Raymond James & Associates Inc. wants to double its market share in California, and Chief Executive Paul Reilly sees Orange County as being key to the effort.
Reilly visited earlier this month to meet with local employees, clients and potential customers in a push that has the St. Petersburg, Fla.-based brokerage and wealth manager hiring and adding branches in OC and getting more involved in the community with sponsorships.
“We’re in major building mode,” Reilly said before a meeting at the Center Club in Costa Mesa. “I want to get our share where it belongs.”
The company operates as Raymond James Financial. It competes against national brokerages such as Morgan Stanley Smith Barney LLC in New York as well as financial advisers including St. Louis-based Edward Jones & Co., among others.
OC Presence
Raymond James now has 20 branches and 39 advisers in OC, about 15% of its statewide presence.
A brokerage division known as Raymond James Financial Services made up of independent advisers operates alongside a company network called Raymond James & Associates.
The overall operation has a stronger presence in Florida and a number of eastern states.
Raymond James counts market share of about 5% in various markets in the east and 2.4% nationally.
That compares to 1.2% of the market in California.
The immediate goal is to boost market share in California to around the national level, according to Reilly.
Reilly, who last year took the chief executive’s reins from Thomas A. James, said OC’s high numbers of wealthy residents and entrepreneurs makes it a keystone of the company’s California strategy.
“It’s always been a great community,” said Reilly, who previously headed Los Angeles-based executive recruiter Korn/Ferry International. “In communities like this, where you can work your way in and get to know people, you can have more of an impact.”
That will mean boosting Raymond James’ local profile with sponsorships and participation in community events.
“You need to be a player in the community,” Reilly said. “You have to be seen, and that’s all part of the marketing.”
The company’s sponsorship of Raymond James Stadium, home of the National Football League’s Tampa Bay Buccaneers, has helped build its brand, according to Reilly.
Brand building is a work in progress. Reilly said he’s undeterred even though many still view Raymond James as a regional company despite its nationwide network and operations in Canada, Latin America and Europe.
“Building wealth is long-term proposition,” Reilly said. “We treat our business the same way.”
