Raymond James poaches top Schwab RIA custody exec, as LPL, Cetera put pressure on IBDs to get RIA-hybrid competitive
Schwab RIA custody exec Elyn Davis lands at Raymond James where she'll lead 'client experience' as hybrid-RIA battle heats up among major IBDs.
4 min read- Raymond James hired Schwab veteran Elyn Davis to lead client experience and strengthen its RIA custody business.
- Davis brings nearly three decades of expertise in small RIAs and family offices to her new SVP role.
- Competitive threats from LPL and Cetera's hybrid platforms are forcing Raymond James to upgrade its RIA-centric leadership.
- Poaching Schwab talent helps Raymond James bridge the cultural gap between traditional broker-dealers and independent RIA firms.
Brooke's Note: Culture is both squishy and a huge big-deal factor in the success of any business. Still, RIA custody has to be way up there on the list where culture matters because it's big business held together by a little bit of trust. Neither the RIA nor the RIA custodian has much control over the other. What they have is an understanding about how things go in such a partnership and what the language of love should be. Too often I've heard RIAs say they were repulsed by broker-dealers who talked in revolting language from a transactional world. So as Elyn Davis makes her move to Raymond James, the people I spoke to all used that word -- culture. Greg Bruce did his best DNA graft when he came over from Schwab to RayJay seven years ago, and now he'll get a huge boost from Davis.
Raymond James has poached one of Schwab's top RIA custody executives, presumably for her experience, RIA cultural sensitivity and her Rolodex – heavy on small RIAs and family offices.
The St. Petersburg, Fla., broker-dealer hired Elyn Davis as senior vice president of client experience and continued putting Schwab talent to work in its upper ranks.
It poached Greg Bruce from Schwab in 2019 and made him the head of its RIA custody business where he remains. See: Raymond James finally names new RIA chief and, yes, he is a Schwab veteran
Raymond James has not put out a release yet on the Davis hire but she updated her LinkedIn page with her new title and employer today (Aug. 12).
She had previously disclosed her departure without saying where she was headed, as Citywire noted two days ago.
She wrote a few paragraphs in a LinkedIn post assuring Schwab and her long-time colleagues that she was leaving with no hard feelings – but that three decades was enough.
“After 29 incredible years with Charles Schwab, it’s time for a new chapter,” she wrote.
Fond farewell
"The majority of my career was spent in Advisor Services, where I had the privilege of partnering with RIAs in support of our mutual clients.
"Looking back, I’m incredibly proud of the impact I was able to make—helping shape strategies, build teams, strengthen client experiences, and contribute to the continued growth of an amazing business.
"What I’ll cherish most, though, are the people. To the leaders who believed in me, challenged me, and invested in my growth—thank you.
“While leaving … wasn’t an easy decision, I’m excited for what’s ahead. I’ve accepted a new opportunity that I’m incredibly energized about, and I look forward to sharing more soon.”
Raising its game
Raymond James has mostly been a success story in terms of maintaining advisor headcount and its shares finished today at $181.18, within a buck of its all-time high.
Yet it may be feeling the need to raise its game as larger competitors like LPL and Cetera shift emphasis, says Seth Stuart, a Chicago-based advisory analyst.
“They're seeing LPL and Cetera going to the hybrid market, and they are losing advisors,” he says.
Raymond James has also lost talent, including Shannon Reid, who headed RayJay's independent contractor division, and became Osaic's president on Jan. 12. See: How exactly Jamie Price got Shannon Reid to exit Raymond James for Osaic. It started with 'five minutes' then each made a big shift
Cetera's recently rolled out its "RIA Blueprint" platform under CEO Michael Durbin, and expanded RIA channels explicitly targeting advisors seeking flexible custody options while maintaining B/D connectivity.
Small RIA guru
Davis has experience across the spectrum with RIAs.
She is currently listed as the small RIA guru at Schwab, and the head of the family office unit with titles both as managing Director of Advisor Services Group, as of April 2025, and Managing Director of Advisor Family Office, as of May 2017. Both positions are listed in Phoenix, where she remains based.
She also served Schwab as a senior transition consultant guiding high-net-worth advisor breakaways.
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