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    Raymond James Financial Inc (RJF)

    Raymond James Financial, Inc. (RJF) is a diversified financial services company engaged in investment management services for both retail and institutional clients, as well as merger and acquisition advisory, underwriting, distribution, trading, and brokerage of equity and debt securities. The company also offers the sale of mutual funds and other investment products, alongside corporate and retail banking services and trust services . RJF operates through five main segments, leveraging synergies across these areas to maintain stable financial performance through various economic cycles .

    1. Private Client Group (PCG) - Offers financial planning, investment advisory, and securities transaction services, contributing significantly to the company's net revenue .
    2. Bank - Includes loans and deposits, providing essential banking services to clients .
    3. Capital Markets - Encompasses investment banking and brokerage services, facilitating the trading and distribution of securities .
    4. Asset Management - Provides investment options and product due diligence, supporting clients in managing their investment portfolios .
    5. Other - Comprises interest income on corporate cash balances and private equity investments, among other activities .

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    Revenue by Segment - in Millions of USDQ1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025Q2 2025Q3 2025
    Private Client Group2,2522,3412,4482,5379,5782,5752,5102,488
    - Asset Management Fees-8-10---341,4761,4571,462
    - Brokerage Revenues-----12433419420
    - Account and Service Fees-----877527509501
    - Other-----23565
    Capital Markets3603213605341,575506420381
    - Investment Banking----820325207203
    Asset Management2352522652751,027294289291
    Bank8874248791,3643,554858434458
    - Interest Income----3,494847802823
    Other and Intersegment Eliminations-214-220-190-187-811(198)(215)(246)
    Asset Management and Related Administrative Fees1,4071,5161,6111,6626,1961,7431,7251,733
    Brokerage Revenues5225285325612,143559580559
    - Securities Commissions3834144164381,651440-431
    - Principal Transactions139114116123492119-128
    Account and Service Fees3193353283321,314342321302
    Investment Banking181179183315858325216212
    Other3831516180394046
    Interest Income1,0531,0491,0571,0734,2321,027963990
    Total Revenue3,5203,6383,7624,00314,9234,0353,8453,842
    Revenue by Geography - in Millions of USDQ1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025Q2 2025Q3 2025
    U.S.2,7612,8462,9503,17111,728---
    Canada139155154151599---
    Europe11311712414494---
    Other--------
    Total Revenue3,0133,1183,2283,46212,821---
    KPIs - Metric (Unit, Scale)Q1 2014 (Dec 31, )Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025Q2 2025Q3 2025
    RJBDP balances in Bank segment (USD millions)23,91223,40523,371-23,978---
    RJBDP balances at third-party banks (USD millions)17,82018,23417,325-18,226---
    Subtotal RJBDP balances (USD millions)41,73241,63940,696-42,204---
    CIP balances (USD millions)1,7651,7151,713-1,653---
    Total clients’ domestic cash sweep balances (USD millions)43,49743,35442,409-43,857---
    ESP balances (USD millions)14,47614,86314,039-14,018---
    Total clients’ domestic cash sweep and ESP balances (USD millions)57,97358,21756,448-57,875---
    Average yield on RJBDP - third-party banks (percentage)3.66%3.59%3.41%-3.50%---
    Private Client Group assets under administration (USD billions)1,310.51,388.81,415.7-1,507.0---
    Assets in fee-based accounts (USD billions)--------
    Percent of PCG AUA in fee-based accounts (percentage)57.057.558.0-58.1---
    Domestic PCG net new assets (USD millions)21,5759,64816,517-60,709---
    Domestic PCG net new assets growth (percentage)7.8%3.2%5.2%-5.5%---
    Number of financial advisors - Employees (count)3,7183,7473,812-3,826---
    Number of financial advisors - Independent contractors (count)4,9925,0144,970-4,961---
    Total number of financial advisors (count)8,7108,7618,782-8,787---
    Raymond James Investment Management AUM - Equity (USD billions)24.124.122.4-22.2---
    Raymond James Investment Management AUM - Fixed income (USD billions)40.741.240.8-44.7---
    Raymond James Investment Management AUM - Balanced (USD billions)8.59.19.3-9.9---
    Total Raymond James Investment Management financial assets under management (USD billions)73.374.472.5-76.8---
    Non-discretionary asset-based programs total assets (USD billions)431.4462.9474.7-506.2---
    RJ Trust total assets (USD billions)9.49.810.0-10.6---
    AMS financial assets under management (USD billions)154.2165.7170.5-182.7---
    Raymond James Investment Management financial assets under management (segment level) (USD billions)67.469.4--76.8---
    Subtotal financial assets under management (USD billions)227.5240.1243.0-259.5---
    Assets managed for affiliated entities (USD billions)12.513.313.7-----
    Total financial assets under management (USD billions)215.0226.8229.3-244.8---
    NamePositionExternal RolesShort Bio

