Extending advanced wealth management strategies to their customer base.
Implementing a private training and development coaching program that combined field expertise with internal stakeholder engagement.
Raymond James, based out of St. Petersburg, FL, has over 8,200 advisors. In 2019, the organization realized that their advisors had a deep understanding of investment consulting and strategies but saw an opportunity around the complexities facing those who had high-net-worth clients with intricate wealth management needs. Looking to add value, uncover opportunities and grow wallet-share with high-net-worth clients, they identified that their advisors would benefit from additional actionable strategies to engage more deeply with clients and integrate wealth planning resources and expertise. Wanting to address and close those gaps, they sought out a partner who could bring expertise to the table around private wealth issues and provide the extensive knowledge set and practical implementation their firm needed to help sharpen their advisors’ skill-set, build their confidence, and have better outcomes. Therefore, they turned to the Investments and Wealth Institute to provide a private training class.
Liz Stiles, Raymond James’ director of practice management coaching, turned to the Institute to supplement their own internal programs. Having identified an opportunity to enhance their advisors’ offering and value propositions, they instituted a program that would combine the Institutes Private Wealth Essentials Course with on-site discussions led by experts from Raymond James’ leadership team. Held each week, team members would gather to review the coursework and then explore and examine the advice they were receiving through leadership engagement and discussions. They also provided 1:1 coaching calls and outlined clear expectations for their participants that included keeping up with modules and homework, participating in live sessions, scheduling private coaching calls and practicing what they were learning. The Private Wealth Essentials course provided in-depth discussions around the executive, closely-held business owner and the retirement client. Weekly topics included private wealth management basics, tax strategies, portfolio management, asset protection and risk management, charitable giving, estate planning and client profile reviews. The coursework combined with on-site leadership engagement allowed participants to actualize what they were learning and provide turnkey solutions for their clients, immediately.
Since having implemented the Private Wealth training program, Raymond James saw their advisors building stronger wealth management habits and applying more comprehensive strategies and targeted techniques. This led to more open communication and meaningful dialogue with their investors, therefore creating more client engagement and trust. The practice management team was so pleased with the response and success of the program, that they continued the partnership and are offering the coaching program to additional cohorts.
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Liz Stiles, Raymond James’ Director of Practice Management Coaching turned to the Institute to supplement their own internal
program. Having identified an opportunity to enhance their advisors’ offering and value propositions, they instituted a program that would combine the Institute's Private Wealth
Essentials Course with on-site discussions led by experts from Raymond James’s leadership team.