Raymond James introduces comprehensive advisory-only retirement plan programs, robust service and support for advisors
ST. PETERSBURG, Fla. – Raymond James is offering financial advisors comprehensive retirement plan programs that will operate in an advisory-only, fee-based capacity. Beginning in January, all new 401(k) plans will be advisory-only, with existing plans to migrate to advisory-only by January 1, 2020.
In addition to ERISA 3(21) services, which have been available to advisors who want to provide non-discretionary investment advice, the firm introduced its 3(38) Retirement Plan Solution in summer 2018 for advisors who want to offer discretionary services to clients. Under the ERISA 3(38) program, Raymond James implements a prudent process, makes discretionary investment fund decisions, and handles support functions to meet fiduciary requirements through due diligence, ongoing monitoring and changing fund lineups.
Raymond James also offers robust support to advisors engaged in the retirement plan market. The firm’s Institutional Fiduciary Solutions (IFS) group supports institutional and ERISA business with product development, sales support and supervision. In addition to the broader team, advisors have access to a new sales and service desk, which serves as the central hub for administering all proposal requests, assisting with advisory contract completion, helping implement new plans and providing onboarding support.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 7,800 financial advisors throughout the United States, Canada and overseas. Total client assets are $753 billion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Additional information is available at www.raymondjames.com.