    Paul C. Reilly

    ExecutiveBoard

    Chair and CEO

    Board Member at Willis Towers Watson Public Limited Company; Chairman of American Securities Association; Executive Committee Member at SIFMA; Member of Bank Policy Institute.

    Paul C. Reilly has been the CEO since May 2010 and Chair since 2017. He will step down as CEO on February 20, 2025, transitioning to an Executive Chair role. He has led RJF through significant growth and strategic initiatives.

    View Report →

    Jonathan W. Oorlog, Jr.

    Executive

    Chief Financial Officer

    None.

    Jonathan W. Oorlog, Jr. joined RJF in 2004 and became CFO on October 1, 2024. He has played a critical role in due diligence and financial integration of RJF's acquisitions.

    Paul M. Shoukry

    Executive

    President

    Board Member at ReliaQuest, LLC; Chair of 2024 American Heart Association’s Tampa Bay Heart Ball; Board of Trustees at Academy Prep Center of Tampa; Advisory Board Member at Florida Institute of CFOs.

    Paul M. Shoukry joined RJF in 2010 and has held various roles, including CFO. He is set to become CEO following a transition period in fiscal 2025.

    Anne Gates

    Board

    Non-Executive Director

    Board Member at The Kroger Company and Tapestry, Inc.; Board of Directors at Cynosure; Board of Trustees at University of California, Berkeley Foundation, Salzburg Global Seminar, PBS SoCal, Packard Foundation, Columbia University Engineering School, Save the Children.

    Anne Gates has been a director at RJF since 2018, with over 25 years of experience in the retail and consumer products industry.

    Art A. Garcia

    Board

    Non-Executive Director

    Board Member at ABM Industries Incorporated, American Electric Power Company, Inc., and Elanco Animal Health Incorporated.

    Art A. Garcia was appointed to the RJF Board in 2023, bringing expertise in finance, accounting, and risk management.

    Benjamin C. Esty

    Board

    Non-Executive Director

    Professor of Business Administration at Harvard University; Director and Chair of Audit and Risk Committee at Harvard Business Publishing Group; Director at The GEM Group.

    Benjamin C. Esty has been a director at RJF since 2014, with extensive expertise in finance, investment, and risk management.

    Cecily M. Mistarz

    Board

    Non-Executive Director

    Director at Pepper Construction Group, LLC; Director at Safer Foundation.

    Cecily Mistarz joined the RJF Board in 2024, bringing expertise in risk management and regulatory affairs.

    Gordon L. Johnson

    Board

    Non-Executive Director

    President of Highway Safety Devices, Inc.; Director at TriState Capital Bank.

    Gordon L. Johnson has been a director at RJF since 2010, with over 25 years of experience in banking and financial services.

    Jeffrey N. Edwards

    Board

    Non-Executive Director

    Board Member at American Water Works Company, Inc..

    Jeffrey N. Edwards has been a director at RJF since 2014, bringing over two decades of experience in capital markets and corporate finance.

    Marlene Debel

    Board

    Non-Executive Director

    Executive Vice President, Chief Risk Officer, and Head of MetLife Insurance Investments at MetLife, Inc.; Foundation Board Member at LaGuardia Community College.

    Marlene Debel has been a director at RJF since 2020, serving on several committees including the Risk Committee.

