The following is a summary of the Raymond James Financial, Inc. (RJF) Q2 2024 Earnings Call Transcript:
Financial Performance:
Raymond James Financial reported record quarterly net revenues of $3.12 billion, a 9% increase over the prior year, primarily due to a rise in asset-based revenues.
Quarterly net income available to common shareholders was $474 million or $2.22 per diluted share.
Total client assets under administration increased 6% sequentially to $1.45 trillion.
Private Client Group assets in fee-based accounts and financial assets under management showed growth.
Domestic net new assets were $9.6 billion, representing a 3.2% annualized growth rate.
Business Progress:
The firm announced the appointment of CFO Paul Shoukry as President of Raymond James, who is expected to take over as CEO in fiscal 2025.
Other leadership changes were announced to take effect starting October 1, 2024.
The firm continues to invest in business, people, and technology to drive growth across all sectors.
Financial advisors recruited during the quarter had an approximate $80 million of trailing 12-month production and $12.8 billion of client assets at their previous firm.
M&A opportunities in North America and Europe are being sought after and the firm is prepared to manage aggressive capital levels.
The team is expanding in size and the firm expects recruitment to remain strong.
The firm is focusing on enhancing advisor productivity and satisfaction, along with investments in technology, tools, and back-office modernization.
Despite leadership transitions, the firm is not expecting a dramatic change in its strategic vision since its current model is deemed successful.
More details: Raymond James Financial IR
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