The opening of the Manhattan office represents a milestone achievement in what has been a steady effort by Raymond James to expand its brand beyond its base in the southern U.S., according to one analyst.

“Over the last couple of years, you see them definitely, slowly but surely, marching into that national brand direction,” said Alois Pirker, research director of the wealth management division at the Aite Group, a financial services research firm in Boston.

As RJA makes its national push, an office in the nation’s financial nerve center becomes important for the recruitment of both advisors and clients, he added.

“As soon as you cross that bridge, you need that office in New York City,” Pirker said.

RJA recently opened an office in western Pennsylvania, and over the past year has opened offices in San Diego, Seattle, Portland, Ore., and the California cities of Santa Barbara and Beverly Hills, according to Elwyn.

“I would venture to believe that we are going to see Raymond James being a lot more active in other people’s turfs, in areas where traditionally the wirehouses have been the dominant forces,” Pirker said.

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