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Raymond James Sees Growth in RIA Unit; Adds Social Media, ETF Offerings

Raymond James (RJF) is seeing continued growth in its RIA custody unit, the Investment Advisors Division, and during its IAD annual conference announced two big enhancements to its RIA offerings: Hearsay Social’s social-media platform and 120 no-transaction-fee ETFs.

Bill Van Law, president of the IAD, said that in the quarter ended Sept. 30, the unit attracted three RIA firms with more than $500 million in client assets, giving it a total of about 110 RIA firms and $10 billion in custodied assets. Speaking at the IAD’s recent three-day national conference in St. Pete Beach, Florida, which drew 120 advisors and 38 prospective clients, Van Law said the growth numbers are “very representative of our momentum since the relaunch of the channel last September.” Van Law said that attendance at the conference rose about 40% from last year, while the number of prospects “is up significantly from eight prospective advisors a year ago.”

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