Raymond James Financial Services is increasing the minimum level of assets under management that it requires new registered investment advisors affiliated with its Investment Advisors Division to hold, from $30 million to $50 million.

The company said the move was aimed at focusing its resources on its existing qualifying advisors and attracting new, higher-level advisors. “We have learned that breakaway advisors want to know who their peers will be and want only to work with those who are at least as successful or more,” said senior vice president Mike Di Girolamo in a statement. “It’s similar to a golf game — you only improve your game by playing with golfers who are at the top of theirs.”

Advisors who are good fits but do not meet the minimum asset level may be referred to an existing Raymond James office as an alternative. The company has recently done this in Chicago, New York, Denver and Salt Lake City.

Di Girolamo also wants investment advisors to make more of a commitment to Raymond James. He said that some advisors have more than one custodial affiliation, and by encouraging those below the minimum to increase their asset levels, he hopes to make Raymond James their primary custodian.

As an incentive, the firm has re-introduced an Asset Builder Program that will run for six months, beginning October 15. Under the program, Raymond James will absorb the transaction charges for the first three months or 30 trades, whichever comes first, after an account is open. This applies to new accounts greater than $250,000 brought to Raymond James. Automated customer account transfer fees of up to $100 are waived for accounts valued at greater than $500,000.

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