Raymond James reported a jump in its advisor headcount to 8,239 advisors as of Sept. 30 — up 228 from a year ago and 84 from June 30.
Its total Private Client Group asset level was $883.3 billion, up 11% over September 2019. Fee-based asset grew 16% from a year ago to $475.3 billion.
“We are well positioned entering fiscal 2021, with strong capital ratios and quarter-end records for client assets and the number of Private Client Group financial advisors,” said Chairman and CEO Paul Reilly in a statement.
“Moreover, financial advisor recruiting activity remains robust across all of our affiliation options, and our investment banking pipelines are strong,” Reilly added.
(The firm’s current fiscal year started Oct. 1.)
PCG’s quarterly net revenues were $1.39 billion, up 1% over the prior year’s fiscal fourth quarter, while its pretax income of $125 million was down 13% from the year-ago period.
The unit includes 4,835 independent advisors and 3,404 employee advisors.