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a summary of recommendations and an overall time line for implementation of all your recommendations. What should the firm do and when? How long will it take to implement each recommendation?Provide a summary of cost estimates as well. So, list the recommendations in order of when the company should start to implement them (this may be different from your order of perceived importance because you may recommend that the company undertake some quicker, less expensive steps before tacking bigger steps) and estimate how long you think it will take to accomplish each recommendation.(attached is file with the recommendation and time line). if you can do it in a nice way , it would be appreciate it.
raymond_james_recommendations_section_iii.docx

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Section III.
Part I.
Strengths
● Investment Services for a variety of
customer segments
● Internal programs to create strong
skills and careers paths among
advisors
● Coverage throughout the United
States & Internationally
Opportunities
● ADP Program in place to attract
recent college graduates in
multiple business fields
● AMP Program to develop potential
candidates into financial advisors
● Industry Growth
● Advancement in technology
● High barriers to entry
● Large portion of millenials with the
financial advising industry
Weaknesses
● Large portion of 50+ year old
employees
● High replacement cost
● High employee turnover
● Business model
● Mission statement
Threats
● Existing competition within the
industry
● High power of buyers
● Multiple substitutes
● New competition from RoboAdvisors
Raymond James has multiple programs in place for internal development. There
is an Accelerated Development Program (ADP) which is crafted for recent college
graduates to test out various departments within their desired track. The ADP programs
lists 3 different tracks: (1) finance, (2) Information Technology (3) Marketing.
Another development program for Raymond James is the Advisory Mastery
Program. This is a 19-24 month program for aspiring financial advisors. The program is
split up into 3 phases. The first phase lasts 4-6 months and is focused on the licensing
and exam preparation, exposure to the company culture, and little bit of mentor
shadowing. The second phase, the longest period is for months 7-19. During this phase
AMP contestants are learning about building up a portfolio of clients, developing
business plans, and attending networking events.
This phase focuses on 2 various primary topics: the marketing and sales for
client portfolio building, and the industry knowledge of investment products to offer. The
marketing portion includes knowledge on the introduction process, client referrals, sales
process, prospecting methods and Individual begin crafting a business plan. This is
intertwined with the development of the foundation of advising services and products
which include: insurance concepts, estate planning, retirement planning, learn about
product solutions, During this time, AMP candidates have 3 home office visits and then
they are released into the final phase during the 19-24 months of the program where
they have a customized graduation consisting of additional certifications, conferences to
attend to, and the implementation of building your own team/practice.
We believe these programs provide both strengths and opportunities for
Raymond James regarding recruiting millennial financial advisors. At this point, one of
the biggest weakness at Raymond James is that a large portion of their financial
advisors are ages fifty plus. This along with high replacement costs of employees and
the threat of multiple substitute advising firms has lead us to develop recommendations
that involve the internal development of Raymond James.
Recommendation #1
Implement a Graduate School Ambassador Program
Recommendation #2
Implement a Junior Financial Advisor phase into the AMP program
Recommendation #3
Add a Sourcing Recruiter for Millennial Target Market
Part 2a
Graduate School Ambassador Program
We suggest that Raymond James implements a graduate school ambassador
program at The University of Tampa with a team of individuals who have completed the
ADP program. This recommendation will be addressing the strength and opportunity of
having strong internal programs in order to develop skills and career paths at Raymond
James.
Graduate ambassadors would speak to graduate classes and at the University’s
career fairs about the opportunities Raymond James has to offer, and how the ADP
program developed their skills for the business world. The ambassadors would also
hold Q&A sessions where those who are interested can go and learn more about
Raymond James and the different areas the ADP program has to offer. We think it
would be beneficial because graduate students could hear about the ADP Program and
have a face-to-face interaction with those who have been through the process.
These Ambassadors would come from the ADP Marketing sector. This is
because this portion highlights one of the four key areas of ADP Marketing一
communications. These ambassadors will be working working 5 hours a week; 2 to 3
hours of which is spent recruiting and finding future recruiting opportunities, and 2 hours
devoted to Q&A with interested students.
Junior Financial Advisor Program
Based on conversations with financial advisors who shined a light on the
dynamics of theri team as well as missing aspects within their team we thought it would
be beneficial to add a component to the 3 phase AMP model, creating it into a 4 phase
model. This would extend the keep the program at the same length and would create
slightly different paths and exit strategies as well as split up the 2nd phase.
The second phase would keep all the same stuff however it would not go as heavily into
