• September 25, 2023

Raymond James Launches “Practice Exchange,” a Robust and Holistic Succession Planning Platform for Financial Advisors

ST. PETERSBURG, Fla., Oct. 11, 2021 (GLOBE NEWSWIRE) — 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.

CONTACT: Jana Fuller Raymond James 727.567.2824 [email protected]