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Raymond James sets records with more than $1 trillion in client assets

The St. Petersburg company’s quarterly earnings and income just hit all-time highs.
St. Petersburg's Raymond James Financial posted record quarterly earnings and income during January, February and March of 2021.
St. Petersburg's Raymond James Financial posted record quarterly earnings and income during January, February and March of 2021.
Published Apr. 29
Updated Apr. 29

St. Petersburg’s Raymond James Financial posted a strong quarterly earnings report on Wednesday, announcing company records for revenues, income and total client assets — which, for the second straight quarter, were valued at more than $1 trillion.

That’s trillion. With a T.

After first crossing the trillion-dollar milestone in December, the financial management firm announced that it had increased the total amount of money it oversees — known as assets under administration — to an all-time high of $1.09 trillion in March. And for the first time, assets overseen by its private client group — whose financial advisors bring in more than two-thirds of Raymond James’ revenue — also surpassed $1 trillion.

The value of the investments actively managed by those advisors — known as assets under management — increased slightly from December to $178.2 billion, another company record.

It all added up to new quarterly records in revenue ($2.37 billion) and net income ($355 million) for one of the largest public companies in Tampa Bay.

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On a conference call with investors Thursday, Raymond James CEO Paul Reilly acknowledged the role the stock market’s record-setting rebound has had in the company’s growth, but also said that volatility underscored the value of the services offered by a firm such as Raymond James.

“It’s a testament to our advisors, who have shepherded their clients through the pandemic, and the wherewithal of our associates who’ve worked so hard to service our advisors and their clients,” he said.

Raymond James’ $1 trillion in client assets pales in comparison to the assets overseen by financial titans such as Fidelity Investments ($9.8 trillion), but it’s still a significant milestone. Five years ago, the company’s assets under administration stood at $513.7 billion. Five years before that, about $250 billion.

“We’re finding our advisors are just bringing in assets and clients even in this market, which they’ve consistently done,” Reilly said. “The top producers have really had very impressive results in their growth. It’s happening everywhere.”

The competitive investment market has pushed Raymond James’ head count of financial advisors to 8,327, its most ever. The number of advisors employed by the company dipped slightly from December due to retirements and a smaller training class, part of the company’s push to reduce the size of its workforce. That decrease was offset by a boost in independent contractor hires.

Related: Raymond James to lay off 4 percent of workforce

Reilly said that the company has more advisor commitments lined up in 2021, so its ranks and performance could grow even more.

“We posted good numbers this quarter, and my guess is, in all channels, you’re going to see better numbers next quarter,” Reilly said.

Raymond James stock dipped slightly on Thursday to around $130.50 per share by mid-morning.