Raymond James is consolidating the teams that assist its financial advisors with succession planning, acquisition funding, and capital access into a single reporting structure, a move the firm says will streamline the options available to advisors as they navigate the business lifecycle.
The realignment, announced Wednesday, brings together previously separate functions under the leadership of Emma Boston, who will continue as senior vice president of Succession & Capital, now reporting to Patrick O'Connor, chief operating officer of the Private Client Group. Rob Goff, vice president of Succession & Acquisition Consulting, will report to Boston. The new structure takes effect October 1.
According to the St. Petersburg, Florida-based firm, the goal is to create a "seamless experience" for advisors weighing succession, acquisition, or capital-raising strategies. The move builds on a series of initiatives Raymond James has launched over the past year to support its independent and employee advisors.
In April 2023, the firm hired Michelle Lynch as senior vice president of practice management and growth consulting, a newly created role focused on supporting advisors through the full business lifecycle, including succession planning. The following month, Raymond James introduced an equity financing option through its Practice Capital Solutions platform, allowing eligible advisors to exchange a minority equity stake and a share of practice revenue for capital to fund succession, team expansion, technology upgrades, or acquisitions—while retaining full operational control and the ability to repurchase the stake later.
At the time, Boston, then vice president of strategic operations, said the initiative aimed to address advisors' capital needs "while ensuring that the advisor maintains full control—over their practice, their day-to-day operations, and their legacy."
Around the same period, the firm launched a talent sourcing service for its independent advisors, connecting practices with a dedicated recruiter to fill entry-level and specialized staff roles. Shannon Reid, then president of Raymond James Financial Services and now president at Osaic, said the service was designed to help advisors balance "the priorities that continue to fuel their organic growth with the support required to deliver and expand on the services that their clients enjoy."
The industry-wide challenge of advisor succession is well documented. Research from Cerulli Associates indicates that 35% of financial advisors, managing roughly 40% of industry assets, plan to retire within the next decade, and more than a quarter of those lack clear succession plans. A separate Edward Jones survey found that 59% of senior advisors intend to exit within five years, yet 40% have no documented succession plan.
Raymond James's latest move is part of a broader effort to position itself as a partner for advisors approaching transition. The firm's succession readiness approach emphasizes judgment over tenure, and the new structure aims to provide a more integrated suite of services.
As the industry grapples with an aging advisor population, firms like Raymond James are competing to offer the most comprehensive support. The consolidation of these functions under one umbrella is intended to give advisors a clearer path from practice growth to eventual exit, whether through internal succession, sale, or merger.
