Core Insights - Raymond James Financial Services (RJFS) has welcomed four financial advisors from Custom Wealth Strategies (CWS) in Depew, New York, enhancing its independent advisor channel [1][2] - CWS managed approximately $315 million in client assets and specializes in serving high-net-worth clients, including executives, physicians, and business owners [2] - The advisors bring a wealth of experience, with David Burgio Sr. having over 31 years in the financial services industry and founding CWS in 2011 [3][5] Company Overview - Raymond James Financial Services, Inc. is a financial services firm supporting independent financial advisors nationwide, with total client assets of approximately $1.65 trillion as of July 31, 2025 [6] - The firm has been providing a wide range of investment and wealth planning-related services since 1974 through its affiliate, Raymond James & Associates, Inc. [6]

Company Overview - Raymond James Financial Services (RJFS) has welcomed financial advisors Stew Flaherty and Tami Colvin, who previously managed approximately $305 million in client assets at Commonwealth Financial Network [2][3] - RJFS is a financial services firm that supports independent financial advisors across the United States, with total client assets of approximately $1.65 trillion as of July 31, 2025 [5] Advisor Background - Stew Flaherty has over 50 years of industry experience and has been affiliated with Commonwealth since 2013, holding multiple designations including Accredited Investment Fiduciary® and Certified Retirement Counselor® [3][4] - Tami Colvin brings more than 35 years of industry experience and served at Commonwealth for 12 years, holding the CERTIFIED FINANCIAL PLANNER® designation [4] Client Focus - FlahertyColvin specializes in providing holistic financial planning and guidance to a diverse range of clients, including business owners, families, retirees, and women investors [2]

Core Viewpoint - Raymond James Financial, Inc. reported a decline in adjusted earnings for Q3 fiscal 2025, primarily due to a legal reserve increase, while investment banking and trading segments showed solid performance [3][4]. Financial Performance - Adjusted earnings per share for Q3 fiscal 2025 were $2.18, missing the Zacks Consensus Estimate of $2.37, and down 9% from the prior year [3]. - Net income available to common shareholders was $435 million or $2.12 per share, down from $491 million or $2.31 per share in the prior-year quarter [5]. - Quarterly net revenues increased to $3.40 billion, up 9% year over year, surpassing the Zacks Consensus Estimate of $3.36 billion [6]. Segment Performance - The Private Client Group saw a 36% growth in net revenues, while Asset Management and Capital Markets reported increases of 10% and 15%, respectively [6]. - The Bank segment's net revenues rose by 10%, but the "Others" category experienced a significant decline of 68% [6]. Expenses and Provisions - Non-interest expenses rose by 10% year over year to $2.85 billion, attributed to increases across all cost components [7]. - The company recorded a bank loan provision for credit losses of $15 million, contrasting with a provision benefit of $10 million in the previous year [7]. Asset Management - As of June 30, 2025, client assets under administration reached $1.64 trillion, an 11% increase from the prior year, while financial assets under management grew by 15% to $263.2 billion [8]. Balance Sheet Strength - Total assets stood at $84.82 billion, a 2% increase from the prior quarter, with total equity stable at $12.18 billion [9]. - Book value per share increased to $60.90 from $54.08 a year ago, and the total capital ratio improved to 24.3% from 23.6% [9]. Share Repurchase Activity - In the reported quarter, the company repurchased shares worth $451 million at an average price of $137 per share [11]. Future Outlook - For fiscal 2025, management anticipates non-compensation expenses to be $2.1 billion, reflecting about 10% growth from the previous year's adjusted figure [12]. - The company expects a 9% sequential increase in asset management and related administrative fees for the fiscal fourth quarter [13]. - The effective tax rate for fiscal 2025 is estimated to be approximately 24% [14]. Market Position - Raymond James Financial has a Zacks Rank 3 (Hold), indicating an expectation of an in-line return in the coming months [17]. - The company is part of the Zacks Financial - Investment Bank industry, where peers like Morgan Stanley have shown positive performance trends [18].

