Raymond James Financial (RJF) said Wednesday that its legacy advisors generated a small increase in fees and commissions in April. It also shared the breakdown of production for its branded advisors vs. the Morgan Keegan reps recently acquired from Regions Financial (RF).
The combined advisor force generated about $253 million in total fees and commissions in April — with roughly $189 million coming from some 4,500 Raymond James FAs and close to $64 million, or nearly 25%, coming from about 1,000 Morgan Keegan brokers. Assets under administration in April for the Raymond James reps was $293 billion and $83 billion for the Morgan Keegan FAs — for a total of $376 billion in assets.
In terms of an improvement in production, Raymond James advisors boosted revenue by 4% year-over-year in April (to nearly $189 million from $182.5 million) and by close to 1.5% from March (when fees and commissions totaled $186.3 million).
“With the S&P 500 essentially flat for the month, the 1.4% sequential increase in RJF private-client-group securities commissions and fees reflects the higher quarterly billing base at April 1 for fee-based accounts,” said CEO Paul Reilly (left) in in a press release.
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“The increase from the prior quarter in fee-based assets more than overcame the impact of two fewer business days than in the preceding month. The MK private client group revenues were approximately in line with our expectations,” Reilly noted.