What to Expect From Raymond James' Next CEO

What You Need to Know

Longtime CFO Paul Shoukry will replace Paul Reilly as CEO by Sept. 30, 2025.
The transition of Shoukry to the top job won’t be as big a change as people think, Reilly says.
Shoukry took a shot at private equity-backed RIA aggregators.

Paul Shoukry’s ascension to CEO of Raymond James Financial, replacing Paul Reilly, isn’t as big a change as people think, Reilly told reporters during the firm’s recent Elevate conference in suburban Washington, D.C.

Shoukry, the chief financial officer, has been at Raymond James “really as long as I’ve been CEO”  — nearly 15 years, Reilly said.

“I fully expect Paul to have a long and better tenure,” he added. “I’ve gotten to watch Paul closely over the years, and certainly as CFO, you spend more time with your CFO … than anybody when you run a public company. We’ve watched Paul — he’s smart, listens very intently, he openly likes to be pushed, he’ll argue but he’s not looking to win — he’s just trying to find the best answers for the firm, and he’s got great values.”

On March 19, Raymond James announced that as part of a multi-year succession planning process, Shoukry would be appointed president of Raymond James Financial, effective immediately, and succeed Reilly over the next fiscal year to become CEO by Sept. 30, 2025.

What Advisors Should Know

As to the transition, a lot of advisors “are asking what’s going to change,” Shoukry said during the briefing with reporters.

“We had record results in last three years; all of our businesses are well positioned for growth — with critical mass and a lot of headroom for continued growth,” he said. “Our management team is the best in the industry, across all of our businesses and functions.”

Shoukry added: “My first strategic initiative is to not mess anything up. We have a really great thing here at Raymond James and to just reinforce the values that make us different as a firm.”

PE-Backed RIA Aggregators

As to growing competition from the private equity-backed RIA aggregators, Shoukry said that “like a lot of other industries, private equity has gotten into our businesses and has certainly been somewhat disruptive.”

That said, “in terms of the implications to our strategy long term, in some ways I think it will reinforce the value of Raymond James and our unique culture … because our values are to be advisor and client focused, make decisions for the long-term, independent market cycles and have that integrity to always put clients first.”