Raymond James
American diversified financial services company offering wealth management, capital markets, and investment banking.
Last updated August 31, 2026
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Overview
Raymond James Financial, Inc. is a diversified financial services company headquartered in St. Petersburg, Florida, providing wealth management, capital markets, investment banking, and asset management through its subsidiaries. Founded by Robert A. James in 1962, it has grown into one of the leading independent investment banks and broker-dealers in the United States.
History
Raymond James Financial began in 1962, when St. Petersburg broker Robert A. James founded Robert A. James Investments. In 1964, the business merged with Raymond & Associates, established by Edward Raymond in 1963. The combined firm became Raymond James & Associates, providing the foundation for the modern financial-services group. Robert James's son, Tom James, joined the company in 1966 and assumed leadership in 1970. The firm considered a public offering in 1969, but market conditions delayed the plan until 1983, when Raymond James became a publicly traded company. Under Tom James's long tenure, the organization developed from a regional brokerage into a diversified financial-services business with wealth-management, investment-banking, capital-markets, asset-management, and banking operations. Expansion accelerated through acquisitions and broader subsidiary capabilities. In 2012, Raymond James acquired the Canadian assets of Allied Irish Bank and combined with Morgan Keegan & Company. The Morgan Keegan transaction made Raymond James one of the larger full-service wealth-management and investment-banking firms based outside New York. In 2016, the company announced the acquisition of Deutsche Bank Wealth Management's U.S. private-client-services unit, including the Alex Brown & Sons business. In 2017, it acquired Reams Asset Management and Scouts Investments from UMB Financial Corporation for $172.5 million. Leadership transitioned from Tom James to Paul Reilly during the 2010s. Reilly became chief executive in 2010 and later succeeded Tom James as board chairman in 2016. Tom James remained involved as chairman emeritus. The company was added to the Fortune 500 in 2016. Reference material also reported 139 consecutive profitable quarters through the quarter ended September 30, 2022, illustrating the group's long record of reported profitability. By September 30, 2022, Raymond James was described as having approximately 8,700 financial advisors across the United States, Canada, and overseas, with about $1.09 trillion in total client assets. Its current operating model is divided into Private Client Group, Capital Markets, Asset Management, and Banking. The group supports individual investors and families, businesses, municipalities, and institutional clients through advisory, brokerage, underwriting, research, trading, investment-management, lending, and financial-planning services. The company's history also includes significant regulatory events. In 2004, a Raymond James subsidiary was fined by the SEC for alleged failures to supervise broker Dennis Herula, who was connected to a Ponzi scheme. In 2005, the NASD imposed a penalty concerning supervision of producing branch managers. Later matters involved auction-rate securities, excessive commissions, anti-money-laundering controls, and email supervision. These cases form an important part of the brand's corporate and compliance history. In 2026, Raymond James announced an agreement to acquire Clark Capital Management Group, a Philadelphia asset manager reported to have more than $46 billion in assets under management. The proposed transaction was expected to require regulatory approval and to close by the third quarter of 2026. The announced structure contemplated Clark Capital continuing as an independent boutique under its own name within Raymond James Investment Management.
- 2026
Agreement to acquire Clark Capital Management Group
[1]Raymond James announced a proposed acquisition of Clark Capital, subject to regulatory approval.
- 2022
Reported scale reaches approximately 8,700 advisors
[1]Reference material reported approximately 8,700 advisors and $1.09 trillion in client assets as of September 30, 2022.
- 2017
Reams Asset Management acquisition
[1]The company acquired Reams Asset Management and Scouts Investments from UMB Financial Corporation.
- 2016
Fortune 500 recognition and leadership transition
[1]Raymond James appeared on the Fortune 500 for the first time, while Paul Reilly became board chairman and Tom James became chairman emeritus.
- 2012
Morgan Keegan merger and Canadian expansion
[1]Raymond James combined with Morgan Keegan and purchased the Canadian assets of Allied Irish Bank.
- 2010
Paul Reilly becomes chief executive
[1]Paul Reilly succeeded Tom James as chief executive officer.
- 1983
Raymond James becomes publicly traded
[1]The company's planned 1969 public offering was delayed by market conditions until 1983.
