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Raymond James to allow employed advisers to leave and poach clients

"Employees will be able to manage their own clients and investments in the way that they choose, backed by one of the largest financial services firms in the world."

He added: "Since we first launched in the UK 20 years ago, we have grown our market share year-on-year, and this is yet another sign of our ongoing commitment to the UK market.

"We hope this new model will provide another attractive avenue for wealth managers interested in joining one of the UK’s fastest growing investment management firms."

The first financial adviser to join Ryamond James under the new employee terms was Simon Monk, who opened a Raymond James branch in London last year.

Monk said: “Initially one of the main attractions of Raymond James was the prospect of building my business whilst retaining client ownership and control in the way those clients are serviced and the bespoke manner in which their investments are managed.

“Since joining Raymond James in 2020, I have been very impressed by the level of support I have received from all members of the company, where their focus is very much upon the client and enhancing their experiences, and this is the culture running throughout the firm.

"This culture and high levels of service make it a very compelling proposition for clients to entrust their investments to Raymond James.”