Core Insights - Raymond James Financial Services (RJFS) has welcomed a new team of financial advisors from Commonwealth Financial Network, managing over $120 million in client assets [2][3]. Group 1: Company Overview - Raymond James Financial Services, Inc. is a financial services firm that supports independent financial advisors across the nation, with total client assets of approximately $1.64 trillion as of June 30, 2025 [6]. Group 2: New Advisors' Background - Charlene Dolan has 27 years of industry experience and has been affiliated with Commonwealth since 2000, holding the CERTIFIED FINANCIAL PLANNER® and Accredited Investment Fiduciary® designations [3]. - Danielle Holmes has 18 years of professional experience, most recently with Commonwealth for over 12 years, and holds the Chartered Retirement Planning CounselorTM and Accredited Investment Fiduciary® designations [4]. - John MacDonald has over nine years of industry experience, having studied management at North Shore Community College and holding the Chartered Financial Consultant® and Accredited Investment Fiduciary® designations [5]. Group 3: Team's Approach - The new team emphasizes an approach grounded in empathy, transparency, and building enduring client relationships, aligning with the values of Raymond James [3].

Core Insights - Raymond James Financial Services (RJFS) has welcomed a team of 16 financial advisors from Greenberg & Rapp, enhancing its independent advisor channel [1][2] - The new team collectively managed approximately $1.8 billion in client assets prior to joining RJFS, indicating a significant addition to the firm's asset management capabilities [2] - Greenberg & Rapp specializes in providing personalized financial and estate planning services for ultra-high-net-worth families, focusing on private placement life insurance and sophisticated wealth management strategies [2][4] Company Overview - Raymond James Financial Services, Inc. is a financial services firm that supports independent financial advisors across the United States, with total client assets of approximately $1.64 trillion as of June 30, 2025 [7] - The firm has been operational since 1974 and offers a wide range of investment and wealth planning-related services through its affiliate, Raymond James & Associates, Inc. [7] Team Expertise - The founders of Greenberg & Rapp, Thomas C. Rapp and Ronald J. Greenberg, along with Managing Partner Patrick Maguire, bring extensive experience in wealth management and estate planning [2][3] - Ronald Greenberg has 37 years of experience in helping affluent individuals with exit planning and wealth preservation, while Thomas Rapp has over 30 years of experience in alternative assets and private wealth management [3][4] - The new team includes 14 senior financial professionals, enhancing the advisory capabilities of RJFS [2]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Raymond James Financial, Inc. as of June 30, 2025, and for the three and nine-month periods then ended, including statements of financial condition, income, changes in shareholders' equity, and cash flows, along with detailed notes [Condensed Consolidated Statements of Financial Condition](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) - Total assets increased to **$84.8 billion** as of June 30, 2025, from $83.0 billion at September 30, 2024, primarily driven by an increase in Bank loans, net, which grew from $46.0 billion to $49.8 billion[9](index=9&type=chunk) - Total liabilities rose to **$72.6 billion** from $71.3 billion, mainly due to a **$1.2 billion increase in Bank deposits**. Total shareholders' equity grew from $11.7 billion to **$12.3 billion**[9](index=9&type=chunk) Key Balance Sheet Items ($ in millions) | Account | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$84,815** | **$82,992** | | Cash and cash equivalents | $9,195 | $10,998 | | Bank loans, net | $49,840 | $45,994 | | Available-for-sale securities | $7,165 | $8,260 | | **Total Liabilities** | **$72,554** | **$71,325** | | Bank deposits | $57,249 | $56,010 | | Senior notes payable | $2,040 | $2,040 | | **Total Shareholders' Equity** | **$12,261** | **$11,667** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) - For the three months ended June 30, 2025, net revenues increased **5% year-over-year to $3.40 billion**, but pre-tax income decreased **13% to $563 million**, resulting in a net income of **$436 million**[10](index=10&type=chunk) - For the nine months ended June 30, 2025, net revenues grew **10% year-over-year to $10.34 billion**, and net income increased **4% to $1.53 billion**[10](index=10&type=chunk) Quarterly and YTD Performance ($ in millions, except EPS) | Metric | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | **$3,398** | **$3,228** | **$10,338** | **$9,359** | | Pre-tax