04.23.26

Raymond James Recruiting Spend Helps Drive Net New Asset Gains

by: Alex Ortolani

Raymond James Financial increased spending on advisor recruiting and retention by 25% in its fiscal second quarter, reaching about $111 million. CEO Paul Shoukry said the firm views recruiting as similar to a “medium-sized acquisition,” but prefers hiring advisors individually to ensure cultural fit and stronger retention. These efforts helped drive $23 billion in domestic net new assets, a 5.8% annualized growth rate, with strong inflows from newly recruited advisors bringing nearly $21 billion in client assets from prior firms. Raymond James also continues heavy technology investment, including AI tools for advisors, which executives say may enhance recruiting competitiveness against rivals and private equity-backed firms.

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