Raymond James Financial has launched Portfolio Management Center (PMC), a portfolio management and research tool for its employee and independent channel advisors.
PMC, which is part of the firm’s advisor access platform, is powered by FolioDynamix – an open architecture wealth management technology platform provider. It will allow advisors to build custom portfolios on the firm’s platform, in addition to using the company’s proprietary model portfolios.
The new service incorporates the firm’s proprietary product research and rebalancing tools for use with discretionary portfolios for the first time.
Advisors will also be able to generate custom asset allocation proposals for clients through the new service.
Vin Campagnoli, Raymond James chief information officer, said: "We selected FolioDynamix, creating efficiencies for our advisors who have discretionary trading authorization on behalf of their clients. We have already rolled out new proposal and research tools, and are now launching upgraded technology for discretionary manager programs, all while providing a single, seamless Web interface for advisors."
Todd Knickerbocker, head of a Raymond James financial advisory practice in Northville, Michigan, said: "We primarily use it for trading our investment models and find it has allowed us to become much more efficient. It eliminated many of the cumbersome, manual functions found in the old system and really streamlined the process."
Josh Bohlander, vice president of business technology at Raymond James, said: The model the PMC is replacing was intended for institutional managers and it is the result of adviser input."