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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.
On April 23, 2021, Steward Partners Holdings completed the acquisition of Umpqua Investments from Umpqua Holdings Corporation, rebranding it as Steward Partners Investment Solutions. This strategic move enhances Steward's presence in the Pacific Northwest, adding 22 financial advisors managing $3.4 billion in client assets and contributing $15 million in revenue. The acquisition raises Steward's total managed assets to over $22 billion, bolstering its goal of nationwide expansion.
Lisa Detanna, Managing Director at Raymond James, will host an interactive session with Barron’s in Education and UCLA School of Business students, focusing on 'Common Myths of Investing.' This initiative aims to enhance financial literacy by connecting academic theory to real-world business analysis. Detanna, with over 30 years in financial services and managing over $1.5 billion in assets, contributes her expertise to promote financial education. Barron’s in Education engages business students with financial professionals to prepare the next generation of leaders.
Lisa A. Detanna, Managing Director & Senior Vice President at Raymond James, was named to Forbes' list of America’s Top Women Advisors on March 24, 2021. This prestigious recognition is based on qualitative and quantitative factors, evaluating thousands of advisors. Detanna manages over $1.5 billion in client assets and has 30 years of experience. This accolade highlights her expertise in wealth management services, including estate planning and investment management.
Lisa A. Detanna, AIF, Managing Director at Raymond James & Associates, has been recognized in Barron’s list of the Top 1,200 Financial Advisors, published on March 14, 2021. This accolade highlights her exceptional performance, managing over $1.5 billion in client assets and providing services in wealth planning, investment management, and more. The ranking considers factors such as assets under management and regulatory history, rather than direct investment performance. Raymond James, a leading financial services company (NYSE: RJF), has over $1.02 trillion in total client assets.
Steward Partners Global Advisory has expanded into the Denver market with the acquisition of Harmony Private Wealth, which manages over $350 million in assets. The team, led by DeHaven Becker, Michael Stradt, and Janet Mabry, previously worked at RBC Wealth Management and brings over 45 years of combined experience. This move is expected to enhance Steward's national footprint and align with the new partners' values and goals. The firm aims to leverage Steward's technology platform to improve client service.
Lisa A. Detanna, a Managing Director at Raymond James, has been recognized on Forbes' Best-In-State Wealth Advisors list. The accolade, announced on February 11, 2021, highlights advisors with at least seven years of experience and considers factors such as revenue trends and compliance. Detanna, who joined Raymond James in 2011, has over 30 years of experience in wealth management, offering a wide range of services including financial planning and investment management.
Steward Partners Global Advisory has welcomed Webster Grosso Wealth Management, led by Ron Webster and Ed Grosso, to its partnership. The firm brings approximately $163 million in assets under management. Webster and Grosso, both seasoned financial advisors, are shifting from a traditional employee model to a partnership model, allowing for greater flexibility in serving clients. Jeff Gonyo, Divisional President at Steward Partners, anticipates significant growth in 2021 with this addition, highlighting the appeal of their hybrid business model.
Concurrent Advisors has successfully expanded its network by adding seven new advisor teams from various states, including Alaska, Florida, Kentucky, Michigan, and Mississippi. This growth has resulted in a total increase of over $1.1 billion in assets under management (AUM), bringing the network's total AUM to $9.1 billion. The partnership aims to provide independent advisors with robust resources and support during these challenging times, emphasizing a commitment to client service amid market volatility.
Steward Partners Global Advisory has appointed Rick Gaston as Mid-Atlantic Division President, succeeding Jeffrey Gonyo. Gaston brings over eight years of experience from Raymond James Financial, focusing on business development. His role involves supporting existing advisors and recruiting new talent. Steward Partners has rapidly grown to nearly 150 advisors in 24 offices since its launch. The firm has received accolades such as being listed in the Washington Business Journal's Best Places To Work and ranked #24 in Barron's Top 100 RIA Firms.
Raymond James has increased its COVID-19 relief donation from $1.5 million to $2.3 million, aiding healthcare initiatives in the US, Canada, and the UK. A portion, $50,000, will support hospitals in Los Angeles. CEO Paul Reilly emphasizes the firm’s commitment to community support during these challenging times, highlighting the importance of helping those in need.
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