Raymond James Financial, Inc.

Raymond James Financial, Inc. Company Profile

THE SCOOP

Financial Floridians
Founded in 1962, Florida-based Raymond James Financial (RJF) is one of the largest financial services firms in the U.S., with 2,300 offices around the world.  RJF subsidiary Raymond James & Associates is the largest full-service investment firm and New York Stock Exchange member headquartered in the Southeast.  Its business falls into four core areas.  The private client group offers securities transaction, investment advisory and financial planning services to approximately 1.9 million client accounts.  It operates through subsidiaries Raymond James & Associates (RJA) and Raymond James Financial Services (RJFS) in the U.S.  In Canada, it's known as Raymond James Ltd., and in the U.K., it is Raymond James Investment Services.  The private client group consists of more than 5,300 financial advisors.

The equity and fixed income capital markets group includes institutional sales, investment banking, syndicate, equity research, equity and fixed income trading and public finance.  It also provides research on more than 600 companies and market-making in 330 common stocks, as well as bond trading.  And its research group is well regarded on the Street. 

RJF's professional asset management division includes proprietary asset management operations, internally sponsored mutual funds, nonaffiliated private account portfolio management alternatives and several nondiscretionary fee-based programs.  As of mid-2010, assets under management totaled nearly $30 billion.  The asset management group also includes personal trust services and two private equity funds.  Finally, the Raymond James Bank is a federally chartered savings bank providing loans and deposit accounts to clients of the firm's broker-dealer subsidiaries.

From thrift to commercial
In September 2008, The bank announced its intention to change from a thrift to a commercial bank.  The company issued a statement declaring that the move had been part in the works for years.  "For some time, the Raymond James Financial board has been concerned about the limitations associated with Raymond James Bank's thrift status, leading to alternative charter considerations," the firm said in a statement.  "The move would permit a higher proportion of corporate lending, which has historically been more profitable and bears less interest rate risk," it said.  Overall, the firm said, "the switch will have little impact on the firm's overall operations and organizational structure."

The announcement followed Goldman Sachs' and Morgan Stanley's announcements that they, too, would change become bank holding companies.  But then-Raymond James CEO Tom James emphasized that the spirit of these transformations "are more form than substance."  He also sought to put distance between his firm and the other, troubled banks that had made the switch.

Hometown spirit
At Raymond James Financial, customer service is a No. 1 priority.  In practice, this means that financial advisors are given a certain degree of autonomy in their dealings with clients.  As Raymond James Chairman Thomas James has put it, good customer service can't come from "automatons who only read scripts provided by the home office."  For his leadership, Thomas James won the 2008 entrepreneur of the year award presented by Ernst & Young (James was CEO of RJF back then; in May 2010, he passed on the baton to current CEO Paul Reilly).

RJF's philosophy extends to its community, and many Floridians know it as a major supporter of local arts, sporting events and charities.  The firm sponsors the Raymond James Gasparilla Festival of the Arts, an arts and crafts festival that has been held in downtown Tampa since 1971.  The RJF main campus in St. Petersburg is also home to over 1,800 works of art, almost all of which are owned by CEO Tom James and his family.  It is considered one of the largest private art collections in the Southeast.  In addition, Super Bowl XLIII was played in the Raymond James Stadium in Tampa, Fla.  According to Joyce Julius & Associates, a research company, the hubbub leading up to and during the Super Bowl granted Raymond James an estimated $37.3 million worth of media exposure.  That included pre-game mentions of the stadium's name and references to it in print-media for the two weeks prior to the game, Reuters reported.


 

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Raymond James Financial, Inc.


880 Carillon Parkway
St. Petersburg, FL 33716
Phone: (727) 567-1000
Fax: (727) 567-5529
www.raymondjames.com

STATS


  • Employer Type: Public
  • Stock Symbol: RJF
  • Stock Exchange: NYSE
  • Chairman: Thomas A. James
  • 2010 Employees: 3,400

Major Office Locations

  • Toronto, Canada
  • Los Angeles, CA
  • Palm Beach, FL
  • Saint Petersburg, FL
  • Atlanta, GA
  • Chicago, IL
  • Detroit, MI
  • Princeton, NJ
  • New York, NY
  • Dallas, TX
  • Geneva, Switzerland
  • Istanbul, Turkey
  • London, United Kingdom
  • Paris, France
  • Milan, Italy
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