Raymond James is using fee-based managed accounts to target millennials and young investors by offering them premium services.
While many firms are not as concerned with smaller accounts, Raymond James is using its Freedom Accounts, with minimums as low as $5,000, to attract young investors. The accounts offer diversified mutual fund portfolios based on risk tolerance and return objectives.
Senior Vice President George Raffa said Raymond James looked at the industry and found that individuals with smaller accounts are treated "as second-class citizens" by a lot of firms. "They’re being funneled to call centers, and they are not being treated as we feel a client should be treated," Raffa said.  
Raffa explained that the big benefit for millennials, as well as other Freedom Account holders, is that they get one-on-one advising.  “Our culture is such that we want to make sure that the client comes first in anything that we do,” stated Raffa.  “That’s part of our motto here; client first, financial advisor second, and Raymond James as a firm, third.”