How Raymond James plans to invest $500 million in tech this year • St Pete Catalyst

Petersburg-based Raymond James Financial, one of the largest local employers, is pumping in an additional $100 million to invest in the latest technology.

“The company increased its technology spending from $400 million per year before the pandemic to $500 million in fiscal year 2022,” a spokesperson for Raymond James said.

The news was originally announced by Raymond James CEO Paul Reilly earlier this month at the national Elevate conference in Nashville. He said the investment would be used to improve Raymond James’s cybersecurity and applications.

Technology has long been a top priority for Raymond James. The main investment was to improve communication between advisors and clients and to protect a client’s assets.

The company recently named a new Chief Information Security Officer, Todd Ferguson. It focuses on “securing the company’s enterprise technology platform and continuously improving its technology risk posture, while maintaining alignment and transparency with the company’s risk framework. company of Raymond James” as well as “enhancing our defense-in-depth security strategy”.

In terms of app enhancements, the Raymond James team said their client access mobile app is continually being updated to make it easier for advisors to interact with their clients, such as adding a communication feature video.

“Unlike some competing apps, it connects customers to their advisor rather than directly to their bank. By allowing customers and advisors to view the same information, the app aims to make conversations about financial goals more effective and more clear,” a spokesperson said.

A look at the recently announced technologies that Raymond James has invested in:

  • A Practice Exchange Succession Planning Platform: This cloud-based tool powered by FindBob is designed to be the single source on the succession planning process for advisors. The platform has M&A tools, potential buyer/seller matching, and succession planning education.
  • An alert portal: this portal brings together notifications from departments and firms in a single dashboard.
  • Proposal Tool for Financial Advisors: The tool provides analysis of investment data, a prospect’s references or portfolio, and proposed investment changes. It can search, filter and compare the attributes of financial products. It also monitors and compares portfolio performance over time.
  • Improvements to its digital marketing capabilities.

Today, the firm has about 8,500 financial advisors and $1.26 trillion in client assets, according to its website.

The latest quarterly earnings report shows Raymond James reported net revenue of $2.67 billion and net income of $323 million, or $1.52 per diluted share, for the fiscal second quarter ended May 31. march. Excluding $11 million in acquisition-related expenses, quarterly adjusted net income was $331 million.

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