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Bank of America, but specialized for individual wealth management and regional investment banking.

Fidelity, but also with investment banking and a commercial bank.

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• Wealth Management & Advisory Services: Provides financial planning, investment advice, and portfolio management services for individuals.
• Investment Products: Offers a range of investment vehicles including mutual funds, insurance, and annuity products.
• Brokerage Services: Facilitates the buying and selling of equities and fixed income securities for clients.
• Investment Banking: Provides equity and debt underwriting, along with merger and acquisition advisory services to corporations and municipalities.
• Asset Management: Offers professional management of investment portfolios for retail and institutional clients.
• Commercial & Residential Lending: Provides various loan products including commercial, commercial real estate, residential, and securities-based loans.
• Deposit Accounts: Offers insured deposit accounts for clients.
• Private Equity Investments: Engages in direct and third-party private equity investments.

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Major Customers of Raymond James Financial (RJF)

Raymond James Financial (RJF) primarily serves individual clients through its extensive Private Client Group and retail-focused asset management services. Based on the company description, its major customers fall into the following categories:

• Wealth Management and Investment Clients: This category includes individual investors, families, and high-net-worth individuals who seek financial planning, investment advice, brokerage services, portfolio management, and various financial products such as mutual funds, insurance, and annuity products.

• Personal Banking and Lending Clients: This includes individuals who utilize Raymond James Bank for personal financial needs, such as insured deposit accounts, residential mortgage loans, and securities-based loans for personal liquidity and financing.

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Paul M. Shoukry
Chief Executive Officer

Paul M. Shoukry became Chief Executive Officer of Raymond James Financial on February 20, 2025. He joined Raymond James in 2010. Prior to his current role, he served as President from 2024-2025 and as the firm's Chief Financial Officer from 2020 to 2024. His previous roles at Raymond James also include Treasurer (2018-2022) and Senior Vice President, Finance & Investor Relations (2017-2019). Shoukry started his career as a commercial banker and then consulted for the financial services industry before joining Raymond James. He also held an "Assistant to the Chairman" position under former Chairman and CEO Tom James.

Jonathan W. Oorlog, Jr. (Butch Oorlog)
Chief Financial Officer

Butch Oorlog was named Chief Financial Officer of Raymond James Financial, effective October 1, 2024, succeeding Paul Shoukry. Previously, he served as the chief accounting officer of Raymond James Financial.

Paul C. Reilly
Executive Chair

Paul C. Reilly became Executive Chair of Raymond James Financial on February 20, 2025, after serving as Chair and Chief Executive Officer since 2010. He joined the firm's management team as President and CEO-designate in May 2009 and has been on the board of directors since 2006. Before joining Raymond James, Reilly was the Chief Executive Officer at KPMG International and later Executive Chairman (and previously Chairman and CEO) at Korn/Ferry International. He is a Certified Public Accountant.

Scott A. Curtis
Chief Operating Officer

Scott A. Curtis assumed the role of Chief Operating Officer for Raymond James Financial on October 1, 2024. He joined Raymond James in February 2003 as president of Raymond James Insurance Group. Prior to becoming COO, he served as President of Raymond James' Private Client Group from 2018-2024 and President of Raymond James Financial Services from 2012-2018. Before joining Raymond James, Curtis spent 13 years with GE Financial Assurance, holding various senior leadership roles, including national sales director for investment products and president of the firm's retail broker/dealer.

Tash Elwyn
President, Private Client Group

Tash Elwyn is the President of Raymond James' Private Client Group, overseeing the firm's domestic wealth management businesses. He started his career at Raymond James in 1993 as a financial advisor trainee. After building a successful practice, he transitioned into management, serving as an assistant branch manager in Atlanta and subsequently a branch manager in Chattanooga. His previous leadership roles include President and CEO of Raymond James & Associates (RJA) and divisional director for the Atlantic Division of RJA.

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The key risks to Raymond James Financial (RJF) are:

1. Market Volatility and Interest Rate Fluctuations: Raymond James Financial's performance is highly susceptible to fluctuations in financial markets and interest rates. Market volatility can directly impact investment returns, client investment activity, and the valuation of assets under administration, thereby affecting revenue streams. Similarly, changes in prevailing interest rates can significantly influence the company's net interest income, which is the difference between the yield earned on interest-earning assets and the interest paid on deposits and other funding sources.

2. Intense Competition and Advisor Retention: The financial services industry in which Raymond James operates is highly competitive. The company faces ongoing competition from traditional financial institutions, large investment banks, independent broker-dealers, and emerging fintech disruptors across its various segments, including wealth management, asset management, and capital markets. A crucial aspect of this competition is the ability to attract and retain skilled financial advisors, as they are central to the Private Client Group segment, which generates a significant portion of the company's revenue. A slowdown in advisor recruitment or increased migration of advisors to less profitable channels or competing firms could negatively impact growth and market share.

3. Regulatory and Compliance Risks (including Cybersecurity): As a diversified financial services company, Raymond James is subject to extensive and evolving regulations in the United States, Canada, and Europe. Changes in laws, increased regulatory scrutiny, or enforcement actions can lead to higher compliance costs, operational constraints, and significant financial penalties. Historically, the company has faced fines for systemic failures in anti-money laundering (AML) programs and issues with reporting customer complaints. Furthermore, cybersecurity risks pose a significant threat, including potential cyberattacks, data breaches, and security incidents. Such events could lead to substantial liabilities, reputational damage, and erosion of client trust.