- 1970
Tom James assumes leadership
[1]After joining the firm in 1966, Tom James became its leader.
- 1964
Raymond & Associates merger creates Raymond James & Associates
[1]Robert A. James Investments merged with Edward Raymond's Raymond & Associates.
- 1962
Robert A. James establishes the predecessor firm
[1]Robert A. James founded Robert A. James Investments in St. Petersburg, Florida.
Products and positioning
An advisor-oriented, diversified financial-services group combining independent and full-service wealth management with investment banking, capital markets, asset management, and banking capabilities.
Wealth management
Private Client Group
The Private Client Group serves individuals, families, business owners, and institutions through financial advisors and related subsidiaries. Services include brokerage and advisory accounts, investment selection, retirement planning, estate and insurance planning, lending, and broader financial-planning support. Its advisor-centered model is a core channel through which Raymond James delivers investment and planning services.
Investment banking and securities
Capital Markets
Raymond James Capital Markets provides equity and fixed-income underwriting, investment banking, public finance, institutional sales and trading, and securities research. The business works with corporations, financial institutions, municipalities, and institutional investors on capital raising, mergers and acquisitions, market access, and investment analysis.
Asset management
Asset Management Group
The Asset Management Group houses investment-management and advisory businesses, including Carillon Tower Advisers and the acquired Reams Asset Management and Scouts Investments operations. Its capabilities include portfolio management and investment strategies distributed through advisors, institutions, and other investment channels.
Banking
Banking
Raymond James's banking activities provide lending and related financial services. Banking supports selected individual, commercial, and institutional clients and complements the group's wealth-management and capital-markets businesses.
Controversies
2020
FINRA fines and censures Raymond James
FINRA found that Raymond James & Associates violated municipal securities rules and settled charges with the firm. Raymond James agreed to pay $47,500 and be censured without admitting or denying FINRA’s findings.
2020
Raymond James firms sue Ohio National over annuity commissions
Raymond James & Associates and Raymond James Financial Services sued Ohio National Life Insurance Co. in federal court in Florida, alleging that the insurer failed to pay compensation for sales of certain annuity products.
2017
Email-supervision enforcement
Raymond James was fined $2 million for failing to reasonably supervise email communications.
2016
Anti-money-laundering control failures
Raymond James entities were fined a total of $17 million for inadequate anti-money-laundering procedures, including failures to prevent or detect, investigate, and report suspicious activity. Former compliance officer Linda L. Busby was separately fined and suspended.
2011
Auction-rate securities settlement
Raymond James agreed to repurchase qualifying auction-rate securities at par and pay $1.75 million in state penalties in a settlement with the SEC and state regulators. The firm did not admit or deny the allegations.
2011
Excessive-commission enforcement
FINRA ordered two Raymond James subsidiaries to provide $1.69 million in restitution to approximately 15,500 clients and imposed additional fines over excessive commissions on securities transactions.
2005
Inadequate supervision of producing branch managers
The NASD fined Raymond James $2.75 million over supervisory weaknesses involving producing branch managers and alleged unsuitable recommendations of mutual funds and variable annuities.
2004
SEC action involving Dennis Herula supervision
The SEC fined Raymond James Financial Services $6.9 million for alleged failure to supervise former broker Dennis Herula, who was involved in a Ponzi scheme that raised approximately $44.5 million from investors.
Brand decisions
2026
Agree to acquire Clark Capital Management GroupM&ABackground
Raymond James sought to expand its investment-management platform with a Philadelphia-based boutique asset manager.
Action taken
The company agreed to acquire Clark Capital, subject to regulatory approval, with the target expected to retain its name, leadership, investment approach, and service model.
Aftermath
Closing was expected by the third quarter of 2026. The supplied material reported that Clark Capital managed more than $46 billion in assets.
2017
Acquire Reams Asset ManagementM&ABackground
Raymond James aimed to add institutional asset-management capabilities and related investment strategies.
Action taken
It purchased Reams Asset Management and Scouts Investments from UMB Financial Corporation.
Aftermath
The acquisition expanded the Asset Management Group; the reported purchase price was $172.5 million.
