Raymond James to Expand Asset Management Services for Advisors Over Next 18 Months
CEO Paul Shoukry emphasises focus on supporting advisors as clients rather than merely increasing product volume, while AI agent Raimond enters pilot phase
Raymond James is preparing to announce significant enhancements to its Asset Management Services platform for financial advisors over the next 12 to 18 months. The initiative, which will be detailed at the firm's annual conference, focuses on expanding the range of model portfolios and separately managed account strategies available to the advisory community.
Doug Brigman, who was promoted to president of the Asset Management Services division in October, is leading the strategic push alongside Tash Elywn, president of the private client group. Executives confirmed that the upcoming updates will cover solutions, pricing, and competitiveness, aiming to make the firm's offerings more robust for advisors managing client wealth.
The expansion builds directly on the January acquisition of Clark Capital Management Group, a Philadelphia-based firm responsible for $46 billion in assets. The deal brought multi-asset class investments and a dedicated high-net-worth service team to Raymond James, reinforcing the company's commitment to supporting advisors rather than simply acquiring product lines for its own balance sheet.
CEO Paul Shoukry stated that the firm intends to increase the menu of separately managed accounts and model portfolios to meet current demand, particularly in areas such as tax-loss harvesting. The firm currently provides access to portfolios managed by major institutions including American Funds, BlackRock, and Russell Investments, alongside hundreds of existing SMA strategies.
In a move to further assist advisors and employees, Raymond James is rolling out an AI agent named Raimond. Currently in a pilot phase, the tool has been trained on millions of call transcripts between advisors and the firm's service centre and is expected to be expanded to all advisors later this year.
This strategic direction stands in contrast to the broader trend of private equity-driven consolidation in the registered investment advisor space. Shoukry highlighted the firm's "one-on-one" approach, noting that independent broker-dealers like LPL and Raymond James have been among the most successful in net new advisor counts for 2025.