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The rise of digital-first wealth management platforms and robo-advisors presents a clear emerging threat to Raymond James Financial's Private Client Group and Asset Management segments. These platforms leverage technology to offer automated, low-cost investment management, often with minimal human interaction, appealing to a growing segment of investors seeking convenience and lower fees. Companies such as Betterment, Wealthfront, and Vanguard's digital advisor services continuously innovate their offerings, putting pressure on the traditional, human-advisor-centric model.

Similarly, the emergence and growth of neobanks and specialized digital lending platforms pose a threat to Raymond James Bank. These fintech companies provide streamlined, technology-driven banking services, including deposit accounts and various types of loans, often with lower operating costs and a superior digital user experience compared to traditional banks. This challenges established banking models by offering more agile and often more competitive services in areas like personal lending, small business banking, and commercial real estate financing.

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Raymond James Financial (RJF) operates in several key financial service sectors, each with substantial addressable markets across its regions of operation, including the United States, Canada, and Europe.

Wealth Management

The global wealth management market reached approximately USD 139 trillion in assets under management (AuM) in 2024 and is projected to grow to USD 200 trillion by 2030. North America is a dominant region within this market. Specifically, the United States accounts for 33.38% of the global wealth management service market, with Canada holding a 4.62% share. The European wealth management market is also expanding, with Germany leading the region with 6.13% of the global market, followed by the United Kingdom at 4.66%.

Investment Banking

The global investment banking market was valued at approximately USD 110.12 billion in 2025 and is projected to reach USD 214.90 billion by 2034. North America held a commanding 52.10% share of the investment banking market in 2025. The United States alone accounts for 27.45% of the global market, while Canada contributes 5.14%. Europe represented the second-highest market size, valued at USD 33.94 billion in 2025.

Asset Management

The global asset management industry's assets under management (AuM) reached USD 139.9 trillion at the end of 2024 and are expected to grow to USD 200 trillion by 2030. North American managers accounted for USD 88.2 trillion of these assets in 2024, representing 63% of all assets managed by the 500 largest firms globally. The asset management market in Europe is also expanding, projected to grow at a Compound Annual Growth Rate (CAGR) of 5.6% by 2030.

Commercial Lending

The global commercial lending market was valued at approximately USD 10,923.28 billion in 2025 and is projected to reach USD 28,369.38 billion by 2034. In North America, the commercial lending market is projected to reach a valuation of USD 2,892.50 billion by 2025. Europe's commercial lending market is projected to reach USD 1,994.62 billion by 2025.

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Raymond James Financial (RJF) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Continued Advisor Recruiting and Net New Assets: Raymond James consistently emphasizes its strength in attracting and retaining financial advisors, which directly leads to an increase in net new client assets. This organic growth within the Private Client Group (PCG) is a fundamental driver for the firm's revenue. The firm reported strong domestic net new assets, indicating sustained growth from new asset inflows and recruiting activities.
2. Strategic Acquisitions and Business Expansion: The company's expansion strategy, marked by targeted acquisitions, is anticipated to support long-term revenue growth. Recent and past acquisitions, such as Clark Capital Management Group and Solus Trust Company Limited, are intended to strengthen asset management capabilities, enhance distribution reach, increase assets under management (AUM), and expand fee-based revenues. Additionally, the firm has forayed into the private credit business through partnerships, diversifying its offerings and potential revenue streams.
3. Growth in Investment Banking and M&A Activities: The Capital Markets segment has shown robust performance, particularly in investment banking and merger and acquisition (M&A) advisory services. The company has highlighted a strong pipeline for M&A activity, with pent-up demand from buyers and sellers, which is expected to continue boosting deal activity, advisory fees, and trading revenues.
4. Expansion of Fee-Based Accounts and Assets Under Management (AUM): A significant portion of Raymond James's revenue is derived from asset management and related administrative fees. Growth in client assets under administration and fee-based accounts, fueled by market appreciation and net inflows, is a critical driver for the Asset Management and Private Client Group segments. The firm has seen record results in these areas, partly attributable to higher financial assets under management.
5. Increased Lending Solutions, particularly Securities-Based Loans: The Raymond James Bank segment has demonstrated strong growth in its loan portfolio, especially in securities-based lending. This growth is synergistic with the expanding private client business, as the firm leverages its balance sheet to support client needs. Continued expansion in these lending solutions contributes to the bank segment's net interest income and overall revenue.

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Share Repurchases

• Raymond James Financial authorized a new share repurchase program of up to $2 billion in December 2025, replacing a previous $1.5 billion authorization. Approximately $105 million remained under the prior authorization as of December 2, 2025.
• In fiscal year 2025, the company returned over $1.5 billion to shareholders through share repurchases and dividends.
• Between October 1, 2025, and December 3, 2025, the company repurchased approximately $299.65 million in shares under a $1.5 billion authorization from December 2024. An additional $100 million in repurchases were completed between December 3, 2025, and December 31, 2025.

Share Issuance

• Raymond James Financial did not report significant primary share issuances to raise capital in the last 3-5 years. The number of shares outstanding decreased by 2.68% in 2025 from 2024, and by 2.12% in 2024 from 2023, indicating that share repurchases have outweighed any minor issuances.

Outbound Investments

• Raymond James Financial announced a definitive agreement to acquire Clark Capital Management Group, Inc.

Capital Expenditures

• Capital expenditures amounted to $205 million for fiscal year 2025, $173 million for fiscal year 2024, $91 million for fiscal year 2023, and $74 million for fiscal year 2022 and 2021.
• In the first quarter of fiscal year 2026, capital expenditures were $46.0 million.
• The company has made significant investments in technology and artificial intelligence (AI), including the development of a proprietary digital AI operations agent and expanded AI-related tools.