NEW YORK (Reuters) - Raymond James Financial is rolling out a new digital platform with robo-adviser-like technology this year, the St. Petersburg, Florida-based firm said on Monday.
Called Connected Advisor, the firm’s 7,100 advisers will be able to use the platform to automate some basic investment management for certain accounts, communicate with clients and analyze client data.
The announcement comes as Wall Street banks and wealth management firms scramble to build or buy robo-advisers to provide automated, online investment advice at a lower cost for less wealthy clients.
Wells Fargo & Co and UBS Wealth Management Americas both announced last year they will partner with robo-adviser SigFig.
Morgan Stanley and Bank of America Corp are building their own technologies, while BlackRock Inc acquired FutureAdvisor last August.
Reporting By Elizabeth Dilts; Editing by Andrew Hay