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October 12, 2021

Raymond James unveils cloud-based succession planning platform

By Verdict Staff

Raymond James has launched succession planning platform, dubbed Practice Exchange, to expand its succession and acquisition planning support for financial advisers.

Powered by FindBob, this cloud-based platform is designed to help advisers expand their practices, protect their assets and prepare for their own retirements.

It features a one-stop location for M&A tools, prospective buyer/seller matching and succession planning education.

Raymond James Succession and Acquisition Planning vice president Robert Goff commented: “After working with advisors to understand the key areas from which they can benefit, we’re excited to roll out this robust Practice Exchange platform, as we continue supporting financial advisors with expanding or exiting their business – on their own terms.”

Practice Exchange features a proprietary algorithm to connect sellers and prospective acquirers based on preferences and business attributes.

The platform also provides access to educational resources, valuation and financing tools.

In addition, the advisers using Practice Exchange will be able to review and update catastrophic and succession plan information. They will be able to identify potential successors.

It will also allow advisers to review agreements, perform due diligence and negotiate with future partners with assistance from Raymond James’ consulting team.

Practice Exchange project manager Laura Powell commented: “As more financial advisors leverage the platform to plan for the future, our team will incorporate their feedback to enhance and evolve Practice Exchange, while deepening our suite of consulting services, using the platform as part of a strategic succession plan.”

Last month, Raymond James selected financial data and software company FactSet as its market data provider for financial advisers in Canada.

In July, Raymond James UK Wealth Management, a subsidiary of the firm, agreed to buy British wealth manager Charles Stanley in a deal that is worth £278.9m.

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