    Raj Seshadri

    Board

    Non-Executive Director

    Trustee at Mount Holyoke College; Member of the Global Board at the American India Foundation; Member of the Board at the New York Philharmonic.

    Raj Seshadri has been a director at RJF since 2019, with experience in marketing, sales, and business strategy.

    Roderick C. McGeary

    Board

    Non-Executive Director

    Board Member at PACCAR Inc..

    Roderick C. McGeary has been a director at RJF since 2015, with extensive experience in accounting, auditing, and technology risks.

    1. Given the recent regulatory scrutiny on cash disclosures and potential conflicts of interest due to advisers sharing revenue from sweep options, how is Raymond James ensuring that adviser incentives are aligned with clients' best interests, particularly in advisory accounts?

    2. With cash sweep balances declining and clients moving to higher-yielding alternatives, what specific strategies is Raymond James implementing to mitigate the impact on net interest income, and how sustainable are these measures if the trend continues?

    3. Despite your Tier 1 leverage ratio standing at 12.7%, well above your target of 10% , what are your specific plans to deploy this excess capital, and why hasn't it been utilized more aggressively for growth initiatives or shareholder returns?

    4. Given that the fixed income business results are lagging historical levels and depository clients have less cash available for investing in securities , what concrete steps are you taking to accelerate growth in the Capital Markets segment, and how will you navigate prolonged market uncertainty if conditions don't improve as expected?

    5. With the bank's loan allowance for credit losses decreasing to 1% due to a shift toward securities-based loans (34%) and residential mortgages (20%) of the total loan portfolio , how are you managing the potential risk of concentration in these loan types, and what measures are in place to mitigate future credit quality issues amid economic uncertainties?

    Program DetailsProgram 1
    Approval DateNovember 2023
    End Date/DurationN/A
    Total additional amount$1.5 billion
    Remaining authorization amount$644 million as of September 30, 2024
    DetailsOffset dilution from share-based compensation or acquisitions
    YearAmount Due ($ in millions)Debt TypeInterest Rate (%)% of Total Debt
    203098Subordinated Notes5.75 (fixed until 2025, variable thereafter) 4.6% = (98 / 2,138) * 100
    2030500Senior Notes4.65 23.4% = (500 / 2,138) * 100
    2046800Senior Notes4.95 37.4% = (800 / 2,138) * 100
    2051750Senior Notes3.75 35.1% = (750 / 2,138) * 100
    NameStart DateEnd DateReason for Change
    KPMG LLP2001 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    TriState Capital

    2022

    Acquired on June 1, 2022, TriState Capital has been integrated into Raymond James Financial's Bank segment, with ongoing integration activities related to share-based compensation, though no specific deal value or structure details were provided.

    SumRidge Partners, LLC

    2022

    Completed on July 1, 2022, this acquisition added a technology-driven fixed income market maker specializing in investment-grade bonds, municipal bonds, and institutional preferred securities to strengthen institutional market-making, trading technologies, and risk management, and was funded using cash on hand, resulting in $102 million in goodwill.

    Charles Stanley Group PLC

    2022

    Completed on January 21, 2022, this deal was executed at £5.15 per share (totaling £277 million or approximately $376 million) to accelerate Raymond James' growth in U.K. wealth management, with integration into the Private Client Group and the recognition of $164 million in goodwill, alongside $85 million of identifiable intangible assets.

    Recent press releases and 8-K filings for RJF.

