Toronto-based Raymond James Ltd.’s growing correspondent services division has added another client to its roster with the announcement on Thursday that Vancouver-based Rogers Group Financial Advisors Ltd. has chosen the back-office service provider.
“We are all very excited to be working with Rogers Group Financial to help take its wealth-management solutions to the next level,” said David Burnes, senior vice president and head of Raymond James Correspondent Services (RJCS), in a statement. “[The firm] is a tremendous fit for Raymond James in many ways, but especially because of our shared cultures and values that underscore a common client-first focus.”
Peter Kahnert, senior vice president of corporate communications and marketing with Raymond James, calls the move significant for his firm.
“[Rogers Group Financial] has $1.5 billion in client assets [under administration]. So, in our world, that’s pretty significant for an independent firm,” he says. “It’s a first-class firm with a great reputation and we’re happy to have them onboard working with us.”
Rogers Group Financial was looking for a partner with the right culture and a client-first approach in its selection process, said Clay Gillespie, managing director of Rogers Group Financial, in a statement.
“Raymond James Correspondent Services checked all of the boxes that we felt were key to our ability to serve the wealth-management needs of our clients at the highest possible level,” Gillespie added.
Burnes, a well-known back office executive, drew attention to RJCS when he joined in June 2013 after leaving his long-time role as executive vice president of Montreal-based National Bank Correspondent Network (NBCN) in 2012.
See: Starting over: Building a new back office
Since Burnes’ move to RJCS, the back-office provider has signed six portfolio-management firms and two securities dealers to its roster, Kahnert says.