Income | $563 | $644 | $1,983 | $1,883 | | **Net Income** | **$436** | **$492** | **$1,531** | **$1,466** | | Diluted EPS | $2.12 | $2.31 | $7.35 | $6.85 | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) - For the nine months ended June 30, 2025, retained earnings increased by **$1.21 billion**, driven by **$1.53 billion in net income**, offset by **$321 million in cash dividends**[12](index=12&type=chunk) - The company repurchased **$766 million of treasury stock** during the nine months ended June 30, 2025, compared to $618 million in the same period of the prior year[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) - For the nine months ended June 30, 2025, net cash provided by operating activities was **$1.64 billion**, nearly flat compared to the prior year period[15](index=15&type=chunk) - Net cash used in investing activities significantly increased to **$2.90 billion** from $757 million in the prior year period, primarily due to a **$4.04 billion increase in bank loans**[15](index=15&type=chunk) - Net cash used in financing activities was **$171 million**, a substantial decrease from $756 million in the prior year period, mainly due to a **$1.24 billion increase in bank deposits**, which offset **$914 million in common stock repurchases**[15](index=15&type=chunk) [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) - The notes provide detailed disclosures on accounting policies, fair value measurements, financial instruments, segment information, and regulatory capital, forming the basis for the consolidated financial statements[19](index=19&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for the third quarter and first nine months of fiscal 2025, covering key results, segment performance, net interest income drivers, balance sheet changes, liquidity, capital, and risk management [Executive Overview](index=53&type=section&id=Executive%20overview) - For Q3 2025, net revenues grew **5% YoY to $3.40 billion**, but pre-tax income fell **13% to $563 million**, primarily due to a **$58 million expense for a legal settlement**[223](index=223&type=chunk)[227](index=227&type=chunk) - Revenue growth was driven by higher asset management fees from increased client assets, while the decline in combined net interest income and RJBDP fees from lower short-term rates provided a partial offset[226](index=226&type=chunk) - The firm maintained a strong capital position with a **Tier 1 leverage ratio of 13.1%** and repurchased **3.3 million shares for $451 million** during the quarter[229](index=229&type=chunk) [Net Interest Analysis](index=60&type=section&id=Net%20interest%20analysis) - The Fed funds target rate decreased from a range of **5.25%-5.50%** at the start of fiscal 2024 to **4.25%-4.50%** by the end of the current period, impacting interest-sensitive assets and liabilities[245](index=245&type=chunk) - For Q3 2025, combined net interest income and RJBDP fees from third-party banks decreased **2% YoY to $656 million**, primarily due to lower short-term interest rates and reduced RJBDP balances at third-party banks[250](index=250&type=chunk) [Results of Operations by Segment](index=66&type=section&id=Results%20of%20operations) - Private Client Group (PCG) remains the largest segment, with Q3 2025 net revenues of **$2.49 billion**, up **3% YoY**, driven by higher asset management fees[265](index=265&type=chunk) - Capital Markets segment reported a Q3 2025 pre-tax loss of **$54 million**, compared to a $14 million loss in the prior year, largely due to a **$58 million legal expense**, despite a **15% increase in net revenues**[290](index=290&type=chunk)[291](index=291&type=chunk)[293](index=293&type=chunk) - Asset Management segment's pre-tax income grew **12% YoY to $125 million** in Q3 2025, driven by higher financial assets under management[298](index=298&type=chunk) - Bank segment's pre-tax income increased **7% YoY to $123 million** in Q3 2025, as an **8% rise in net interest income** offset a higher provision for credit losses[319](index=319&type=chunk)[320](index=320&type=chunk) [Statement of Financial Condition Analysis](index=77&type=section&id=Statement%20of%20financial%20condition%20analysis) - Total assets grew by **$1.8 billion (2%)** from September 30, 2024, to June 30, 2025, reaching **$84.8 billion**, primarily fueled by a **$3.8 billion increase in net bank loans**[336](index=336&type=chunk) - This asset growth was partially offset by a **$1.8 billion decrease in cash and cash equivalents** and a **$1.1 billion decrease in available-for-sale securities**[336](index=336&type=chunk) - Total liabilities increased by **$1.2 billion (2%)**, mainly due to a **$1.2 billion rise in bank deposits**[337](index=337&type=chunk) [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20capital%20resources) - The