CEO Paul Reilly explained how the integration of Morgan Keegan is making Raymond James (RJF) a better firm than top brass anticipated during the final session of the firm’s 18th annual Women’s Symposium in St. Pete Beach, Fla., on Friday.
Still, Reilly doesn’t anticipate future acquisitions of the size of Morgan Keegan—which added about 900 reps to the firm—in the near future, though he isn’t ruling them out entirely either.
“The next step for us is to get back to 10%-15% [yearly] growth and to do it better each year,” Reilly said in an interview with AdvisorOne, after speaking at the conference. “Yes, if we find niche acquisitions that make sense, we will do them; there are not many firms the size of Morgan Keegan.”
“And if another opportunity fits our strategy, we will do it,” he added, noting that investment banks have been bringing possible candidates to Raymond James on a regular basis after it wrapped up its Morgan Keegan purchase on April 2.
“We could do it every 20 years or so, but will not grow for growth’s sake,” Reilly said, noting that the firm is especially interested in smaller acquisitions “to build out our platform for advisors.”