Raymond James said today it’s consolidating two units aimed at servicing RIAs within its Private Client Group to form a new division.

Like LPL Financial and many other brokerage firms, Raymond James has been seeking to elevate its competitive position in the RIA business, seen by most observers as the fastest growing channel within the advisory and brokerage industries. Building out a full-service custorian platform is now seen as an imperative as some RIAs are starting to explore new options in the wake of the TD Ameritrade-Schwab merger.

According to a press release, the company’s Investment Advisors Division and Custody & Clearing Division have been combined into the new RIA & Custody Services (RCS) Division.

“Rather than operating as separate business units, there are resource and support synergies with our combined RCS division, providing a more comprehensive and efficient platform for our RIA and broker/dealer client firms,” Private Client Group president Scott Curtis said in a statement.

The Investment Advisors Division was created in 2001 and provides custodial and support services to independent registered investment advisors. The Custody & Clearing Division was set up in 1982 and provides custody and clearing services to broker-dealers.

Greg Bruce, current senior vice president and national director of the Investment Advisors Division (IAD), will lead the combined division as senior vice president and head of RIA & Custody Services. Bruce was hired from Schwab in 2019 to build the IAD unit, which is believed to have seen growth of more than 30% since then.

In addition to the business models operating under the umbrella of the newly combined RCS platform, Raymond James noted it offers a wide range of affiliation options through its AdvisorChoice platform including employee advisor, independent employee, independent advisor, bank or credit union advisor, independent RIA or as an employee advisor through Alex. Brown, a division of Raymond James & Associates.

Raymond James Financial has roughly 8,200 financial advisors with total client assets of $945 billion.