Raymond James Launches Retirement Plan Option for Small Businesses
Raymond James has introduced a new retirement plan option tailored for small businesses, making it available to its approximately 8,900 advisors. The SIMPLE IRA Employer Advisory and Consulting Services Program (SIACS) is designed for companies with up to 100 employees and combines features of IRAs and 401(k)s such as customizable investment menus and company matching contributions. The program partners with Capital Group American Funds and aims to provide scalable retirement solutions in response to growing demand. Raymond James will not hold custody or trading authority over plan assets but will offer advisory services, annual reports on investments, and periodic education for employees participating in the plans. The firm acknowledges potential conflicts of interest while emphasizing its commitment to fiduciary duty. The expansion into small business retirement planning aligns with broader industry trends as more wealth managers seek holistic service offerings. Analysts predict a surge in such plans due to regulatory changes and tax incentives, projecting growth from 830,000 in 2025 to over one million by 2030.
Tickers: $RJF