Raymond James (NYSE: RJF) ended the first quarter of 2026 with 9,076 financial advisors. That is up from 8,372 financial advisors five years earlier, representing a roughly 2% annual compound growth rate in the advisor count. On the surface, that doesn’t sound like such an impressive statistic, but you need to think about what each new advisor brings to the table. When you do that, you start to see just how powerful a model Raymond James has created.
Raymond James is not leveraging a one-to-one relationship
In the first quarter of 2021, Raymond James had roughly $970 billion in assets under administration. That’s basically all the cash the company’s customers have. Five years later, that figure was nearly $1.6 trillion, a 10% compound annual growth rate. By the end of May, that number had increased to $1.9 trillion, with around 60% of that in fee-based accounts. Those accounts generate recurring fees that are annuity-like.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a “Double Down” signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same “Total Conviction” signal is flashing for a company 1/100th the size of Nvidia. Continue »
The 2% annualized growth rate in the number of advisors that Raymond James works with is a powerful growth engine. That’s because each advisor works with more than one client. In the first quarter of 2026, Raymont James had the “second highest quarterly result in our history in terms of both recruited production and assets.” The respective figures were 12-month production of $141 million and nearly $21 billion of client assets. These are not kids just out of college; they are seasoned professionals with established relationships.
Raymond James’ third-quarter results are likely to be good reading
Given strong recruitment of seasoned professionals, ongoing monthly growth in assets (and specifically fee-generating assets), and the strength of the overall market, Raymond James is likely to report solid third-quarter earnings on July 22. However, it is important to keep in mind that this isn’t a new strategy for the company. This is the same playbook it has used for a very long time.
The one wild card management can’t control is market performance. Over the short-term that has a big impact on assets under advisement and the fee-based income the company generates. With the stock market near all-time highs, value investors will probably want to wait for a market downturn here. Notably, the stock’s price-to-earnings ratio is slightly above its five-year average.
