Training and coaching are important areas for the sector. In this particular instance, it speaks to a trend of former military personnel finding careers in wealth management.

Raymond James has launched an advisor training program designed to help military veterans and civilians advance careers in the space.

The Raymond James’ Advisor Mastery Program has introduced a new offering for advisors; they can receive additional academic credits through a new partnership with Norwich University. This partnership is made possible through an existing link between Raymond James’ talent acquisition team and The Veteran Initiative (TVI), a non-profit military employment organization.

Norwich University, based in Vermont, offers undergraduate and graduate degree programs through in-person and online coursework. It is the oldest US private military college and the birthplace of the Reserve Officers' Training Corps (ROTC). 

The program is an example of military personnel moving into wealth management careers, a trend this publication has noticed in the US and the UK, among other countires. It also speaks to how the wealth sector is seeking to attract talent at a time when the average age of an advisor in RIAs is 53, according to figures from Charles Schwab.

Advisors who complete the program and obtain their licenses to practice will qualify with the equivalent of Norwich University’s graduate course in Investment Portfolio Management (the equivalent of six graduate level credits). This can be applied toward earning a Graduate Certificate, “Investment Management Professional,” by taking just one additional online graduate course in Managerial Finance, with tuition costs being covered by the Raymond James employee tuition reimbursement program. 

Once the Graduate Certificate is earned, a financial advisor can also complete the full MBA degree by taking only four more online classes. For eligible military veterans, the G.I. Bill can be used to cover costs of the MBA program.

In September 2020 Raymond James introduced a new coaching offering for Black advisors and branch professionals, a move to widen career opportunities and diversity. The offering, starting as a pilot program, is aimed at people affiliated with Raymond James’s Black Financial Advisors Network.

Training and coaching are important areas for the sector. A few days ago, Financial Independence Group began to offer training and education resources in a partnership with fellow US business Carson Coaching. In 2020, Hightower launched a 20-week virtual business enrichment program designed to help Hightower advisors master practical ways to propel their business forward through the pandemic and beyond.