Raymond James adds 200 advisers in fiscal 2017

Healthy retail business buoys corporate performance for the year

Oct 26, 2017 @ 2:47 pm

By InvestmentNews

Raymond James Financial's net addition of 200 advisers, to a record 7,346, helped it post record revenue and net income for its fourth quarter, ended Sept. 30, and its fiscal year.

The company said that the growth of assets in fee-based accounts, higher short-term interest rates and record investment banking revenue also contributed to the results.

Helping to boost the adviser head count at Raymond James were the successful integrations of Alex. Brown and 3Macs during the fiscal year, the company said. Specifically, its employee-rep total declined slightly, from 3,098 to 3,041, while the number of independent contractor reps grew from 4,048 to 4,305.

In a release, Raymond James said that assets under administration in its private client group rose 15% to $659.5 billion for the year ended Sept. 30, while assets in fee-based accounts grew 27% to $294.5 billion.

Overall for its fiscal year, Raymond James Financial reported net revenues of $6.37 billion, annual net income of $636.2 million, or $4.33 per diluted share, and adjusted annual net income of $768.1 million, or $5.23 per diluted share.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

WisdomTree's Maute: Developing elegant tech-enabled solutions

Advisers need unique technology-enabled solutions in order to have more time to expand their practice, according to WisdomTree's Alisa Maute. What can be done today to create a more thriving business of tomorrow.

Latest news & opinion

Tax reform debate sparks fresh interest in donor-advised funds

Schwab reports new accounts up 50% from last year, assets up 33%.

Broker protocol for recruiting a boon for clients

New research finds advisers whose firms have joined the agreement take better care of customers.

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print