Raymond James announced it has debuted a new affiliation option for independent financial advisors.
The Corporate Registered Investment Advisor (CRIA) model offers the firm’s full-service support and resources to exclusively fee-based practices operating as investment advisor representatives (IAR), Raymond James Financial Services Advisors Inc., according to Private Client Group President Scott Curtis.
“With an increasing number of advisors operating fee-only practices, the Corporate RIA offers an exceptional experience designed specifically for IARs seeking complete back-office and regulatory support,” he said in a prepared statement. “With this affiliation, independent fee-only advisors will have access to the breadth of resources of a global wealth management firm while maintaining the independence of their business.”
The new affiliation model enables fee-only advisors to utilize the Corporate RIA to provide investment advice recommendations while operating as independent contractors, without the need to establish and manage an independent RIA. Additionally, they have unlimited access to the firm’s infrastructure of advisor services, which include wealth management strategies for multiple life stages; turnkey asset management options; lending; insurance and research; and access to specialists in each department.
A robust, integrated technology platform supports advisors’ needs with full mobile and integration capabilities, as well as access to strategic and creative
In addition to wealth management services, Raymond James provides practices affiliating under its new model with succession planning consultative services that match advisors’ long-term professional goals and vision for their legacy, the company said.
“This affiliation option is attractive to advisors who want to manage their fee-only practice without the time-consuming requirements of operating an independent RIA,” Curtis said in the news release. “Our goal, as it is with every advisor and practice, is to support advisors’ growth and success, providing flexibility that recognizes their evolving business models.”
The model is an affiliation option within the Raymond James range of AdvisorChoice business opportunities for independent financial advisors, the company said. Each affiliation option offers a unique combination of support and flexibility to build and manage a business consistent with each advisor’s preferences, the company said.
Founded in 1962, Raymond James Financial Inc. of St. Petersburg, Fla., has about 8,700 financial advisors. As of April 2022, the firm reported total client assets of $1.26 trillion.