Raymond James Financial said late Wednesday that its 5,300-plus financial advisors had total fees and commissions of $186.2 million during January 2011 vs. production of $155.6 million in the same month of 2010 – an increase of 20%.
This represents sales of about $35,000 per advisor in January 2011 vs. $29,000 in the same month last year. If fees and commissions stay at this level for the next 11 months, advisors are on track for total sales in 2011 of $420,000 on average
Fees and commissions in January 2011, which had 20 trading days, were down about 4% from December 2010, which had 22 trading days. Accounting for the difference in t$he number of trading days, however, production improved slightly, according to the company.
“Overall, our performance continues to improve with the economy,” said CEO Paul Reilly (left), in a press release. “Securities commissions and fees were up 20% over last year, and 6% over last month on a daily basis.”
Client assets under administration stood at $266 billion as of Jan. 31, while assets under management (excluding money market funds) stood at $33.7 billion.