Raymond James Financial

Raymond James Financial is a diversified financial services company with its head office in St. Petersburg, Florida. It reports four main segments.

The Private Client Group, its largest, serves individual clients through financial advisors who are employees or independent contractors, and it earns mostly fees on assets in fee-based accounts. Capital Markets does investment banking (mergers and acquisitions advice and underwriting) and trades fixed income and equities. Asset Management manages money for clients, with $345 billion of financial assets under management at June 30, 2026.

The Bank segment, through Raymond James Bank and TriState Capital Bank, makes securities-based loans, mortgages and corporate loans, funded largely with client cash. Client assets under administration were a record $1.97 trillion at August 31, 2026. Its fiscal year ends on September 30.

The market prices Raymond James for the risk that the income it earns on client cash falls, through rate changes or pressure to pay clients more, and for the risk that earnings fall when markets fall. In the fiscal third quarter of 2026, Private Client Group revenue rose 14%, but its pre-tax income rose only 3%, because of lower interest rates and the cost of recruiting advisors. A large part of revenue is fees that move with asset values. Lawsuits about the rates paid on client cash sweep balances also remain open, and the SEC asked for information on these programs in 2024.

For the gap to close, three things must be true. Domestic Private Client Group net new assets must keep growing at about 5% or more a year. Client cash balances must stay near $57 billion or grow, so that interest income holds up. Investment banking revenue must keep its recovery, as the firm says its pipelines are strong.

The fiscal fourth quarter report on October 28, 2026, gives the first test, and the next quarterly reports through 2027 give more. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a fall in equity markets, which lowers fee-based assets and fees.

1. Oct 28, 2026Pending

   Fiscal Q4 2026 results: net new assets and cashDomestic Private Client Group net new asset growth of about 5% or more annualized, stable client cash balances and continued investment banking growth pass; outflows or a large fall in client cash fail.
2. Jan 2027 · est.Pending

   Fiscal Q1 2027 results: marginsA stable Private Client Group pre-tax margin and bank net interest margin pass; a large fall in either fails.

Every passed and failed checkpoint across all picks

Raymond James funds its banks mostly with client cash deposits and holds high capital. At June 30, 2026, total assets were $94.2 billion and net bank loans were $56.2 billion, of which $24.8 billion were securities-based loans. Read more

• Lower short-term interest rates, or higher rates paid to clients, lower the fees that Raymond James earns on client cash placed at third-party banks and the net interest margin of its banks. The Bank segment's net interest margin was 2.71% in the fiscal third quarter of 2026, 3 basis points lower than a year earlier.
• Asset management and administrative fees, about $2.1 billion a quarter, move with the value of client assets. A large fall in equity markets lowers fees quickly.
• Class action lawsuits and an SEC inquiry concern the rates paid to clients on cash sweep balances. An adverse result can bring payments and force higher rates to clients, which lowers interest income.
• The firm competes for financial advisors with other brokerages and independent platforms. Higher recruiting costs or the loss of advisors can slow asset growth and lower margins.

• September 23, 2026Raymond James reported August 2026 operating data. Client assets under administration were a record $1.97 trillion, up 16% from a year earlier. Client cash sweep and Enhanced Savings Program balances were $57.4 billion, up 6%. Net bank loans were $56.4 billion.
• August 27, 2026The board appointed William W. Weatherford, managing partner of Weatherford Capital and a former Speaker of the Florida House of Representatives, as a director from December 15, 2026.
• July 22, 2026Raymond James reported fiscal third quarter 2026 results. Net revenues were a record $3.93 billion, up 16%. Net income available to common shareholders was $595 million, or $3.01 per diluted share, and adjusted EPS was $3.14. Investment banking revenues rose 40% to $285 million. Domestic Private Client Group net new assets were $21.7 billion, an annualized growth of 5.5%. The firm bought back $400 million of shares at an average price of $152.