company maintains a strong liquidity position with **$2.35 billion of RJF corporate cash** as of June 30, 2025[350](index=350&type=chunk) Regulatory Capital Ratios (RJF) | Ratio | June 30, 2025 | Required Ratio | | :--- | :--- | :--- | | Tier 1 leverage | 13.1% | 4.0% | | CET1 capital | 22.7% | 7.0% | | Total capital | 24.2% | 10.5% | - The company has access to significant additional liquidity, including a **$750 million unsecured credit facility**, **$9.38 billion in immediate credit from the FHLB**, and **$7.2 billion from the FRB's discount window** as of June 30, 2025[359](index=359&type=chunk)[364](index=364&type=chunk)[365](index=365&type=chunk) [Risk Management](index=86&type=section&id=Risk%20management) - The firm's principal risks are identified as market, credit, liquidity, operational, model, and compliance, managed through a formal Enterprise Risk Management (ERM) program[395](index=395&type=chunk) - Market risk in trading portfolios is monitored using Value-at-Risk (VaR), with the average daily one-day VaR for all trading portfolios at **$3 million** for the nine months ended June 30, 2025[410](index=410&type=chunk) - Credit risk in the bank loan portfolio is managed through diversification and monitoring, with nonperforming loans low at **0.43% of total loans** as of June 30, 2025[431](index=431&type=chunk)[436](index=436&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=98&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers the reader to the 'Risk management' section within Management's Discussion and Analysis for quantitative and qualitative disclosures about market risk - The report directs readers to the 'Risk management' section in Item 2 (MD&A) for detailed disclosures on market risk[458](index=458&type=chunk) [Item 4. Controls and Procedures](index=98&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the reporting period, with no material changes to internal control over financial reporting identified - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[460](index=460&type=chunk) - There were **no material changes** to the company's internal control over financial reporting during the third fiscal quarter of 2025[461](index=461&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=99&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no new legal proceedings in this section for the period, with ongoing matters discussed in Note 16 of the financial statements and MD&A - The company reported **no new items** under 'Legal Proceedings' for the quarter[463](index=463&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=99&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases, with approximately 3.3 million shares bought back in Q3 2025 and $749 million remaining under the current authorization Share Repurchases (Q3 2025) | Month | Shares Purchased (Public Plan) | Average Price Paid | | :--- | :--- | :--- | | April 2025 | 1,555,458 | $125.67 | | May 2025 | 711,957 | $147.48 | | June 2025 | 1,019,018 | $148.17 | - In December 2024, the Board of Directors authorized a new stock repurchase program for up to **$1.5 billion**, replacing the previous one, with **$749 million remaining available** under this authorization as of June 30, 2025[466](index=466&type=chunk)

Core Insights - Raymond James Financial Services (RJFS) has welcomed financial advisors Leo Boisvert and Erik Heben, who previously managed approximately $210 million in client assets at Commonwealth Financial Network [2][3]. Company Overview - RJFS is a financial services firm that supports independent financial advisors across the United States, with total client assets of approximately $1.64 trillion as of June 30, 2025 [5]. Advisor Background - Leo Boisvert has 32 years of industry experience, including 18 years at Commonwealth, and holds an MBA in financial management and behavioral economics, along with multiple financial designations [3]. - Erik Heben brings over 30 years of industry experience and has been affiliated with Commonwealth since 2006, holding a bachelor's degree and the CERTIFIED FINANCIAL PLANNER® designation [4]. Client Focus - The advisors specialize in providing holistic financial planning and guidance to a diverse clientele, including families, corporate executives, business owners, healthcare professionals, and retirees [2]. Team Expansion - The duo is joined by Client Services Manager Paula Heben and Client Service Associate Dawn Mannina-Sanford, enhancing the service capabilities of their practice [2]. Values and Philosophy - Boisvert emphasized the importance of independence, integrity, and client focus, which align with the values upheld by Raymond James, indicating a commitment to building a lasting career in this environment [3].

