Raymond James has unveiled a training programme to attract and educate aspiring financial advisers.
The Wealth Management Associate Programme (WealthMap), is a two-year course for professionals who are interested in a career as a financial adviser, but want to gain more experience and knowledge before joining a formal training scheme, such as Raymond James’s own Advisory Master Programme (AMP).
WealthMap participants earn their general securities representative (Series 7) and investment adviser representative (Series 66) licences, while developing financial planning skills via home office, branch office and technology training.
Graduates can transition immediately into AMP.
“It’s important to us that our firm and profession evolve to meet quality candidates where they are, and offer the personalised training to help them succeed,” said David Patchen, Raymond James senior vice president of private client group education and practice management.
Talent pool draught
The inaugural class kicked off in January with participants from 20 Raymond James branches. Half the participants are transitioning from a different field or are recent graduates and 70% are either women or Bame.
A recent report by research firm Cerulli Associates estimated at least 111,500 advisers will retire over the next decade, and nearly a quarter of them don’t have a succession plan.
Meanwhile, less than 20,000 trainees entered the industry in 2019, and as many as 75% are expected to fail within their first five years.
Cerulli suggested that making hiring practices and training more inclusive could address the growing talent shortage threatening an ageing financial advice industry.
“There are many pathways into this profession, and we recognise that non-traditional candidates, for example those who are changing careers, just graduating or are re-entering the workforce, may appreciate a longer runway to gain more education and experience before entering a robust adviser training program like AMP,” said Matt Ransom, Raymond James vice president of new financial adviser development.
“WealthMap not only expands the candidate pool by attracting diverse talent to this industry, but also gives them more hands-on experience and preparation to build their confidence and chances of long-term success as advisers.”
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