Raymond James’ Matchmaking Plans
May 7, 2019 by Ross Snel
Plenty of advisors nearing retirement age lack succession plans, and that can be a source of worry for large firms with aging advisors. The concern is they’ll lose clients – and assets – when advisors retire.
Raymond James is addressing these issues by developing a platform resembling an online dating service that will connect advisors and potential successors at the firm, Financial Advisor IQ reports. The Saint Petersburg, Fla.-based company plans to roll out the service by the end of the year.
“I call it kind of an eHarmony or a Match.com because the sellers and the buyers are going to have to create profiles on it, and then the sellers are going to be able to review the potential acquirers’ profiles and then reach out to those folks, if they’re interested in pursuing a conversation with them,” Scott Curtis, president of the firm’s Private Clients Group, told reporters.
The system will account for user preferences – a potential successor’s geographical proximity to the selling advisor, for example – in recommending potential matches.
