Raymond James Financial Inc. shares were up more than 7% in trading Thursday morning, reaching $114 per share, after the firm reported strong wealth management earnings for the quarter ended in September, the final quarter of the company's fiscal year.
Raymond James continued to recruit and hire financial advisers in fiscal 2022, reporting 8,681 financial advisers at the end of September, an increase of 199 compared to the same time last year and up 65 for the quarter.
The company reported record annual net revenue of $11 billion, with the private client group posting record quarterly net revenue of $1.99 billion, up 11% over the prior year’s fiscal fourth quarter and
2% over the preceding quarter.
Raymond James' wealth management business also reported record quarterly pretax income of $371 million, up 67% over the prior year’s fiscal fourth quarter and up 48% over the preceding quarter.
The company achieved these results against the backdrop of the market turbulence of the past 12 months, CEO and chairman Paul Reilly noted in a statement. Although the S&P 500 stock index reached record highs in 2021, it has declined 16.2% over the past 12 months.
"Our client-first values and leading technology and product offerings resulted in strong retention and recruitment of financial advisers in fiscal 2022, which led to robust domestic private client group net new assets of approximately $95 billion, or 9% of beginning of period assets,” Reilly said in the statement. "Entering fiscal 2023, financial adviser recruiting activity remains strong across our employee, independent contractor and independent RIA affiliation options."
Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.
A federal appeals court says UBS can’t force arbitration in a trustee lawsuit over alleged fiduciary breaches involving millions in charitable assets.
NorthRock Partners' second deal of 2025 expands its Bay Area presence with a planning practice for tech professionals, entrepreneurs, and business owners.
Rather than big projects and ambitious revamps, a few small but consequential tweaks could make all the difference while still leaving time for well-deserved days off.
Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.