Raymond James Plans ‘Match.com’ for Retiring Advisors and Successors
May 7, 2019 by Mrinalini Krishna
Raymond James is working on a new way to connect advisors and their potential successors, Scott Curtis, president of the firm’s Private Clients Group, told reporters on Thursday. The firm aims to roll out the platform by the end of the 2019.
“I call it kind of an eHarmony or a Match.combecause 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,” Curtis said, adding that the platform was the result of demand and requests from advisors themselves.
In 2018, Boston-based Cerulli Associates found close to 28% of advisors wanting to retire over the next 10 years had no succession plan.
“The way the market is today, there’s lots of demand to acquire practices. It’s a great growth strategy. And given the aging demographic there will be a lot more advisors who are looking to exit,” Robert Goff, vice president of succession and acquisition consulting at Raymond James Financial, tells FA-IQ.
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