Raymond James Says No to Robos

Note from the Publisher:  FINALLY, an investment firm has decided NOT to move forward with a robo.  Not that we’re against robos – we’re not – but there’s just so darned many of them and they’re not terribly profitable, so we think it’s refreshing that Raymond James has opted not to employ a robo strategy at present.  It remains to be seen if this is a smart move or not, but it is indeed a bold one.

“Raymond James envisions a digital strategy that doesn’t have to include offering a robo advice option to clients.

‘We will have technology but I don’t think it will be a robo,” CEO Paul Reilly told analysts during an earnings call Thursday. “We will have a technology that will help FAs gather assets.’

The wealth management firm stands out in the industry for its stance against automated advice, which it deems as being in competition with human advisers.

‘We’ve been very clear that we are not going to have a separate robo adviser that would disintermediate our existing advisers,’ Reilly said.  ‘But we’ve never said that we wouldn’t adopt new technologies that could help our advisers.’

Read Full Article From OnWallStreet Posted on Nasdaq.com