Shannon Reid, president of Raymond James Financial Services, the firm’s independent contractor division, has left the company, according to an internal memo obtained by WealthManagement.com. Reid, whose last day was Monday, is pursuing an unspecified opportunity outside of Raymond James after nearly two decades with the firm.
David Sisemore, Midwest division director for the independent contractor division, will serve as interim president while the firm searches for a permanent replacement, according to a memo written by Tash Elwyn, president of Raymond James Private Client Group.
“I can assure you that our strong, tenured ICD leadership team will provide continuity and steady, forward momentum during the transition,” Elwyn wrote. “We’re committed to preserving our exceptional advisor satisfaction results by providing you with the level of service you deserve and have come to expect from us.”
Reid was appointed president of the RJFS in November 2023, succeeding Jodi Perry, who became the firm’s national head of advisor recruiting. Prior to that, Reid served as senior vice president and director of the Northeast division.
Reid did not immediately return a request for comment.
This latest move follows Friday’s news that Alex David, Northeast division director at Raymond James’ independent channel, will join Equity Services Inc., a Montpelier, Vt.-based IBD and RIA owned by National Life Group, as president and CEO.
In separate news, Raymond James announced Monday that its asset management subsidiary hired Jeff Ringdahl as president, effective Jan. 5. Ringdahl takes the role a few months after a brief stint as president and chief operating officer at Summit Trail Advisors, a Dynasty-backed RIA with $23.6 billion in AUM. He stepped down from that role just a few months after taking it on this May, posting on LinkedIn that it “wasn’t the right long-term fit for me.”
Ringdahl will step into a role vacated by Bob Kendall, who left the St. Petersburg, Fla.-based Raymond James in July to be global head of investment management at William Blair. Eric Wilwant, the chief operating officer of the division, has served as the interim president during the search process, according to a spokesperson.