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Raymond James to offer commission-free trades to independent advisers

Financial services company Raymond James Financial Inc. is jumping on the zero-commission-fee bandwagon in the asset brokerage space and moving to free trades for its independent registered investment advisers and their clients, CNBC reported.

Independent advisers in the company's Investment Advisors Division will now have fee-free trades on stocks, exchange-traded funds and options, but only for those accounts with no direct trades by individual clients, according to the report.

Usually, advisers had to pay between $8 and $10 per trade, depending on the size of their practice, the report said, citing Charles Failla, a certified financial planner and principal at Stamford, Conn.-based Sovereign Financial Group Inc., which uses Raymond James' RIA platform as its custodian.