Banks will have a more difficult time recruiting advisors in the future. That's just one conclusion that came from the Raymond James Financial Institutions Division Symposium last month.
"There aren't enough people going into the industry to replace those who retire," Scott Curtis, president of Raymond James Financial Services, told some 200 program managers and bank advisors at the event in Orlando.
Bank programs also will contend with technological advances. While Raymond James has made great strides in modernizing legacy systems and technology, it needs to take what it's done "to the next level," Curtis said.
The firm last year rolled out new financial planning softwarecalled Goal Planning & Monitoringto help advisors present clients' financial information in a holistic way. To date, GPM has helped advisors uncover more than $20 billion in potential new assets, according to Josh Bohlander, vice president of Advisor Technology at Raymond James. There are plans to upgrade the tool so advisors no longer need to manually input client assets held away from Raymond James.
Chet Helck, CEO of the Global Private Client Group, credited the acquisition of Morgan Keegan for some of the technology innovation, particularly in the area of client reporting. He noted that reports are easy to access and print and are constantly updated and integrated. "All that stuff was the direct result of infrastructure Morgan Keegan brought with them," Helck said.
Helck and Curtis also discussed the possibility of paying advisors monthly, rather than quarterly, a contentious issue that has advisors divided. "There's a mixed set of opinions," Helck told the audience. While the firm would love to pay advisors monthly, many advisors are not in favor of it because they want to be paid as soon as the firm charges the client, Helck said. Raymond James Financial Services bills advisory clients quarterly in advance.
Ideally, the firm would like to give advisors "a la carte choice," but the technology has not yet been developed to make that an option.
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