Raymond James Advisor Review

Pros and Cons of Raymond James

Types of Clients Raymond James Serves

Raymond James provides advisory and wealth management services to a wide array of clientele, including businesses, individuals, and families. Unlike most companies, Raymond James doesn’t set account minimums for you to gain access to its advisory and planning services, but it does have minimum deposits for its wrap fee programs. Here’s what each account requires you to have:

Program Name	Minimum Investment
Raymond James Consulting Services	$25,000 to $2 million
Multiple Discipline Account	$300,000 to $500,000
Raymond James Research Portfolios	$100,000
Freedom Unified Managed Account (UMA)	$300,000 to $2 million
Portfolio Select UMA Account	$300,000
Freedom	$5,000 to $25,000
American Funds Model Portfolios	$5,000
Russell Investments Model Strategies	$25,000
BlackRock Model Portfolios	$100,000
Outside Manager	$100,000 to $200,000
Ambassador	$25,000

Financial Advisor Services

Raymond James offers financial planning and investment consulting under its overarching program, Wealth Advisory Services. Additionally, the firm provides discretionary investment management through its Asset Management Services (AMS) division. Below, we outline how each program works and what they offer:

Wealth Advisory Services

The firm’s holistic Wealth Advisory Services program splits into two elements – wealth planning and investment consulting. Both of these services are non-discretionary, which means your advisor has no authority to buy and sell securities on your behalf. In this case, your advisor will simply help you develop a comprehensive plan for your financial life, as well as help strategize your portfolio’s growth.

The wealth planning feature of Wealth Advisory Services is meant to assist you with several aspects of your finances, including:

• General financial planning
• Tax planning
• Estate planning
• Insurance
• Education planning
• Business planning

Raymond James’ non-discretionary investment consulting includes helping you develop a portfolio strategy and extensive research, which includes charts, graphs, and evaluation of specific assets and asset classes.

Asset Management Services

Raymond James’ discretionary advisory programs offer investment and portfolio management via both internal and external advisors. There are 11 types of accounts that you can select, which are listed in the previous section. Each differs based on account minimums, investment options, and the advisor.

Fee Structure

Raymond James’ fee structure depends on the services you select. For the firm’s Wealth Advisory Services program, you can expect to pay either an hourly rate or a fixed fee. Per its Form ADV Brochure 2A, this is typically no more than $400 per hour or, if it’s a percentage of assets under management (AUM), up to 2.25%. Additionally, you may negotiate planning fees with your advisor if need be.

For Raymond James’ discretionary advisory programs, you’ll pay a percentage of AUM, depending on how much you have. Some programs charge differently than others. Here’s a breakdown of each:

Program Name	Maximum Fee Percentage
Raymond James Consulting Services	2.75% for Equities, 2.55% for Fixed Income, 2.45% for Lattered Bond or Short Term Conservative Fixed Income
Multiple Discipline Account	2.60%
Raymond James Research Portfolios	2.60%
Freedom Unified Managed Account (UMA)	2.60%
Portfolio Select UMA Account	2.60%
Freedom	2.25%
American Funds Model Portfolios	2.25%
Russell Investments Model Strategies	2.25%
BlackRock Model Portfolios	2.25%
Outside Manager (OSM)	2.25%, as well as OSM’s fee
Ambassador	2.25%

Investment Philosophy

Raymond James claims in its wrap fee program brochure that its advisors follow “numerous strategies,” such as those that involve equities, fixed-income securities, mutual funds, and ETFs. Additionally, the firm says in its Form ADV Brochure 2A that one can expect their advisor to implement risk management strategies, such as diversification, asset allocation, and dollar-cost averaging. While the firm points all of this out, you should expect your advisor to develop a unique strategy tailored to your goals, risk tolerance, and resources.

Disclosures

Raymond James & Associates, Inc. is registered with the SEC as an investment advisor and broker. It also maintains its status as a broker with FINRA. Because of this, the firm must be transparent and report disclosures (legal actions and proceedings) against the firm to these two authorities.

According to FINRA’s BrokerCheck, Raymond James has 210 disclosures on record. 139 of them are regulatory events, which refer to legal proceedings involving the company or any of its representatives. If you’re a prospective client, this may come with some concern. However, we recommend you verify a potential advisor’s credentials and disclosure history via BrokerCheck or the SEC’s Investment Adviser Public Disclosure (IAPD) search tool.

Customer Service

If you need to contact Raymond James for assistance or file any complaints, there are a few different methods:

• The company’s contact page
• General inquiries – call (727) 567-1000 or toll-free at (800) 248-8863
• Complaints or feedback – call toll-free at (833) 462-0720

How to Get Started with Raymond James

If you’d like to start working with a Raymond James advisor, you can get started by visiting the firm’s website. From there, you can search for an advisor in your area to schedule a consultation. You should also decide whether you’re looking for a discretionary or non-discretionary solution. If the former is the case, you will need to meet the account minimums for your preferred program.

Tips for Choosing a Financial Advisor Firm

Finding the right advisor firm is crucial. It’s most important to find a qualified advisor who always serves your best interest. You’ll also want to be sure that the company you go with has a good reputation and isn’t marred with legal issues. Both of which can be checked with FINRA’s BrokerCheck or the SEC’s IAPD.

It’s also important to understand a company’s account minimums. Some companies have complex systems in place that may confuse consumers at first glance. Raymond James, for instance, doesn’t require you to have any initial deposit to gain access to its wealth advisory or planning services. It does, however, have account minimums for its discretionary programs.

Fees are also a factor to pay attention to as you evaluate a firm. Most fees charge a flat percentage based on AUM. But others may take a commission, which may create a conflict of interest. Whatever structure a firm uses, be sure you’re aware of it, and don’t be afraid to ask questions of an advisor. Otherwise, you may stumble upon unwanted surprises later on.

Identifying a high-quality firm near you may be a challenge. To kick off your search, we recommend you check out this free matching tool. Once you fill out a quiz, it’ll present you with up to three vetted local options.

Methodology

This review is based on publicly available information directly from Raymond James’ website, the SEC, and FINRA. Neither the firm nor its representatives have any say on what we’ve included on this page.

Frequently Asked Questions

Is Raymond James a fiduciary?

Yes, Raymond James is a fiduciary. This is because the firm is registered with the SEC as an investment advisor. With this status, the company must act in your best interest when it gives investment advice.

Does Raymond James charge high fees?

How much you pay largely depends on your advisor and the assets they’re managing. However, assuming you pay the maximum fee for either discretionary or non-discretionary accounts, Raymond James’ fee percentages are on the high side, with all being over 2%.

Is Raymond James a bank?

In addition to the firm’s advisory services, Raymond James offers investment banking for corporations and financial institutions.

How does Raymond James compare with Edward Jones?

Edward Jones and Raymond James are both advisory firms that offer clients a wide range of services. One key difference is that Raymond James provides wealth advisory services, such as planning and consulting, without any account minimum or commission-based fees. This is valuable for a beginner or someone who is unable to meet thresholds at other firms but still wants to pay a flat fee.