St. Petersburg, Fla.-based Raymond James Financial Inc. has launched an internal robo-advisor platform to help its financial advisors connect with their clients better.
The new platform, which goes by the name Connected Advisor, will use similar technology to robo-advisors in terms of automating tasks to help advisors manage their businesses more efficiently. As well, advisors will have access to online communication tools and information sharing between themselves and clients along with data that will provide better insights into their practices and clients’ financial needs.
“This significant, multi-year ongoing investment ensures we continue to be an industry leader in advisor-oriented technology,” says Paul Reilly, CEO of Raymond James, in a statement. “While many industry alternatives seek to disintermediate advisors, Connected Advisor will support advisors and their commitment to serving clients.”
Advisors will be able to access tools to help with several tasks, including data collection, discovery and proposal systems, secure cloud storage, enhanced mobile capabilities, goal planning and monitoring tools, and investment options for multigenerational households and varying financial situations.
Although the new platform has already launched, some of these tools will be rolled out over the coming months.
In Canada, Toronto-based Raymond James Ltd. says it is always looking for ways to enhance its technology platform for the benefit of its advisors and clients. As such, the firm will be paying close attention to its parent company’s new initiative.
“This is one area that we willbe investigating carefully [to see] how we can also use similar technology solutions to enhance the efficiencies and services for clients,” says a statement emailed to Investment Executive. “As we always do, we will look to leverage the best ideas that our U.S. partners are employing to help us deliver best-in-class technology solutions for our Canadian advisors and their clients.”