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Financial Advisors Practice Excellence with Practice Center Application

Raymond James Financial, Inc.


Background

Raymond James Financial, Inc. is a diversified financial services holding company with subsidiaries engaged primarily in investment and financial planning, in addition to investment banking and asset management. Raymond James in conjunction with its three broker subsidiaries has more than 6,200 Financial Advisors serving approximately 2.6 million accounts in more than 2,600 locations throughout the United States, Canada and overseas. Total client assets amounted to nearly half a trillion dollars at the end of 2014 and are projected to grow beyond that in 2015.

Challenge

The Information Systems Department at Raymond James was tasked with the design and development of a BI application to support Financial Advisors as well as Branch, Regional and Division Managers. This application, referred to as the “Practice Center” would serve to analyze key performance metrics such as generated revenue, assets under management, top clients, and peer ranking among advisors. Raymond James enlisted the help of CCG to complete the architecture, development, unit-testing, and deployment of this application.

The application had to support the following financial data types:

  • Production: includes recurring or transactional revenue in the form of commissions, directs, fees and trails over the specified period of time.
  • Assets Under Management (AUM): include those assets held at Raymond James as well as direct held mutual funds reported on their system for record keeping purposes.
  • Net New Assets (NNA): contains new cash and securities going into the practice and deducts the cash and securities going out of the practice.
  • Competency Points: used to rank a producing financial advisor within a peer group.

Solution

After evaluating several implementation options for the Practice Center application, Raymond James selected a custom development solution. Their main business drivers were a high degree of alignment to very specific requirements from a somewhat inflexible user base, lower hardware and software costs, and the need to harmoniously integrate with a pre-determined enterprise architecture. Working closely with business and technical resources on the Raymond James’ side, the CCG team successfully designed and implemented the solution based on the 3-tier architecture. The architecture seamlessly scales from 10 to 1,000 to 10,000 users, and achieves the highest level of separation of duties, thus simplifying maintenance and increasing component reusability.

The Practice Center dashboards support a security model which governs application access based on user roles allowing for complex visualizations with greater user interactivity features. The application allows drilling down to detailed reports at relationship or account grains. In addition, the application provides integration points with external enterprise applications such as Client Center and Reports Portal to build a 360 degree view into the business.

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Quick Facts

  • Industry - Financial
  • Technology - Custom
  • Headquarters - St. Petersburg, FL
  • Website - www.raymondjames.com
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