St. Petersburg investment firm Raymond James Financial continued its torrid pace of growth, ending the latest quarter ended Sept. 30 with 6,596 financial advisers among its branch, bank and independent broker channels — up 89 over the previous quarter and an increase of 331 over the same period last year.
The company reported record net revenues of $1.34 billion for the latest quarter and $5.2 billion for its fiscal year.
Net income also set a record for the year — cracking the half-billion-dollar mark with $502 million, up 5 percent from $480 million in the previous year. Net income for the latest quarter, $129 million, was down 5 percent from the same quarter last year.
"We are very proud that all of our core segments generated record net revenues in fiscal 2015," CEO Paul Reilly said in a statement. Net revenue is total revenues minus interest expense.
While Reilly is not scheduled until Thursday morning to speak via teleconference with analysts about Raymond James earnings, he indicated a quarter ago that his company's success in recruiting financial advisers from other firms came from marketing Raymond James' small-firm, broker-centric culture rather than paying top dollar.
Raymond James earnings were announced after the closing of Wednesday's stock market. Company shares closed at $51.22, down 1.75 percent. The company's market capitalization stands at $7.38 billion, the largest of any publicly traded corporation based in the Tampa Bay area.
Contact Robert Trigaux at email@example.com. Follow @venturetampabay.