Raymond James taps Bailey as president

(March 23, 2004) Raymond James Ltd. has named Peter Bailey to the office of president, where he will oversee the firm’s private client and corporate services activities. Ken Shields will remain as CEO, but will lead the firm’s equity capital markets operations.

“Peter is a perfect choice for this important role. He is widely respected for his extensive expertise earned from more than three decades in senior roles at investment dealers and self-regulatory organizations,” says Shields. “He brings a strong blend of common sense and decisiveness, and has a track record of success.”

The firm is pursuing an “advisor’s choice” strategy, according to Bailey, where investment advisors can opt to be either employees of the firm or independent contractors who own their own shop.

“In either model, we take the approach that the clients belong to the investment advisor so we don’t chase books like most other firms,” says Bailey.

Bailey says they have brought on 50 independent contractors in the first year of this structure, which he considers “pretty good” and hopes to double that rate next year. He says that a few of Raymond James’ employees have opted to switch to the independent model, but this was less than 5%.

“The independent contractor concept is not for everybody,” he cautions. “You have to be entrepreneurially minded, in the sense that you’re running your own business. There’s a home for everybody, it just depends on how you view yourself and how you want to run your business.”

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com