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September 25, 2020 at 03:21 PM
Raymond James CEO Paul Reilly.
After bad news dominated Raymond James’ headlines last week — namely its planned layoff of about 500 staffers and reports of technical glitches — the firm had good news to report this week.
Its total client assets under administration topped $945.2 billion in August, a year-over-year jump of 15% and a 4% gain from July.
Plus, its Private Client Group — which includes 8,155 advisors — had $899 billion of AUA, up 14% from last year and 4% from the prior month.
“Our continued strength in financial advisor retention and recruiting drove record [PCG] assets in fee-based accounts of $483.1 billion, which grew 20% over August 2019,” said Chairman and CEO Paul Reilly. Plus, fee-based assets for the business grew 20% year over year and 5% from July to hit $483 billion.
Across the company, assets under management totaled $155.6 billion, up 9% from August 2019 and 3% from July 2020.
“The increase of client assets was driven by equity market appreciation and the net addition of Private Client Group financial advisors,” according to a statement.
Cash sweep balances for U.S. clients were $53.5 billion as of Aug. 30, up 43% over August 2019 and 3% over July 2020.
Meanwhile, net loans at Raymond James Bank of $21 billion grew 1% over August 2019, but dropped 1% compared to July 2020.
Rival LPL Financial had total assets of $762 billion as of June 30, up 7% from a year ago. Its total client cash balances were $45.3 billion, and its advisor headcount was 16,973. (It does not report monthly data.)