Purchase price. $172.5 million (2017 transaction)
2016
Acquire Deutsche Bank's U.S. private-client-services unitM&ABackground
Raymond James pursued expansion of its U.S. private-client platform.
Action taken
The company announced the acquisition of Deutsche Bank Wealth Management's U.S. private-client-services business, including Alex Brown & Sons.
Aftermath
The transaction was intended to broaden Raymond James's advisor and private-client franchise.
2012
Merge with Morgan Keegan & CompanyM&ABackground
Raymond James sought to increase the scale of its full-service wealth-management and investment-banking operations.
Action taken
The company merged with Morgan Keegan & Company in April 2012.
Aftermath
The combination created one of the larger full-service wealth-management and investment-banking firms headquartered outside New York.
Recent events
- Unconfirmed
Reported
Janney opens a Houston office with a team from Raymond James[5]
Janney Montgomery Scott is opening a Houston office seeded by financial advisors who departed Raymond James, extending Janney's expansion into Texas.
Reported
Raymond James reports second-quarter 2021 results[6]
Raymond James Financial reported $2.5 billion in net revenues and $307 million in net income for the second quarter of 2021.
Reported
Raymond James announces planned acquisition of Charles Stanley[7]
Raymond James was set to acquire Charles Stanley in a £278.9 million deal, subject to shareholder votes and regulatory approval.
Raymond James and Norwich University partner on advisor education[8]
Raymond James announced a partnership with Norwich University under which participants in Raymond James’ Advisor Mastery Program can earn academic credit toward Norwich graduate programs, including a graduate certificate and potentially an MBA.
Reported
Jimmy Leung appointed to lead Raymond James sustainability investment banking[9]
Raymond James Ltd. appointed Jimmy Leung Managing Director and Head of Sustainability Investment Banking, effective January 6, 2021.
Reported
Raymond James Canada launches sustainability investment banking practice[9]
Raymond James Ltd. announced that it had launched a sustainability investment banking team in Canada.
Reported
FINRA fines and censures Raymond James[3]
FINRA found that Raymond James & Associates violated municipal securities rules and settled charges with the firm. Raymond James agreed to pay $47,500 and be censured without admitting or denying FINRA’s findings.
Reported
Raymond James appoints Tobias Ramminger as Managing Director[10]
Raymond James appointed Tobias Ramminger as Managing Director for Diversified Industrials in Germany.
- Unconfirmed
Reported
Raymond James firms sue Ohio National over annuity commissions[4]
Raymond James & Associates and Raymond James Financial Services sued Ohio National Life Insurance Co. in federal court in Florida, alleging that the insurer failed to pay compensation for sales of certain annuity products.
Reported
Raymond James Ltd. to acquire Oak Trust[11]
Raymond James Ltd. reported that it had acquired Oak Trust Co.; the deal requires regulatory approval. Raymond James said the deal would make it the first non-bank-owned full-service investment dealer in Canada to offer integrated fiduciary trust services, and the new division will be named Raymond James Trust (Canada).
Sources14 sources
- 1Raymond James Financialen.wikipedia.org
- 2Raymond James official websiteraymondjames.com
- 3FINRA fines and censures Raymond Jamesbondbuyer.com
- 4Raymond James firms sue Ohio National over annuity commissionsinvestmentnews.com
- 5Janney借助来自Raymond James的团队开设休斯敦办事处wealthmanagement.com
- 6Raymond James公布2021年第二季度业绩financial-planning.com
- 7Raymond James宣布计划收购Charles Stanleymoneymarketing.co.uk
- 8Raymond James 与 Norwich University 合作开展顾问教育vermontbiz.com
- 9Jimmy Leung 获任 Raymond James 可持续发展投资银行业务负责人newswire.ca
- 10Raymond James 任命 Tobias Ramminger 为董事总经理finanznachrichten.de
- 11Raymond James Ltd. 收购 Oak Trusttoronto.citynews.ca
- 12Raymond James 推出 WealthMAPinvestmentnews.com
- 13Raymond James Launches New Pride Networkwealthmanagement.com
- 14Raymond James unveils LGBT+ adviser network | International Adviserinternational-adviser.com
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