Raymond James Advisors, Customers Lose Account Data Access
(Updates in seventh paragraph with spokesman saying the issue involves Oracle databases.)
Technical issues with vendor hardware are preventing advisors at Raymond James Financial on Thursday from accessing customer contact and account data, among other applications, and customers cannot view their accounts, according to brokers and notices on the firm’s websites.
The outages began before markets opened on Thursday.
“Thank you for visiting Raymond James Client Access,” a firm website said around 2:00 pm. “Our site is currently unavailable, and we hope to be back shortly.”
Customers of the company’s more than 8,000 brokers were not able to use their Client Center workstations to view holdings, and advisors could not use the firm’s customer relationship management software or generate reports and packages, according to the notice.
Client access via desktop and mobile apps was unavailable, and advisors could not access mobile, client onboarding, practice center, goal planning and money movement applications, the notice said.
“We are experiencing a data feed issue with our Oracle databases impacting some advisor-facing applications,” said Steve Hollister, a company spokesman. “We implemented back-up protocols and systems to support advisor and client services. There has been no breach of systems or data, and we will continue working with Oracle to restore impacted applications to normal services.”
Brokers were given keystroke workarounds to help them generate customer and account data, and to launch the firm’s “quick trade” platform, according to the notice. But “Client Reporting, Product Catalog and Portfolio Management” systems are affected, and “other applications may be also implicated,” the notice said.
As of 3:05 pm EDT, brokers were still not able to view details of client holdings through their workstations, but could get limited client-eye views, according to one broker. “The advisor Client Center workstation is still basically useless,” he wrote in an email.
The data outages occurred on a day when U.S. stock indexes fell.
Some trading applications remained available from “Client Center Quick Trade” or by directly launching a platform called Advisor Access, according to the notice. However, “other applications” besides those outlined in the notice “may be also impacted,” it said.
Brokerage firms have generally touted the efficiency of their operations and infrastructure performance throughout the coronavirus work-from-home period that began six months ago in the U.S., but glitches have occurred.
Morgan Stanley brokers in March lost access to trading and client account systems, leading the firm to reimburse customers disadvantaged by the almost five-hour outage.
Merrill Lynch brokers on September 3 were unable to transfer money in and out of client accounts or make notes on their workstations for a two-hour period when markets were tanking, and some self-directed Merrill customers could not access their accounts.
That same day, heavy stock market volume temporarily impeded customers at Charles Schwab Corp., Robinhood Markets and other discount brokers from trading. Robinhood also suffered a systemwide crash in early March that has prompted a spate of class-action filings on behalf of customers unable to trade.