Raymond James Review: High Fees a Stain on Otherwise Excellent Service

Few companies can brag about having such a long history in financial planning and advisory. Even fewer can tell a story of legal disputes costing millions of dollars and keep thriving as a business.

Let’s examine all of the pros and cons of trading with this wealth management institution, and bring out some of the points you should be aware of in this Raymond James review.

Conglomerate With Tradition

Established in St. Petersburg, Florida, Raymond James company is a wealth management firm and an independent investment bank that provides financial services to individuals and institutions through its subsidiaries. This remarkable brand was established in 1962, by a broker. 

Today, the company manages over $1 trillion in financial assets and employs over 8 thousand financial advisors all over the world, with the total number of employees being over 10 thousand people.

Particular information about the separate company branches can be learned by visiting the company page in the NFA database, SEC, FINRA and FinCEN. Raymond James Investment Services Ltd is a FCA regulated branch.

Who Was Robert James

Robert A. James (1909–1983) was responsible for the founding of the company that bears his name. After merging with Raymond & Associates, founded by Edward Raymond, in 1964, the company was named the way we’re familiar with today.

Robert retired in 1970, when he stepped down as a CEO. His position was taken by his son – Thomas James. After uniting with Morgan Keegan, they became one of the biggest banking institutions without the main Raymond James office being in Wall Street.

Legal Disputes and Controversies

In 2004 SEC’s Division of Enforcement charged the firm with fraud, when one of their brokers, Dennis Herula, urged investors to deposit over $44 million which were misappropriated. The fine was $6.9 million.

The company was also fined $2.5 million for poor supervision of brokers. One of the biggest scandals were the excessive costs the company has a custom of charging to this day. It seems that a $1.69 million in restitution ordered by FINRA for unfair charges wasn’t enough to stop the high service costs, as we’ll soon see.

Present Across Social Media

For many contemporary businesses, their social media profiles are becoming an intrinsic part of the brand and corporate identity. It is common for high profile companies like Chase Buchanan to employ social network managers. 

This firm has a well developed presence, and is operating official profiles on Facebook, Instagram, X and LinkedIn. It also hosts a podcast on Spotify called “For What It’s Worth”, and various public announcements on YouTube.

Opinions Shared by Users

The company’s online reputation is less than good. We can see this often with large firms, as they suffer from a certain statistical bias where clients are more likely to post negative than positive experiences.

In the case of Raymond James reviews, however, this statistical bias may just as well be wishful thinking. Their critics on TrustPilot constitute 73% of the users, with many of them claiming unethical conduct on behalf of the company.

The predominant issues are lack of transparency in the financial reports, excessive fees and uncooperative customer service. This is something often associated with scammers like Elston Management, so it’s best to keep your guard up knowing the company’s turbulent legal history.

Raymond James Wealth Management

The world-class products and services offered as a sophisticated solution to many financial dilemmas are something this company specializes in. Financial needs and objectives of each client are approached with dedication and employment of the most educated and diligent professionals. Out of the many fields the company engages in, we’ve picked several most interesting to individual clients.

Investment Solutions

Company’s clientele can enjoy a diverse portfolio that includes most popular investment options, such as stocks, bonds and mutual funds. Every product across diverse world markets, and all the way to Raymond James alternative investments, such as hedge funds, managed futures, private equity is also included.

Advisory

Who wishes to hire a Raymond James advisor, will first participate in an interview about their goals, wishes and preferences. 

After that, the advisor will construct a financial plan that includes a specialized strategy. The plan may evolve as your life, career and goals also do, but your advisor will keep refining and revising the plan in accordance with the changes.

Retirement Plans

The company retirement advisors recognise the two side effects of the prolonged lifespans: more expensive healthcare over time, and the necessity for the retirement funds to last for decades.

Retirement plans are customized to compensate for these complications, and delve into issues such as possibility of retirement income, long term healthcare, as well as planning for the clients’ longevity.

Estate

Estate planning isn’t as simple as building an estate. It encompasses a variety of other processes and careful prediction that will later prove useful when that estate is taken care of, improved and passed on to heirs. 

Since true wealth is also measured in generosity and compassion, the company has special programs that also include charity, and giving to other causes their clients care about.

Banking Services

Depending on the particularities of your business, career, and different financial opportunities, the company advisors offer a slew of different banking and lending solutions.

Some of the highlights include liquidity advisory, ability to steadily grow wealth without long-term consequences, or securing mortgage and credits. Additionally, the company offers consultation in securities-based lending.

Insurance Solutions

Besides the fact that insurance is crucial for encountering unexpected emergencies, it is also an important element in everyone’s long-term financial plan. 

Life insurance policies take the central part of this form of planning, as they replace the income plans gone with the individual. Lastly, insurance also expands sources for retirement income, so it should be planned and revised with care. 

Corporations and Institutions

Business clients take a special place with the number of services dedicated to corporate entities and institutions with a large number of employees. Whether they need a capital markets service, financial advisory or strategic planning, the focus still remains on personal approach. 

Investment banking, public finance, global equities, fixed income and other services are just some of the fields and pursuits of companies that Raymod James helps with.

Schedule of Services & Costs

It remains true that the firm is, in a way, overcharging costs when compared to competition. The negotiable annualized fees range from 2.25% for a relationship value less than $1 million to 1.25% for values over $10 million.

The exact services and costs complimentary to households of  $100,000 to $1+ million can be found and studied on the official website of the corporation.

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