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.