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.