Raymond James Financial, Inc.

Record Financial Performance: Raymond James reported record net revenues of $3.54 billion for the first fiscal quarter, an increase of 17% year-over-year. Net income available to common shareholders was $599 million, resulting in record earnings per diluted share of $2.86 ($2.93 adjusted for acquisition-related expenses).

Private Client Group Growth: Total client assets under administration rose 14% year-over-year to $1.56 trillion. The Private Client Group (PCG) assets reached a record $877 billion, reflecting strong advisor recruitment with $318 million of trailing 12-month production and $51 billion of client assets recruited in the last year. Domestic net new assets for the quarter were $14 billion, representing a 4% annualized growth rate.

Challenges and Adjustments: The firm's results were negatively impacted by a large branch departure that resulted in a $5 billion drop in assets under administration. Adjusting for this, domestic net new asset growth would have been approximately 5.4%. Additionally, asset management fees are projected to decrease by approximately 2% in the fiscal second quarter due to two fewer billing days.