While Raymond James originated in the US more than 50 years ago it only came to the UK in 2001 and since then has managed to muster more than 100 practices spread across the country.
Now Cynthia Poole, the Georgia-born head of relationship management and business support for Raymond James in the UK, is going to take one of the big success stories of the US version of the company and launch a network for female advisers in London.
According to Raymond James's website since 1994, the US business has had a Network for Women Advisers that has grown from a grassroots effort to more than 1,100 women.
From practice management seminars to coaching programs and more, the US version of the network offers resources that Raymond James claims entrepreneurial advisers and their teams need to reach their potential.
It was a different world in the 1980s. A lot of the problems were not specific to finance but I was told not to take the exams because I am a woman.Nicola TomlinMs Poole said now was the time to take this idea from the US and create a UK version as demographics are changing, with more women in the retail market making investment and wealth management decisions.
She said promoting female wealth managers will help to grow the Raymond James business in the UK as many women may feel more comfortable discussing financial planning with a female adviser.
Currently about 14 per cent of Raymond James' wealth managers are female. At the time of writing the firm was unable to say what target it has for female representation in the future.
Ms Poole said: "30 per cent of all small businesses are run by women, and by 2020 32 per cent of total investible wealth will be controlled by women."
Ms Poole added that women are generally under represented across the wealth management industry, and she hopes that highlighting the achievements of the women working in wealth management now will encourage more females to join the industry.
At an event to launch the network, female wealth managers that are part of the Raymond James network spoke of how, at the start of their careers, at other firms, they were discouraged from taking professional exams or told not to wear trousers at work.
Kerry Nicholls, deputy head of relationship management & training, said: "It was a different world in the 1980s. A lot of the problems were not specific to finance but I was told not to take the exams because I am a woman."
The launch of Raymond James's network for female advisers comes after back in July, the Chartered Institute Insurance (CII) stated financial advice must become a more appealing and rewarding career choice for women if it is to be relevant to all of society.
Speaking at the Protection Review conference in London, Helen White, director of the insuring futures programme at the CII, said fundamental change in culture and practices was needed to “engage, educate and empower” women to build independent financial resilience.
Liz Field, chief executive of the Personal Investment Management & Financial Advice Association (Pimfa), said: "Gender equality is still a serious issue in our profession with women making up just 10 per cent of all leadership roles across finance.
"Research from PWC also found that 34 per cent of young women in financial services left their last job because of a lack of career progression, and 60 per cent said they felt firms were not doing enough to encourage diversity."
Earlier this year, Raymond James's rival St James's Place reported its gender pay difference data, revealing one of the largest gaps in the industry between what mean and women at the firm are paid.
The data, published back in March, showed men on average earned 47.2 per cent more than women at St James's Place last year.
Women at the firm also received 80 per cent less in bonuses than men on average.
The company said the gap was due to a lower proportion of women in senior roles.
david.thorpe@ft.com
