an advisor- and client-focused culture that larger firms have lost,” in many instances because they’ve been acquired by large banks.
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