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Raymond James Adds Advisors, Reports Record Private Client Assets

Tom Burroughes Group Editor April 26, 2024

Raymond James Adds Advisors, Reports Record Private Client Assets

As the Florida-headquartered business continued to add advisors, it also reported quarterly financial results, including for its private client segment.

Raymond James continued to bring advisors on board across the US, while this week it also reported its latest quarterly results, showing record private client group assets under administration and in fee-based accounts.

Former Merrill Lynch advisor Sloane Fox, who had previously managed about $125 million for the firm, has joined the independent advisor channel. Fox, the founder of Sloane Financial Planning in Tampa, Florida, is joined by registered client service associate Tracie Bailey. Fox has more than 25 years’ financial sector experience.

The firm also brought in financial advisors Jefferson Hankins and Kurt Boggs to its independent advisor channel. The advisors built Hankins & Boggs Group, a branch of Reynolds Wealth Management, in Warsaw, Indiana. Arriving from PNC Investments, they previously managed about $170 million in client assets.

The numbers
In its results' statement, St Petersburg-headquartered Raymond James said private client group assets under administration reached $1.39 trillion at the end of March 2024, a rise of 19 per cent on a year ago, and rising 6 per cent from the end of 2023. Fee-based accounts reached $798.8 billion, rising by 20 per cent year-on-year and 7 per cent over the quarter.

Net revenues stood at $2.34 billion, rising 9 per cent over the prior year’s period. Quarterly pre-tax income stood at $444 million, rising 1 per cent.

Excluding $26 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $494 million, or $2.31 per diluted share, it added.

(To see major banks’ wealth management figures for Q1 2024, click here. Figures may be subsequently revised.)

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