Raymond James Financial Moves 100k Portfolios to CheckFree APL
The Asset Management Services division of Raymond James Financial has licensed CheckFree APL for use within the firm's broker/dealer and money management businesses. The conversion will begin this month and require migrating approximately 100,000 portfolios from Raymond James' in-house system to CheckFree's separately managed accounts platform. Raymond James' Asset Management Services division provides an operational, sales and marketing framework for much of the firm's separately managed account, fee-based programs including outside consultant wrap, mutual fund wrap, financial adviser discretionary and other fee-based brokerage businesses. Through Asset Management Services, CheckFree APL will support the Raymond James Consulting Services program, which involves model portfolios based upon risk budgeting concepts utilized by institutional clients and consultants.
Future plans include utilizing CheckFree APL's multiple strategy portfolio functionality as the Raymond James Consulting Services arm creates multiple-style accounts within its separate accounts product area.