Page 49 - Investment Advisor September 2022

BROKER-DEALER BEAT

By Jeff Berman

Raymond James Creates Advisor Network

for Veterans

The aim of the group is to continue enhancing the professional

development and support of veterans working for the firm.

aymond James has started a clients both short term and long term.”
Veteran Financial Advisors Plus, advisors “are also certainly
R Network as part of its Advisor focused on the regulatory environment,
Inclusion Networks. VFAN was pre- as well as how to ensure that they’re
viewed at the company’s recent Summer continuing to leverage to the best of
Development Conference in Orlando, their ability” the “continued technol-
Florida, and will officially launch this ogy innovations at Raymond James, the
fall, in conjunction with Veterans Day, depth of the resources [and] the intellec-
according to Tash Elwyn, CEO and pres- tual capital — everything that the firm
ident of Raymond James & Associates. has to offer in support of their clients
The new network’s “primary goal is and their business,” he explained.
to continue to enhance the professional The firm also continues to see strong
development and support of veterans and Michigan and its technology center interest in Raymond James from advisors
that are already a part of our Raymond in Colorado, Elwyn noted. “across the entire spectrum of affiliation
James family,” he said. “Beyond that, a Valor has been a way for the firm to options,” Elwyn said. “We continue, as
secondary objective is to attract other “demonstrate for many years now our we have for many years now, to see very
military veterans to join Raymond James, commitment to providing opportunities strong interest from [advisors at] the
whether it’s as home office associates in a for veterans within our firm to gather national firms in joining Raymond James
variety of different roles and capacities or together, to honor their service to sup- and then, in addition to that, interest
to attract them to Raymond James, either port them through additional profes- continues to be strong” among advisors
as experienced financial advisors that are sional development opportunities [and “with a number of regional firms as well.”
attracted to the values of our firm or as a way] to organize a lot of our philan- “It may be somewhat rotational, if
new entrants into the profession.” thropic and volunteer efforts on behalf you will, in terms of which one or two
It is “very intentional that the focus of the firm and our associates in sup- national firms may be creating the most
first, as always at Raymond James, is on port of veterans-focused philanthropies recruiting momentum for Raymond
how do we continue to support and add throughout the country,” he said. James at any given time,” from year to
value and retain those that are already VFAN was designed to “complement” year, he added, noting the national firms
a part of the Raymond James family,” those initiatives by helping to “provide he’s referring to include the wirehouses
Elwyn explained. That is because “the additional support and professional and large broker-dealers.
most important foundation for growth is development opportunities to veterans In the quarter ended June 30, the firm’s
the retention of those that are already a as well as military veterans who are tran- Private Client Group had 8,616 financial
part of the Raymond James family.” sitioning from having served the country advisors, up 203 from June 2021 but down
This isn’t the first Raymond James into their professional careers,” he added. 114 from March 2022. That reflected the
network for veterans. The company transfer of 188 advisors during the quar-
has already “celebrated and honored ADVISORS’ CONCERNS ter, mainly from one firm, to its RIA &
the service and the sacrifices” of mili- There are, meanwhile, three top con- Custody Services division, where advisors
tary veterans, as well as their families, cerns for Raymond James advisors across are not included in the advisor count but
“largely through” the Raymond James the board now, according to Elwyn:“Our client assets are generally retained, the
Adobe Stock (also known as Valor) at the firm’s home most importantly on the market volatility fers, the number of advisors increased by
company said. Adjusting for those trans-
advisors are most focused right now and
National Veterans Inclusion Network
74 over the preceding quarter.
office in Florida, offices in Tennessee
and how that’s potentially impacting their
SEPTEMBER 2022 INVESTMENT ADVISOR 45