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Raymond James Financial, Inc. (NYSE: RJF) is a leading, diversified financial services company headquartered in Florida, offering a broad range of services including wealth management, investment banking, asset management, and commercial banking. Founded in 1962 and public since 1983, Raymond James supports more than 8,700 financial advisors across the United States, Canada, and the United Kingdom, with total client assets exceeding $1.45 trillion as of March 2024.
The company's core business operations are primarily focused on providing financial planning and advisory services through its subsidiary companies. Raymond James is committed to helping individuals, corporations, and municipalities achieve their financial goals through a personalized, client-first approach. The firm operates three broker-dealer subsidiaries, offering a wide range of services from private client group advisory to capital markets and asset management.
Raymond James has been consistently recognized for its outstanding community support and corporate philanthropy. It has earned national acclaim for customer service, being a great place to work, and its significant support of the arts. Recent achievements include record net revenues of $3.12 billion and net income of $474 million for the fiscal second quarter ended March 31, 2024. The Private Client Group and Asset Management segments have shown robust growth, contributing significantly to the company's financial health.
The firm's strategic initiatives include the integration of cutting-edge tax management technology from 55ip, enhancing its managed account platform to deliver tax-smart transition, rebalancing, and ongoing tax-loss harvesting. This partnership, expected to take effect mid-2024, underscores Raymond James' commitment to leveraging advanced technology to provide superior client outcomes.
Raymond James' capital markets division has shown resilience and growth despite challenging macroeconomic conditions. With a strong pipeline of investment banking deals and healthy new business activity, the company continues to capitalize on market opportunities.
Furthermore, the company maintains a strong capital position with a total capital ratio of 23.3% and a tier 1 leverage ratio of 12.3%, well above regulatory requirements. This financial stability allows Raymond James to support its operations, fund growth initiatives, and return value to shareholders through dividends and share repurchases.
For investors seeking a reliable financial services firm with a robust track record, Raymond James presents a compelling option, blending traditional financial expertise with innovative solutions to meet evolving market demands.
Raymond James Financial (RJF) announced its definitive agreement to acquire TriState Capital Holdings (TSC) in a transaction valued at approximately $1.1 billion. Shareholders of TriState Capital will receive $6.00 in cash and 0.25 shares of Raymond James for each share held, equating to a total of $31.09 per share. The acquisition is expected to enhance Raymond James' growth by leveraging TriState's 32% annual growth in securities-based lending. The deal is projected to be accretive to diluted earnings per share in the first year following completion.
Raymond James has launched a new Alerts Portal designed to enhance the efficiency of financial advisors. This innovative tool consolidates notifications into a customizable dashboard, allowing advisors to manage tasks more effectively. Users can prioritize alerts, collaborate in real-time, and streamline administrative processes, ultimately freeing up more time for client interaction. The portal has received positive feedback from advisors, indicating a significant impact on workflow and productivity. This development underscores Raymond James' ongoing commitment to technology and advisor support.
On September 27, 2021, Alex. Brown, a division of Raymond James, hosted the second Alex. Brown Invitational golf tournament at Manhattan Woods Golf Club, celebrating its 220-year partnership with clients. The event drew over 70 attendees and supported PGA REACH, a charitable foundation aimed at positively impacting youth and diverse populations through golf. President Haig Ariyan emphasized the firm's commitment to premier wealth management and community support.
For more details, visit alexbrown.com.
Raymond James has introduced the Practice Exchange, a new cloud-based succession planning platform tailored for financial advisors. The platform aims to simplify the succession and acquisition process, combining tools for M&A, buyer/seller matching, and educational resources. Key features include proprietary succession matching algorithms, enhanced valuation tools, and secure information sharing. The initiative reflects the firm’s commitment to adapt to the evolving needs of financial advisors, responding to increased demand for comprehensive succession solutions.
Steward Partners Global Advisory has expanded its network by welcoming O'Hare Wealth Management in Mequon, Wisconsin, marking its first office in the Upper Midwest. The team manages $420 million in assets and consists of five former Merrill Lynch professionals. This transition to independence allows them to enhance client services with increased resources from Steward and its partnerships with Raymond James and Goldman Sachs. The firm, ranked #24 on Barron's Top RIAs list in 2020, continues to focus on delivering a personalized client experience.
Concurrent, a partnership of elite independent advisors affiliated with Raymond James Financial Services, announced the onboarding of 10 new advisor teams managing over $1 billion in client assets. This growth continues despite the pandemic, indicating a robust strategy for 2021. The total assets under management (AUM) now exceed $11.5 billion. Founding partners emphasized that their model offers a combination of independence and extensive operational support, appealing to entrepreneurial advisors.
Raymond James and Managing Director Lisa Detanna have been added to the Cedars-Sinai Donor Honor Roll for their community support during the pandemic. In 2020, they donated $50,000 to enhance clinical training and aid Cedars-Sinai staff. Additionally, Raymond James Chairman Paul Reilly previously committed $2.3 million to various COVID-19 relief efforts across the US, Canada, and the UK. Detanna manages over $1.67 billion in client assets and emphasizes the firm’s culture of giving back to local communities.
Lisa Detanna, Managing Director at Raymond James, collaborates with Barron’s in Education to promote financial literacy during National Financial Literacy Month. This initiative provides no-cost educational resources, events, and real-world career guidance to UCLA students. Detanna emphasizes the importance of preparing young adults for financial stewardship, stating that wealth is often lost after three generations. With over 30 years in finance and managing $1.67 billion in client assets, she highlights the need for better financial education to improve societal wealth management.
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