    Raymond James reports Q3 revenue growth and M&A outlook
    $RJF
    Earnings
    M&A
    • Q3 revenue +5%, with first nine-month revenues of $10.3 B (+10% YoY)
    • 97% client satisfaction, and investor sentiment rose from 52% to 68% quarter-over-quarter
    • 150th consecutive profitable quarter, underscoring long-term profitability track record
    • M&A pipeline rebuilding after April slowdown; expects stronger deal flow over the next two quarters
    3 days ago
    Raymond James Financial reports May 2025 operating data
    $RJF
    • As of May 31, 2025, client assets under administration were $1.583 trillion, up 9% year-over-year and 3% sequentially.
    • Private Client Group assets under administration totaled $1.5208 trillion, including $909.1 billion in fee-based accounts (+13% yoy; +4% seq).
    • Financial assets under management reached $254.2 billion (+12% yoy; +4% seq), and net bank loans were $49.1 billion (+11% yoy; +1% seq).
    • Clients’ cash sweep and Enhanced Savings balances stood at $54.2 billion, down 4% yoy and 3% seq; investment banking pipeline remains strong but timing is unpredictable.
    Jun 25, 2025, 12:00 AM
    Raymond James Targets $20B Revenue and Advances Technology Initiatives
    $RJF
    New Projects/Investments
    • Revenue Target: The CEO confirmed a long-term goal of exceeding $20,000,000,000 in revenues by 2030 with an implied 8% CAGR, while noting that favorable market conditions could push actual revenue even higher.
    • Technology Investment: The firm is investing nearly $1 billion in technology this year, focusing on adviser-facing tools including AI-driven solutions and efficiency improvements such as a meeting summarization tool.
    • Culture and Recruitment: Emphasizing a unique “best of both worlds” culture, the CEO highlighted that most advisers join due to the firm’s strong cultural fit, which contributes to high retention and quality recruitment.
    • Market Expansion: The company is targeting growth in high-wealth regions such as the Northeast, West Coast, and Florida, where current market share is below the national average, indicating significant expansion potential.
    Jun 10, 2025, 12:15 PM
    Raymond James Financial Announces Board Appointment and Dividend Declaration
    $RJF
    Board Change
    Dividends
    • New Director Appointment: Mark W. Begor, former Equifax CEO, has been appointed to the board and assigned to both the Audit and Risk Committees, increasing the board size from 12 to 13 members.
    • Dividend Declaration: The board declared quarterly dividends of $0.50 per share for common stock (payable July 15, 2025) and $0.3984375 per depositary share for preferred stock (payable July 1, 2025).
    May 23, 2025, 12:00 AM
    Raymond James Financial Reports April 2025 Operating Data
    $RJF
    Earnings
    New Projects/Investments
    • The press release, issued on May 21, 2025, provided operating data for April 2025, highlighting key performance metrics for the company.
    • Client assets under administration increased by 9% year-over-year, with a reported value of $1,530.7 billion as of April 30, 2025, compared to the prior year's period.
    • The report noted a 1% decline in clients’ domestic cash sweep and Enhanced Savings Program balances, attributed to quarterly fee billings and seasonal tax payments, while also mentioning the impact of macroeconomic uncertainty on investment banking closings and a sustained strong pipeline.
    May 21, 2025, 12:00 AM
    Raymond James Q2 2025 Financial & Record H1 Performance Overview
    $RJF
    Earnings
    Share Buyback
    New Projects/Investments
    Revenue Acceleration/Inflection
    • Q2 2025 Highlights: Achieved $3.4B net revenues with quarterly net income available to common shareholders of $493M and diluted EPS of $2.36, reflecting robust results ( ).
    • Private Client Group Growth: Delivered $2.49B in net revenues with $1.54T in client assets under administration and fee‐based PCG assets of $873B, growing 6% YoY ( ).
    • Record H1 Performance: Reported $6.94B in net revenues and $1.42B pre-tax income for the first half of 2025 ().
    • Core Operational Strength: Maintained consistent results with an adjusted diluted EPS of $2.42 and a 19.7% pre-tax margin ( ).
    • Share Repurchase Activity: Resumed buybacks with $250M purchased during Q2 and an additional $190M in April 2025, reinforcing a solid capital position ( ).
    • New Initiatives: Appointed a Chief AI Officer and enhanced recruitment efforts to leverage technology amid market volatility ( ).
    Apr 23, 2025, 9:01 PM
    Raymond James Reports February 2025 Operating Data
    $RJF
    • Raymond James Financial Inc. released key operating data for February 2025 on March 19, 2025 via an 8-K filing.
    • Client assets under administration increased by 12% year-over-year but declined sequentially by 1%, reflecting market pressures.
    • CEO Paul Shoukry pointed to lower equity markets impacting asset balances and mentioned a robust investment banking pipeline amid macroeconomic uncertainties.
    Mar 19, 2025, 12:00 AM