June 27, 2022

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Financial Advisor IQ – Content Page

Raymond James offers training programs that can help the firm improve the diversity of its advisors by targeting fresh talent either just out of university or in another job function within the company.

These include the firm’s Wealth Management Associate Program and its Registered Associate Mentoring Program.

The Wealth Management Associate Program was launched in 2020, while RAMP was launched in 2014, according to a Raymond James spokesperson.

The training programs that Raymond James offers “allow someone who may not fully know what they want or understand the business to get a taste of it before hitting the ground,” Stephen Pryor, regional executive and branch manager at Alex. Brown, a division of Raymond James, said Thursday during a media briefing on the sidelines of the firm’s annual Black Financial Advisors Network symposium.

Wealth Management Associate Program

Raymond James’ Wealth Management Associate Program is “designed to provide a solid foundation for well-rounded candidates passionate about launching a career, but not yet ready to build a book of business on their own,” according to the firm’s website.

The Wealth Management Associate Program is one way the firm is able to attract and train fresh diverse talent that doesn’t necessarily get targeted with an existing Advisor Mastery Program. The AMP has been “very successful” but is oriented towards those who already have experience, according to chief executive officer and chair Paul Reilly.

AMP was launched in 2012, according to the Raymond James spokesperson.

“We recognize we can’t take people graduating from college who may not have the finance degree, don’t have the same exposure and put them in that [Advisor Mastery] Program,” Reilly said Wednesday during a media briefing on the sidelines of the firm’s BFAN symposium.

Fresh diverse talent is “not going to be successful” in a program designed for experienced advisors, according to Reilly.

“So, we started a program called Wealth MAP, which is a couple [of years] program, which I called a pre-advisor program, to teach them the fundamentals of finance, the business, give them a chance to intern, be in offices and really get to see the business to prepare them for AMP,” Reilly said.

The Wealth Management Associate Program offers the fresh talent — whether diverse or not — a well-rounded training program, according to Chris Fils, Florida Suncoast complex manager at Raymond James.

“It’s a program where we bring in talent, in many cases diverse talent, and they come into a branch or complex and they work with advisors to build financial plans, support their business, learn technology, and that gives them an extra year or so to learn the business, be a partner on the team, be mentored by experienced FAs before they go into our AMP program … to go be full-fledged advisors,” Fils said Thursday during a media briefing on the sidelines of the firm’s BFAN symposium.

Registered Associate Mentoring Program

Raymond James also offers a Registered Associate Mentoring Program for registered associates at the firm to transition to advisors, according to the firm’s website.

The RAMP is meant for senior associates, according to Reilly.

“They certainly know the business if they’ve been 10 years supporting an advisor. A lot of them are doing the plans, they understand the systems, they understand the rules and laws. But how do they get comfortable taking that next step of becoming an advisor?” Reilly noted.

Citing an example, Fils said the firm has noticed sales associates who “may have a passion to be an advisor one day.”

“And so in that program, they can be in a branch working as an assistant and then over a two-year period they can decide they want to be an advisor. And we would coach and mentor for that and that’s a great segue into the advisor role,” Fils added.

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