Record revenue at Raymond James

Raymond James Financial Services Inc. of St. Petersburg, Fla., has had surpassed the $1 billion in revenue for its fiscal year that ended in September, making it only the second independent-contractor broker-dealer to reach that level. LPL Financial Services of San Diego and Boston was the first. That total is more than three times the revenue of 10 years ago, the company said in a statement. It also has more than 100 affiliated registered reps who produce more than $1 million in fees and commissions. Just four years ago, the firm only had 25 reps and advisers at that level of production, the company said. Also of note was the average adviser’s annual production, which reached a firm high of $315,000. The average branch production also hit a high, reaching $692,000. Raymond James Financial Services has more than 3,000 affiliated reps and advisers.