Raymond James Launches “Practice Exchange,” a Robust and Holistic Succession Planning Platform for Financial Advisors
11 Ottobre 2021 - 9:48PM
Building on its industry-leading succession and acquisition
planning support for financial advisors, Raymond James has launched
“Practice Exchange,” a robust and holistic succession planning
platform for Raymond James advisors, according to Robert Goff, vice
president, Succession & Acquisition Planning at Raymond James.
Practice Exchange, a cloud-based tool powered by FindBob, is
designed to bring clarity and ease to the succession planning
process for advisors looking to grow their practices, protect their
assets and/or prepare for their own retirements. The new platform
offers financial advisors a one-stop location for M&A tools,
prospective buyer/seller matching and succession planning
education, complementing the firm’s existing succession and
acquisition consulting resources.
“We’re committed to developing the support resources financial
advisors need to plan for their clients’ financial futures, and for
the future of their own practices,” said Scott Curtis, Private
Client Group president. “Building on our long-established
succession and acquisition consulting support, we’re introducing
this application to streamline and facilitate the succession
planning process for advisors.”
“Amid increased demand for succession solutions, we have
continued evolving our offerings with advisors – and their clients
– in mind,” said Goff. “After working with advisors to understand
the key areas from which they can benefit, we’re excited to roll
out this robust Practice Exchange platform, as we continue
supporting financial advisors with expanding or exiting their
business – on their own terms.”
To streamline and facilitate financial advisors’ succession and
acquisition planning, the Practice Exchange platform offers
financial advisors:
- Succession matching – A proprietary algorithm to connect
sellers and prospective acquirers based on preferences and business
attributes
- Valuation and education – Enhanced access to educational
resources, valuation and financing tools and Raymond James’
consulting team, all in one place
- Catastrophic and succession planning – Ability to review
and update catastrophic and succession plan information and
identify potential successors
- Secure information sharing – A secure space to review
agreements, perform due diligence and negotiate with future
partners, with Raymond James’ team of consultants available through
each step in the process
“The response from our financial advisors throughout the
collaborative process to build and roll out Practice Exchange has
been very positive,” said Laura Jane Powell, manager of Succession
& Acquisition Planning and the Practice Exchange project
manager. “As more financial advisors leverage the platform to plan
for the future, our team will incorporate their feedback to enhance
and evolve Practice Exchange, while deepening our suite of
consulting services, using the platform as part of a strategic
succession plan.”
“I am extremely impressed with the new Practice Exchange
resource available to us,” said John Banks, financial advisor. “It
yields significant time savings by combining multiple aspects of
succession, catastrophic and acquisition planning into one
user-friendly platform. I’m looking forward to continuing to use
Practice Exchange, which I know will be very valuable as I plan for
the future.”
“Practice Exchange is a wonderful tool for a firm like ours
looking for acquisition opportunities,” said Gautam Muthusamy,
financial advisor. “Given how fragmented our business is, Practice
Exchange brings together advisors with at least some common
background being Raymond James. We have paid for other marketplace
access and believe this could supplement or even replace those
tools for us. Finding a successor to relationships spanning 20 or
30 years is no small task and having the Raymond James team part of
our past acquisitions has helped build trust.”
Raymond James’ Succession & Acquisition Planning team offers
advisors industry-leading flexibility and support to make it as
easy as possible for them to purchase or acquire practices on their
own terms. With both turnkey and custom offerings, they provide
expertise in four core areas: consultation on succession and
acquisition strategies, catastrophic planning, team planning and
exit strategies. The experienced team offers comprehensive,
high-touch, consultative succession and retirement planning support
for financial advisors.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading
diversified financial services company providing private client
group, capital markets, asset management, banking and other
services to individuals, corporations and municipalities. The
company has approximately 8,400 financial advisors. Total client
assets are $1.21 trillion. Public since 1983, the firm is listed on
the New York Stock Exchange under the symbol RJF. Additional
information is available at www.raymondjames.com.
Jana Fuller
Raymond James
727.567.2824
mediarelations@raymondjames.com
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