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Raymond James to Roll Out Robo

February 1, 2017

Raymond James is introducing an advisor-oriented robo-advisor, rolling it out in stages into 2018, the company says in a press release.

The new platform will build on the company’s existing digital capabilities and client-facing tools but will add “robo-advisor-like technologies” aimed at the firm’s 7,100 advisors, according to the press release.

Dubbed the “Connected Advisor,” the platform will include more automation in practice management as well as investment management, enhanced collaborative tools such as online communication and file-sharing between advisors and clients, and further integration of big data to allow advisors a snapshot of their clients’ needs as well as their own businesses, Raymond James says in the press release.

The company also plans to introduce or expand on digital capabilities for collecting data and making proposals, cloud storage, mobile platforms, goal planning and monitoring, analytics and more, according to the press release.

The tools will be introduced gradually, with robo-advisor technology and data insight programs expected to come out this year, Raymond James says.

Meanwhile, the client-facing robo-advice space continues getting more crowded. Wealthsimple, the Toronto-based robo-advisor launched in the United States this week, is the first foreign robo startup in the market, Reuters writes.

Since its launch two years ago the robo has signed up 20,000 Canadian customers, founder and chief executive Mike Katchen tells the newswire.

The platform, which invests in ETFs, is free to use for the first $5,000, charges 0.5% on accounts up to $100,000 and 0.4% on anything above that, according to Reuters. Wealthsimple also offers an advisor-oriented platform in Canada but doesn’t plan to launch one anytime soon in the U.S., the newswire writes.

Traditional wealth managers can’t ignore the self-directed investors who use technology to manage their wealth, according to a recent report from Verdict Financial. Advances in digital financial technology are making do-it-yourself investing more attractive, particularly among high net worth clients under 35, according to the report.

By Alex Padalka
  • To read the Reuters article cited in this story, click here.