Raymond James' Tops Estimates, Adds 75 Reps in Latest Quarter
In the U.S., net new assets were $13.0 billion in the fiscal fourth quarter, representing an annualized growth rate of 4.0%.
Total domestic cash sweep and related balances were $57.9 billion, up 3% over the prior year’s fiscal fourth quarter.
The unit’s net revenues grew 9% from a year ago to $2.48 billion in the latest quarter, but its pre-tax income of $461 million was down 3%.
For the full fiscal year, private client net revenues were $9.46 billion, a jump of 9% over 2023 fiscal year, and pre-tax income was $1.79 billion, up 1%.
“In the fiscal year, we generated domestic net new assets of $60.7 billion, a growth rate of 5.5%, as we remain focused on retaining, supporting and attracting high-quality financial advisors across our multiple affiliation options,” Reilly said.
One day ahead of its earnings news, Raymond James said it added a team that includes five advisors, who previously managed roughly $1 billion with Merrill Lynch, to its employee channel in Williamsville, New York.
