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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.
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.
Steward Partners Global Advisory has welcomed Praetorian Private Wealth, a team from Wells Fargo, managing over $300 million in assets, to its expanding hybrid platform. This move is part of Steward's effort to enhance its presence in Austin, Texas, a rapidly growing market with a strong tech industry. Praetorian's 6-member team, led by Rick A. Fuchs, emphasizes client-centric wealth management. Steward Partners continues to gain recognition, ranking #24 on Barron's 2020 List of Top 100 RIA Firms, reinforcing its position as a leading advisory firm.
Concurrent, a partnership of independent advisors affiliated with Raymond James Financial Services, has successfully adapted its onboarding protocols during the pandemic. Since mid-March, eight new advisor teams have transitioned to Concurrent, adding over $900 million in assets under management. The network now manages a total of $8.3 billion with 105 advisors in 45 offices. Concurrent continues to show resilience and rapid growth, emphasizing the importance of independent financial advice in these challenging times.
Steward Partners Global Advisory has been named to the 2020 Financial Times 300 Top Registered Investment Advisers list. This recognition underscores the firm's commitment to client service since its inception in 2013. With over $10 billion in assets under management and 23 offices across 13 states and D.C., Steward Partners has shown rapid growth. The firm introduced a new 1099 affiliate model to attract advisors seeking autonomy while leveraging firm resources. The FT 300 ranking is based on criteria like assets under management and compliance records.
Steward Partners Global Advisory announced that Casey Snyder has been recognized in InvestmentNews' 2020 40 Under 40 List. This prestigious list highlights young advisors excelling in the financial services industry. Snyder, who has over 15 years of experience, is part of The Sedoric Group and focuses on various personal finance aspects, including retirement planning and wealth management. His recognition reflects his commitment to client service. Raymond James Financial supports independent advisors, managing approximately $896 billion in client assets as of 12/31/19.
On July 9, 2020, Steward Partners Global Advisory announced the appointment of Michael Drumm as Divisional President for the tri-state region. Drumm brings over 25 years of experience, previously serving at Janney Montgomery Scott and Morgan Stanley Smith Barney. His role will focus on expanding Steward's existing offices in New Jersey and New York, supporting growth initiatives, and enhancing recruitment. Drumm expressed excitement about joining a firm known for its culture and partnership approach, indicating potential for continued success in the industry.
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