Raymond James touted strong quarterly results and robust recruitment momentum during its most recent earnings call.
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On Wednesday, Raymond James reported that it ended its fiscal third quarter, or April through June, with a record $1.86 trillion in assets under administration in its Private Client Group, the firm’s core wealth management business, up 9% from the previous quarter and 18% year over year.
Within the division, domestic net new assets reached $21.7 billion, representing an annualized growth rate of 5.5%. Firm-wide, total client assets under administration reached $1.92 trillion, and its Private Client Group assets in fee-based accounts hit $1.15 trillion, up 22% year over year.
CEO Paul Shoukry said during an earnings call that the firm’s growth story “remains focused on quality over quantity, strong retention and continued recruiting momentum again demonstrated that Raymond James remains a destination of choice for financial advisers across our affiliation options.”
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The recruiting continues
Strong recruiting continued at Raymond James, which has been among the beneficiaries of advisor movement following LPL Financial’s acquisition last year of Commonwealth Financial Network.
During the quarter, advisors joining Raymond James’ independent and employee channels represented trailing 12-month production of $156 million and nearly $23 billion of client assets at their previous firms, Shoukry said.
“Through the first nine months of the fiscal year, we recruited advisors with trailing 12-month production totaling $393 million and more than $56 billion of client assets at their previous firms,” he said, adding the firm is on “a clear path to exceed the record results set in fiscal 2025.”
Raymond James also completed its acquisition of Clark Capital, adding wealth-focused capabilities along with $47 billion in combined assets under management and nondiscretionary assets, according to Shoukry.
The firm last reported an advisor headcount of 8,943 in October 2025, though it no longer updates this number on a quarterly basis.
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Technology spending, AI tools take center stage
Compensation, commissions and benefits rose by 17% year over year to $2.6 billion in the quarter. Shoukry highlighted technology initiatives Raymond James undertook to help its advisors better serve clients.
The firm will continue to invest in its technology and AI tools, he said, “to equip advisors and associates with private wealth tools and resources to deliver deeper, more tailored advice while keeping personal relationships at the center.”
Raymond James currently commits $1.1 billion annually on technology spend, according to Shoukry. In its third quarter, the firm completed an enterprise rollout of a proprietary AI assistant called Raimond, he said.
“Raimond gives our people a secure plain language way to access institutional knowledge, ask follow-up questions and receive more actionable answers,” he said. “We are very encouraged by the strong initial feedback from the pilot and full rollout.”
Shoukry also pointed to the changing nature of client expectations alongside the speed of innovation, emphasizing the firm’s commitment to serving clients through trusted relationships.
“That can’t be replicated by AI or technology, but it will be helped by AI and technology,” he said.
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