When it comes to moving ahead in information technology, Raymond James seems to have hit its stride, according to company executives and some outside groups. This momentum is being highlighted by managers and tech staff during the independent broker-dealer's annual conference, taking place this week in Dallas.
"Advisors can do a lot with it, and it's impressive from the client side, too," said Vin Campagnoli, chief information officer for Raymond James Financial (RJF), in an interview late Tuesday.
A few days earlier (April 19), Raymond James received the Bank Insurance and Securities Association's 2013 Technology Innovation Award for the firm's commitment to technology-based industry solutions and the rollout of its financial planning software, Goal Planning & Monitoring (GPM).
GPM was launched in August to independent and employee advisors with Raymond James. The firm's partner in the introduction and use of this software is MoneyGuidePro, and Raymond James says GPM was "the most significant enhancement in 2012 to Advisor Access," its technology platform.
"That was a good surprise," said Campagnoli. "It's amazing how responsive the MoneyGuidePro team has been to our advisors."
"When we showed GPM to some advisors a year ago, there was immediate feedback, and MoneyGuidePro immediately began working and making adjustments based on that feedback," said Bella Loykhter Allaire, executive vice president of technology and operations, in an interview. "That is the type of partnership you really want."
Financial planning tools can be "very difficult to introduce," Allaire said. But both she and Campagnoli were familiar with MoneyGuidePro from their work at Prudential Securities.
Advisors like GPM, Campagnoli says, because it's simple to use, sophisticated, intuitive and interactive. "They can adjust plans on the fly, which they like," he said. "It's a home run and a big hit right now."
"About 40% of advisors have built plans with it as of March, which is very impressive," Allaire said. "It's relatively new to our advisors, so we are very pleased."
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