RJ Adds Sales, Shifts Grid

Fees and commissions in the unit were $595.5 million, a jump from $432.7 million a year ago and $578.6 million three months ago.

The advisor headcount in the United States, Canada and the United Kingdom was 6,289 reps, down 41 from the previous quarter, but up 933 from a year ago. In the United States, Raymond James had 5,427 independent and employee reps, down 25 from the earlier period and up 932 from a year ago, when it had 4,495 reps. 

The company says that its advisor recruiting activity “remains robust,” and that the drop in financial advisors was “driven in large part by [the] attrition of lower-producing Morgan Keegan advisors.” Also, the company says, retention levels of Morgan Keegan advisors that were offered retention packages by Raymond James as part of the acquisition is “extremely high.”

In addition, employee advisors with at least seven years of industry experience will have a new payout grid starting in October, the company says. Executives note that the new grid is “product neutral” and “simpler” than the grid in place since 2010 and that it includes more payout levels.