Raymond James Financial is planning to launch a payout program for US client referrals from Canadian advisors as part of its plan to tap more US-based clients.
Currently, the company is drafting a solicitor agreement program that will pay Canadian advisors for referring clients to their 43 colleagues licensed to serve US-based customers and accounts, reported advisor.ca.
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Raymond James (USA) president and CEO L.J. Eiben told advisor.ca that the referral payout could be 20% of the annual commissions and fees generated from the referred client’s account.
Raymond James (USA) was launched in Canada in 2012 to attract US-based investors to Canadian capital markets.
As part of the plan, Raymond James will capture US-based clients who have accounts on both sides of the border.
"My focus has been to leverage the centres of influences we have in the Canadian marketplace that deal with either immigration or cross-border taxation," Eiben added.
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