some of these topics and I would shorten the phase by 2 months. Then the 3rd phase
would be a junior advisor role. For 4-5 months, an AMP candidate would join another
team, he or she would start as a shadow but would be getting hands on experience
under someone else belt and client book. They would be assisting with what each time
finds they need in a junior advisor role – assisting in the admin and client management,
financial investment strategies and join on client prospecting networking events. This
would then roll into phase 4, previously known as phase 3: customized graduate
education. The AMP candidate may either continue on the team he or she is on as a
junior advisor and grow with the team. Or they will branch off into their own business
line creating own team and using the prospects and knowledge gained over the time in
the AMP program and receive any additional destination, the CFP with manager
approval and choose the conference which best aligns to their current needs and onco
Phase 3 junior advisor program…. Go back to the mentor shadow under phase 1
Sourcing Recruiter for Millenial Target Market
Raymond James has a great name brand that they are able to leverage. This is a
great opportunity that the organization is left with that they are able to carry further.
Currently Raymond James’ name benefits them in their on campus presence, they are
seeked out by students when at job and internship fairs, and the name adds credibility
to any financial advisor when speaking of the services and experience they have as well
as the name of the organization that they as an advisor and prospect are tied to. The
most prevalent and urgent weakness that Raymond James finds themselves with is the
demographic of the current financial advisors and the threat of retirement around the
corner. The AMP and ADP programs are great for onboarding and help bring on many
of those new financial advisors and the younger postgraduate generation . An area that
Raymond James could grow in and would reap benefit would be the marketing and
recruiting within the millennials generation.
It would be beneficial for Raymond James to take on a sourcing recruiter onto
their recruitment team. This sourcing recruiter would be focusing on the millennial gap.
This is an opportunity that presents itself with the rise of technology and the social trend
of millenials changing jobs and careers. The sourcing recruiter can take advantage on
linkedin recruiter where they will see when someone is “available to new opportunities”
then the sourcer can step in and message the candidates that seem qualified and
interested based off prior background. Recruiting for this generation makes the most
sense in this approach because you are to as able to reach them through job fairs or
campus presence like with Generation Z.
Part 2b
Recommendation #1- Graduate Ambassador Program
Steps needed to implement this recommendation
● Individuals need to go through the ADP Program
● After going through the program, individuals who have moved on to work in the
marketing sector of Raymond James will begin to go to graduate classes and
speak about their experience
Who will take these actions?
● Recent ADP Program graduates. Specifically people in the marketing sector.
What is the time frame to implement each recommendation
● Implement it at the beginning of the next round of ADP so that these individuals
will be ready after their 19 month period
How many more people will this take and how much will it cost?
● By implementing this, it will not take any more people and will not cost any extra
money. This is because these Graduate School Ambassadors will already be
going through the ADP Program, and this will be a part of the job description for
the portion of them that are in the marketing sector.
Names of companies that help implement this recommendation
● University of Tampa- no cost necessary
● University of South Florida- no cost necessary
Recommendation #2- Junior Financial Advisor Program
Steps needed to implement these recommendations
● Members go through steps one and two of the AMP Program
● When they reach step 3, they will take part in the Junior Financial Advisor
Program
who will take these actions?
● Members going through the AMP Program currently
What is the time frame to implement each recommendation?
● It will take about a year to implement this recommendation.
● Have it ready in time for the new AMP rotation
What resources will need to be allocated to the implement the recommended change?
(how many more people will this take? how much will it cost?)
● No additional people will be added for this. This is because, in the first 0-6
months, members in the AMP Program will be shadowing financial advisors.
Then in this stage of the AMP Program (phase 3) these members will go back to
the people they shadowed in the first 6 months.
● Cut down phase 2 to last from month 7-16.
Recommendation #3- Sourcing Recruiter for Millenial Target Market
Steps needed to implement these recommendations

who will take these actions?
● People will get hired to work as a recruiter online
What is the time frame to implement each recommendation?
● ASAP
What resources will need to be allocated to the implement the recommended change?
(how many more people will this take? how much will it cost?)
● We will pay them a salary of 48,000
● 5 people
● https://www.glassdoor.com/Salaries/tampa-sourcing-recruiter-salarySRCH_IL.0,5_IM850_KO6,24.htm

https://www.raymondjames.com/-/media/rj/dotcom/files/advisoropportunities/new-advisors/amp-brochure.pdf
https://www.raymondjames.com/careers/all-access/our-firm/amp-team-article
https://www.raymondjames.com/careers/all-access/campusrecruiting/accelerated-development-program-gives-grads-the-chance-to-startstrong

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