Raymond James offers training programs that can help the firm improve the diversity of its advisors by targeting new talent out of college or in another role within the company.
These include the firm’s Wealth Management Associate Program and its Registered Associate Mentorship Program.
The Wealth Management Associate program was launched in 2020, while RAMP was launched in 2014, according to a spokesperson for Raymond James.
The training programs offered by Raymond James “enable someone who may not know exactly what they want or understand the business to sample before getting started”, Stephen PriorRegional Director and Branch Manager at Alex. Browna division of Raymond James, said Thursday at a press conference on the sidelines of the company’s annual Black Financial Advisors Network symposium.
Wealth Management Associate Program
The Raymond James Wealth Management Associate program is “designed to provide a solid foundation for well-rounded candidates who are passionate about launching a career, but not yet ready to build a volume of business on their own,” according to the Company Website.
The Wealth Management Associate program is one of the ways the firm is able to attract and develop diverse new talent that may not be targeted by an existing Advisor Masters program. AMP has had ‘a lot of success’ but is geared towards those who already have experience, says chief executive and president Paul Reilly.
AMP was launched in 2012, according to spokesperson Raymond James.
“We recognize that we can’t take college-educated people who maybe don’t have the degree in finance, don’t have the same exposure and put them in this [Advisor Mastery] program,” Reilly said Wednesday at a press conference on the sidelines of the company’s BFAN symposium.
According to Reilly, diverse new talent “will not succeed” in a program designed for experienced advisers.
“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 basics of finance, business, give them a chance to intern, be in offices and really see the business for them prepare for AMP,” Reilly said.
The Wealth Management Associate program offers new talent, whether diverse or not, a comprehensive training program, according to Chris Sondirector of the Florida Suncoast complex at Raymond James.
“It’s a program where we bring in talent, in many cases diverse talent, and they come into a branch or a resort and they work with advisors to develop financial plans, support their business, learn technology, and it gives them about an extra year to learn the trade, be a team partner, be mentored by experienced FAs before they enter our AMP program…to become full-fledged advisors,” Fils said Thursday during a a press briefing on the sidelines of the firm’s BFAN symposium.
Registered Associate Mentorship Program
Raymond James also offers a registered partner mentorship program for the firm’s registered partners to transition to advisers, according to the firm’s website.
RAMP is for senior associates, according to Reilly.
“They certainly know the business if they have spent 10 years supporting an advisor. A lot of them make the plans, they understand the systems, they understand the rules and the laws. But how comfortable do they feel about taking the next step of becoming an advisor? Reilly noted.
Citing one example, Fils said the company has noticed sales associates who “may have a passion to be a consultant one day.”
“And so in this program they can be in a branch working as an assistant and then over a period of two years they can decide that they want to be a counsellor. And we were mentoring and mentoring for that and it’s a great transition into the role of advisor,” Fils added.
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