Raymond James Financial (RJF - Free Report) , through its Canadian arm – Raymond James Ltd. – is planning to further expand its wealth management operations in the country. In sync with this, Raymond James Ltd. has submitted an application to form a provincially regulated trust company, which will be based in Montreal, Quebec.
Notably, the new subsidiary, still subject to regulatory approvals, will be named Raymond James Trust (Quebec).Raymond James Ltd., which is in operation since 2001, has more than 1,400 employees across Canada (including advisors and portfolio managers).
Following the launch of the new unit, Raymond James will become the first non-bank investment dealer in Canada to provide “integrated estate/succession, trust and power of attorney/mandate services.”
Paul Allison, Chairman & CEO of Raymond James Ltd. said, “It gives our Quebec based advisors and portfolio managers an important new service tool which will complement their core wealth management services and further benefit clients with more complex needs.”
The strategy emphasizes Raymond James’ efforts to offer complete wealth management solutions to its clients.
Over the years, the company has expanded operations organically and through acquisitions across the United States, Canada and Europe. These initiatives will continue to support its financials.
Over the past six months, the stock has rallied 12.2% against the industry’s decline of 5.3%.
Currently, Raymond James sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks Worth a Look
Stifel Financial Corporation’s (SF - Free Report) earnings estimates for 2019 moved up 2.9% in the past 30 days. Also, its shares have gained 17.9% in the past six months. The stock currently sports a Zacks Rank #1.
LPL Financial Holdings Inc. (LPLA - Free Report) carries Zacks Rank #2 (Buy) at present. Its earnings estimates for the current year moved marginallyupward over the past 30 days. Over the past six months, the stock has rallied 27.2%.
Ladenburg Thalmann Financial Services Inc (LTS - Free Report) also carries Zacks Rank #2 at present. The company’s earnings estimates for 2019have remained stable over the past 30 days. Over the past six months, the stock has rallied 29.8%.
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