Close Close

Financial Planning > Tax Planning

RJ Advisors Post Strong Sales, Income

Your article was successfully shared with the contacts you provided.

Raymond James Financial (RJFS) met earnings expectations on July 21 and beat revenue estimates on strong performance in its private-client operations.

It reported fiscal third-quarter EPS of $0.48, up from $0.35 last year and $0.45 in the previous quarter. Net income was $60.7 million on sales of $747.4 million

“The Private Client Group largely drove the increase in our (fiscal third-quarter) results over the second quarter,” said CEO Paul Reilly in a press release. “Despite a slight decrease from the preceding quarter in the overall number of financial advisors, improved productivity fueled the rise in commission revenues.”

The PCG unit has sales of $484.8 million, up 31% from the previous year and 3% from the earlier quarter. Pre-tax income for the division rose to $44.8 million, a year-over-year jump of 144% and a sequential increase of 23%.

The financial-services company says it has $27.5 billion in assets under management, up from $22.6 billion a year ago and off a bit from $27.6 billion in the earlier quarter.

Assets under administration stood at $231 billion in the April-June period this year vs. $196 billion last year and $242 billion in the January-March period of 2010.

Financial advisors number 5,337 in the United States, Canada and United Kingdom, with the majority affiliated with Raymond James as independent advisors. A year ago, this figure was 5,323, but it rose to 5,345 in the January-March quarter of 2010.