07.27.23
Raymond James Retains Most of Concurrent Advisors’ Assets Following Split
by: Miriam Rozen; Mason Braswell
Raymond James Financial’s Private Client Group lost $4.6 billion in client assets tied to the exit of a large independent practice during the company’s fiscal third quarter, but still retained 60% of the departing firm’s assets and advisors, Chief Executive Paul Reilly said during the company's earnings call. Concurrent had managed around $12.7 billion in client assets and had around 145 advisors. Reilly said approximately 60 advisors left Raymond James as part of the split, which he described as a “planned mutual separation.” Reilly added, “We kept a lot of the advisors and the advisors had a choice. And so I would call it just strategic differences in both of our businesses.”
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