The Florida-based organization is melding two of its private client group units into a new division.

Raymond James has folded two of its private client group units – the investment advisors division and custody and clearing division – into its new RIA & Custody Services (RCS) division.

The investment advisors division, established in 2001, provides custodial and support services to independent RIAs; the custody and clearing division, established in 1982, provides custody and clearing services to broker/dealers. Greg Bruce, national director of IAD, will be head of RIA and Custody Services. (Family Wealth Report will attempt to find out whether the change affects jobs and specific reporting lines, and may update in due course.)

“Expecting continued growth in the number of independent RIAs and breakaway advisors, we’re investing in the platform and services to support their evolving needs,” said Scott Curtis, PCG president.

“Rather than operating as separate business units, there are resource and support synergies with our combined RCS division, providing a more comprehensive and efficient platform for our RIA and broker/dealer client firms.”

The St Petersburg-based firm continues to offer affiliation options for wealth advisors through its AdvisorChoice® business, launched more than 15 years ago. Affiliation options include employee advisor, independent employee, independent advisor, bank or credit union advisor, and independent RIA. In 2016, Raymond James introduced the ability to affiliate as an employee advisor through Alex Brown, a division of Raymond James & Associates.

Last week, Raymond James reported that it had record client assets under administration of $945.2 billion - a rise of 15 per cent from a year earlier and 4 per cent up from July 2020.