RAYMOND JAMES FINANCIAL INC (RJF)

Raymond James Financial, Inc. (RJF) is a diversified financial services company, established in 1962 and public since 1983, that provides private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Its activities include investment management for retail and institutional clients, merger and acquisition advisory, underwriting, distribution, trading and brokerage of equity and debt securities, sales of mutual funds and other investment products, corporate and retail banking, and trust services. RJF is listed on the NYSE under "RJF" and, as a bank holding company and financial holding company, is supervised by the Federal Reserve.

The firm operates through five segments: Private Client Group (PCG), Capital Markets, Asset Management, Bank, and Other. PCG is the largest, with fiscal 2025 net revenues of $10.18 billion and $1.67 trillion of client assets under administration, of which $1.01 trillion is fee-based. It provides financial planning, investment advisory and securities transaction services through 8,943 employee and independent contractor financial advisors, and also offers custody, trade execution and research to third-party RIAs and broker-dealers through its RIA and Custody Services division. Revenues come from asset management and administrative fees, commissions, account and service fees (including Raymond James Bank Deposit Program fees), and net interest income. Capital Markets (fiscal 2025 net revenues of $1.77 billion) covers M&A and advisory, equity and debt underwriting, fixed income and equity institutional sales and trading, equity research, and an affordable housing investments business. Asset Management earns fees through its Asset Management Services division, Raymond James Investment Management, and its trust companies. The Bank segment, comprising Raymond James Bank and TriState Capital Bank, makes securities-based, corporate, residential mortgage and tax-exempt loans and takes FDIC-insured deposits, with total assets of $65.26 billion. The Other segment holds private equity investments, certain corporate interest income and unallocated corporate costs.

Customers include retail clients served by financial advisors, institutional investors, corporations, state and local government agencies, non-profit entities such as healthcare and higher education institutions, third-party RIAs and broker-dealers, and banks and other institutions that invest in affordable housing to meet Community Reinvestment Act obligations. The firm operates predominantly in the U.S. and to a lesser extent in Canada, the UK and other parts of Europe.

At September 30, 2025, RJF had about 19,500 associates, including 3,878 employee financial advisors, plus 5,065 independent advisors, the vast majority of them in the U.S. Its corporate headquarters is in Florida (St. Petersburg), with other corporate offices in Memphis, Tennessee and Southfield, Michigan, and a primary data center in the Denver, Colorado area. Operations and technology teams handle securities processing, custody, client account support and the platforms used by advisors and traders. The firm competes with larger securities firms affiliated with major financial services companies, insurance companies, banks, web-based and discount brokers, and fintechs.