Raymond James has rolled out a new training and development programme for registered service associates who want to explore careers as financial advisors.

Raymond James has launched a new training and development programme for registered service associates who want to explore careers as financial advisors.

The pilot program was launched at the end of 2013 and aims to help address two industry issues: attracting more women into the profession and providing potential successors for retiring advisors. Raymond James is not the first firm to introduce such a programme. In June last year, for example, UBS Wealth Management Americas rolled out a pilot training programme for 50 prospective financial advisors, at a time when the industry is confronted by an aging workforce.  

Raymond James' training group was set up by Tash Elwyn, president of Raymond James & Associates Private Client Group, Nicole Spinelli, director of the Raymond James Network for Women Advisors, and members of the Raymond James Women’s Advisory Council.

Two candidates from each of RJA’s five divisions have been accepted into what the firm has named the Registered Service Associate Team Development Program.

The year-long programme involves being paired with a mentor who is on the Women’s Network Advisory Council, as well as spending three to four hours a month participating in conference calls, completing online educational segments and tutorials, and attending the annual women’s symposium in the fall.

After six months, participants will begin training for the Accredited Asset Management Specialist designation and sit the exam as part of the programme. Candidates also receive coaching from an external partner, Susan Goodman, as well as mentoring from a successful woman advisor at the firm and feedback from other contributors to the curriculum.

A spokesperson told a sister news service of this publication that while it is a pilot programme at this stage, the intent is to continue offering it and “tweak as necessary.” Ultimately, Raymond James hopes the programme will expand and thus be able to add more participants, with the first step being to search for candidates internally.