Raymond James POACHES $1 BILLION From a Sinking Ship as Top Advisors Flee..

Richardson Wealth is about to go the way of the original Coca-Cola recipe (read: discontinued)… 

Well it’s officially, Raymond James has officially dipped its proverbial pen into Manitoba’s ink. Three advisory teams (think: Marin Wealth, Miles Wealth, and Ruban Start) all bailed on Richardson Wealth and walked across the street with $1B in assets. That single transaction gives Raymond James its first office in Manitoba, its 12th in Canada, and one more notch on its “steal everything not bolted down” growth strategy.

(Source: Giphy) 

For more context, Richardson’s parent, RF Capital, sold itself to iA Financial in July. iA’s pitch was scale that included $40B in new AUA, deeper distribution, synergies, all the MBA words. The reality though, is that the Richardson brand is scheduled for execution 30 months after the deal closes, and the advisors saw the writing on the wall. Translation: loyalty to a brand that doesn’t exist isn't loyalty… It's Stockholm Syndrome. 

(Source: Investment Executive) 

So Raymond James shows up, offers “independence” dressed up as global infrastructure, and three legacy Winnipeg teams defect before the ink on iA’s acquisition even dries. Of course, the spin on this shindig is “deep roots in the community” and “a meaningful step forward.” The unofficial reality, however, is that Raymond James just snatched $1B by handing disaffected advisors a lifeboat. Additionally, RJ had $88B AUA in Canada at the end of 2024. They want $125B by 2030. That’s a $37B gap. You don’t close that with innovation or organic growth. You close it by picking off teams from consolidators like iA, Manulife, and CI… firms busy rebranding, merging, and losing the talent that actually holds client money.

Meanwhile, iA will get to trumpet $40B AUA from RF Capital while advisors quietly bleed out the back door. It’s the paradox of roll-ups: you buy the numbers, not the humans. Then the humans leave. So with that, WTF does this mean for investors?  It means Raymond James is running the Canadian wealth equivalent of guerrilla warfare. They don’t need to buy firms; they just need to be the first phone call when advisors realize their nameplate is getting tossed in the trash. One billion here, another billion there, and suddenly that $125B target isn’t just FOMO induced marketing fluff. It’s legit… and apparently, Raymond James is going to hit it at all cost.

(Source: Giphy) 

Which means… which means… if you’re into investing in financial f*ckery, then you might want to keep an eye on Raymond James for the time being. Shares are up 1.84% on the day, adding to its 13.94% YTD ascent. So with that, place your bets accordingly, and have one heck of a Friday. Until next time, friends… 

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.