Core Insights - Texas Community Bank (TCB) has partnered with Raymond James Financial Institutions Division to enhance its financial planning and advisory services [1][4] - TCB Investments, based in Laredo, Texas, manages approximately $605 million in client assets [2] - The collaboration aims to provide advanced resources and technology to better serve high-net-worth clients [4][5] Company Overview - Texas Community Bank is a community-oriented financial institution founded in 2003, focusing on personal service and local market needs [7] - TCB has established a stable core deposit and loan base in various locations, including Laredo and San Antonio, by hiring experienced local bankers [7] - Raymond James Financial Services, a subsidiary of Raymond James Financial, supports independent financial advisors and manages total client assets of approximately $1.64 trillion as of June 30, 2025 [6]

Core Viewpoint - Raymond James Financial, Inc. (RJF) has reached a significant support level and is considered a good investment opportunity from a technical perspective due to a recent "golden cross" formation [1]. Technical Analysis - RJF's 50-day simple moving average has recently broken above its 200-day moving average, indicating a bullish breakout [1]. - A golden cross is characterized by three stages: the stock price bottoms out, the shorter moving average crosses above the longer moving average, and the stock maintains upward momentum [2]. Performance Metrics - Over the past four weeks, RJF has gained 9.3% [3]. - The company currently holds a 3 (Hold) rating on the Zacks Rank, suggesting potential for further breakout [3]. - Positive earnings outlook is supported by no downward revisions in earnings estimates over the past two months, with five upward revisions noted [3]. Investment Outlook - The combination of favorable earnings estimate revisions and the technical breakout position makes RJF a stock to watch for potential gains in the near future [5].

Core Viewpoint - Raymond James (RJF) reported lower-than-expected third-quarter fiscal 2025 results, with adjusted earnings of $2.18 per share, missing the Zacks Consensus Estimate of $2.37, and a 9% decline from the prior-year quarter [1][10] Financial Performance - Quarterly net revenues increased by 9% year over year to $3.40 billion, surpassing the Zacks Consensus Estimate of $3.36 billion [4][10] - The Private Client Group saw a 36% growth in net revenues, while Asset Management and Capital Markets reported increases of 10% and 15%, respectively [4] - Non-interest expenses rose by 10% from the prior-year quarter to $2.85 billion, driven by increases across all cost components [5] - Net income available to common shareholders was $435 million or $2.12 per share, down from $491 million or $2.31 per share in the prior-year quarter [3] Legal and Operational Factors - The adjusted results included a $58 million reserve increase related to a legal settlement over bond underwritings, which significantly impacted the earnings [2][10] - The company recorded a bank loan provision for credit losses of $15 million in the reported quarter, contrasting with a provision benefit of $10 million in the year-ago quarter [5] Asset Management and Capital Ratios - As of June 30, 2025, client assets under administration reached $1.64 trillion, an 11% increase from the prior-year quarter, while financial assets under management grew by 15% to $263.2 billion [6] - Total assets were $84.82 billion, up 2% from the prior quarter, with total equity stable at $12.18 billion [7] - The total capital ratio improved to 24.3% from 23.6% a year ago, and the Tier 1 capital ratio increased to 23% from 22.2% [7] Share Repurchase Activity - In the reported quarter, RJF repurchased shares worth $451 million at an average price of $137 per share, with $749 million remaining under the repurchase authorization as of June 30, 2025 [11]