The Florida-based investment bank and financial services firm, Raymond James, reached $1 trillion in client assets, which is a record for the company. The achievement illustrates Raymond James' growth over the past decade. While optimistic market valuations likely aided Raymond James in accomplishing the milestone, the firm has continued to adjust to an ever-changing market for advisor talent.

Raymond James CEO Paul Reilly explained that rival firms had improved their recruiting deals for financial advisors, which prompted Raymond James to fine-tune its recruiting strategies and offers. "It's a hard choice for advisors when it comes down to two places and one place will pay 50% more," Reilly stated, "We have also enhanced our recruiting packages to remain competitive". Nevertheless, Reilly cautioned that Raymond James would continue to avoid excessively aggressive offers in order to optimize the firm's return on talent. "Organic recruiting has been the engine. It's been the engine since 2010," Reilly added. The number of Raymond James' advisors has steadily increased over the past decade due to the company's acquisitions and strengthened recruiting efforts. As of year-end 2010, Raymond James had just 5,080 advisors and $262 billion assets under management, both of which have grown to 8,233 advisors and $1.024 trillion, respectively.

Financial Advisor Transitions helps advisors weigh the advantages and disadvantages of their transition options, and guides them as they transition from one firm to another. Call us today for a free consultation.