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Raymond James targets IFAs with stock selection division

Raymond James Investment Services is offering an asset management

division allowing generalist IFAs to outsource their stock selection

and asset allocation res-ponsibilities on a white-label basis.

In a move that the US giant believes is unique in the UK, RJIS is

offering to take on IFAs&#39 investment management duties as soon as

they have pooled their clients&#39 assets and completed any financial

planning requirements.

The assets will then be managed and allocated thr-ough the IFAs&#39 own

brand but on RJIS&#39s investment platform and under its regulatory


This service will not affect IFAs&#39 status with the FSA unless they

are authorised to conduct full discretionary management.

RJIS, which runs a similar service for more than 5,000 financial

advisers in the US, will assume responsibility for the advice given

by the service&#39s insourced manager in addition to capital adequacy,

professional indemnity insurance and compliance supervision.

It says this will cut down on admin headaches.

Launching in June, the service – Financial Intermed-iaries Division

Plus – will target IFAs who can assemble at least £25m of clients&#39

assets. As it will cover areas ranging from manager of manager to

cash accounts, charges will be based on the assets managed on a case

by case basis.

Director of sales and marketing Tim O&#39Connor says: “It is crucial

that IFAs recognise that their strengths lie not in investment

management but in providing advice.

“As Ron Sandler pointed out, the vast majority of cli-ents would

benefit from disciplined asset allocation.”

Regency Financial Man-agement partner Bryn Walker says: “If the

charging and commission structure is fair, then it is a fantastic

idea. Having an asset management arm would make firms look very



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