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Practice Management > Building Your Business > Recruiting

Raymond James Upbeat on Recruiting

By Janet Levaux

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Raymond James Financial reported net income of $46.8 million, or $0.37 per share, for the period ended June 30 vs. income of $60.7 million, or $0.48 per share, for the year-ago period on July 20.

Excluding a $45 million pre-tax charge for the repurchase of auction rate securities, net income would have been $74.9 million, or $0.59 per share in the most-recent period, a 23 percent increase over the prior year’s quarter and a slight decrease from a strong earlier quarter this year, the company says.

Net revenues were $850.4 million, up 14 percent year over year, and “essentially flat” with the prior quarter, Raymond James said in a press release. The firm reported quarterly records for assets under management ($36.6 billion) and assets under administration ($278 billion) as of June 30, 2011.

“Most of our businesses performed well this quarter,” said CEO Paul Reilly, in a press release. A high-net-worth team that manages more than $500 million recently joined Raymond James & Associates from Morgan Stanley Smith Barney: Thomas A. Seiler and his brother Patrick M. Seiler, CIMA, CFP, are now part of the Newtown, Pa.-based employee-channel office of Raymond James.

Raymond James has some 5,100 financial advisors in a variety of channels with about $278 billion in assets under administration worldwide; 4,500 of its FAs are based in the United States.

“For Raymond James & Associates, we are seeing recruiting not quite back at the ‘07-‘08 level but it’s a pretty darn good recruiting year,” said RJA president Dennis Zank in an interview. “We are experiencing better recruiting in 2011 than in 2010 and expect our rep counts to moderately increase as time goes on. That says a lot given the demographics of advisors.”

The recent hiring of the Morgan Stanley team is “a classic example” of Raymond James’ recruiting process, he says. “We have been in contact with the Seilers for about three years. They did tremendous due diligence on us and other firms. They’ve got an impressive practice and were interested in exiting the wirehouse world.”

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