Tough week for Raymond James after tech outage

Raymond James Financial Inc. on Friday morning confirmed its advisers had been grappling with data feed problems, including snafus that blocked advisers from client contact and account information, although its client data is secure and up to date.

The company, which earlier this week announced the layoff of 500 employees, is working with Oracle to restore applications to normal and expects to resolve those problems soon.

“We have nearly completed resolving a data feed issue with our Oracle database hardware impacting some adviser-facing applications,” wrote spokesperson Steve Hollister in an email. “Back-up protocols and systems to support adviser and client services remain in place. All trades and money movement orders continue to be processed.”

Hollister declined to comment about how many of Raymond James’ 8,000 financial advisers and registered reps were feeling the impact of the data problems.

Financial adviser and broker-dealer news website AdvisorHub yesterday reported the issue of the Raymond James’ data problems, which began before the market opened on Thursday.

Large broker-dealers like Raymond James periodically have problems with technology platforms, causing headaches for advisers and annoyance for customers. Such issues often arise when firms are changing or upgrading technology.

The post Tough week for Raymond James after tech outage appeared first on InvestmentNews.

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