Raymond James Financial, Inc. (RJF): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Raymond James Financial, Inc. (RJF) se distingue comme un phare d'innovation et de stratégie centrée sur le client, tissant magistralement la gestion de patrimoine personnalisée, la technologie de pointe et les partenariats stratégiques. En fabriquant méticuleusement un modèle d'entreprise qui transcende les approches traditionnelles de service financier, RJF s'est positionné comme un acteur formidable dans le paysage concurrentiel, offrant des solutions d'investissement sophistiquées qui répondent aux besoins diversifiés des clients - des individus élevés à la naissance aux investisseurs institutionnels - tout en maintenant les besoins des clients Un écosystème robuste de l'expertise financière et des prouesses technologiques.

Raymond James Financial, Inc. (RJF) - Modèle commercial: partenariats clés

Alliances stratégiques avec des conseillers financiers indépendants

Raymond James opère avec environ 3 340 conseillers financiers indépendants en 2023. Ces conseillers génèrent un chiffre d'affaires annuel de 10,3 milliards de dollars grâce à leur modèle d'entrepreneur indépendant.

Type de partenariat	Nombre de conseillers	Revenu moyen par conseiller
Réseau d'entrepreneur indépendant	3,340	3,08 millions de dollars

Partenariats avec les banques d'investissement et les courtiers

Raymond James entretient des relations stratégiques avec plusieurs réseaux de banque d'investissement et de courtiers, facilitant les transactions d'une valeur de 87,6 milliards de dollars en 2023.

• Partenariats des marchés des capitaux
• Réseaux de trading institutionnel
• Connexions mondiales de la banque d'investissement

Collaboration avec les fournisseurs de technologies pour les plateformes numériques

Les partenariats technologiques comprennent des investissements de 124 millions de dollars en infrastructure numérique et en développement de plateformes en 2023.

Catégorie de partenaires technologiques	Investissement annuel
Cloud computing	42 millions de dollars
Cybersécurité	35 millions de dollars
Développement de plate-forme numérique	47 millions de dollars

Relations avec les sociétés de gestion d'actifs

Raymond James gère environ 159,7 milliards de dollars d'actifs grâce à des partenariats stratégiques avec des sociétés de gestion d'actifs au quatrième trimestre 2023.

Réseautage avec des organisations de réglementation et de conformité

Les partenariats de conformité impliquent un engagement actif avec SEC, FINRA et d'autres organismes de réglementation, avec des dépenses liées à la conformité de 78,5 millions de dollars en 2023.

Organisation réglementaire	Fréquence d'interaction de conformité
SECONDE	Reportage trimestriel
Finre	Revues de conformité mensuelles

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: Activités clés

Services de gestion de la richesse et de conseil financier

Raymond James gère 1,37 billion de dollars d'actifs clients au 30 septembre 2023. La firme compte 8 523 conseillers financiers à travers les États-Unis.

Segment de service	Revenus annuels	Clientèle
Groupe de clients privés	3,84 milliards de dollars	Environ 3,2 millions de clients individuels

Opérations de banque d'investissement et de marchés des capitaux

Raymond James a effectué 145 transactions de fusion et d'acquisition au cours de l'exercice 2023, avec une valeur de transaction totale de 52,3 milliards de dollars.

• Volume de souscription des actions: 12,6 milliards de dollars
• Volume de souscription de la dette: 8,4 milliards de dollars
• Revenu total des banques d'investissement: 1,02 milliard de dollars

Gestion des actifs et recherche sur les investissements

Catégorie de gestion des actifs	Actifs sous gestion
Investissements institutionnels	385 milliards de dollars
Fonds communs de placement	62,3 milliards de dollars

Solutions de planification financière et de retraite

Raymond James offre des services de planification de la retraite à environ 215 000 participants au régime de retraite avec des actifs de régime total de 48,6 milliards de dollars.

Développement d'infrastructures technologiques

• Investissement technologique annuel: 245 millions de dollars
• Plateforme numérique desservant 8 523 conseillers financiers
• Budget de cybersécurité: 62 millions de dollars

Support des plates-formes technologiques Analyse de portefeuille en temps réel, rapports de rapports de clients et outils de communication numérique.

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: Ressources clés

Conseillers financiers hautement qualifiés

Au quatrième trimestre 2023, Raymond James a employé 8 475 conseillers financiers à travers son réseau. Le nombre total d'employés de l'entreprise était de 21 024 professionnels.

Catégorie de conseiller	Nombre
Entrepreneurs indépendants	7,254
Conseillers financiers des employés	1,221

Infrastructure technologique robuste

Raymond James a investi 322 millions de dollars dans la technologie et les infrastructures numériques au cours de l'exercice 2023.

• Systèmes de cybersécurité avancés
• Plateformes de gestion financière basées sur le cloud
• Outils d'analyse dirigés par l'IA
• Applications de trading mobile et Web

Solide réputation de la marque dans les services financiers

Raymond James s'est classé n ° 49 dans la liste des meilleures banques 2023 de Forbes avec une valeur de marque estimée à 1,87 milliard de dollars.

Capacités complètes de recherche et d'analyse

Métriques du département de recherche	2023 données
Analystes de recherche	187
Rapports de recherche annuels	4,562

Offres de produits d'investissement diversifiés

Le total des actifs sous gestion (AUM) a atteint 189,4 milliards de dollars au 31 décembre 2023.

• Investissements en actions
• Titres à revenu fixe
• Fonds communs de placement
• Produits de planification de la retraite
• Stratégies d'investissement alternatives

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: propositions de valeur

Solutions de gestion de patrimoine personnalisées

Raymond James gère 1,05 billion de dollars d'actifs clients au T2 2023. L'entreprise dessert environ 3,2 millions de comptes clients avec une taille de compte moyenne de 328 000 $.

Segment de gestion de la patrimoine	Performance de 2023
Actifs totaux du client	1,05 billion de dollars
Comptes clients totaux	3,2 millions
Taille moyenne du compte	$328,000

Services de planification financière complets

Raymond James offre une planification financière spécialisée sur plusieurs segments:

• Services de groupe de clients privés
• Raymond James Financial Advisors Network avec plus de 8 200 conseillers
• Modèle d'entrepreneur indépendant avec plus de 3 300 conseillers financiers

Accès à des stratégies d'investissement sophistiquées

Les stratégies d'investissement englobent:

Stratégie d'investissement	Actifs sous gestion
Stratégies d'actions	642 milliards de dollars
Stratégies à revenu fixe	298 milliards de dollars
Investissements alternatifs	110 milliards de dollars

Conseils et conseils financiers de confiance

Raymond James a généré 10,2 milliards de dollars de revenus totaux pour l'exercice 2023, avec un revenu net de 1,8 milliard de dollars.

Plateformes d'investissement numériques innovantes

• Plateforme numérique desservant plus de 500 000 comptes en ligne
• Application mobile avec 250 000 utilisateurs mensuels actifs
• Capacités de négociation avancées avec analyse en temps réel

Les fonctionnalités de plate-forme numérique incluent l'investissement automatisé, l'analyse complète du portefeuille et les outils intégrés de planification financière.

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: relations avec les clients

Affectations de conseillers financiers personnels dédiés

Raymond James opère avec 8 315 conseillers financiers en 2023, fournissant des conseils d'investissement personnalisés. L'entreprise maintient un Ratio conseiller / client 1: pour les individus à haute navette.

Catégorie de conseiller	Nombre de conseillers	Taille moyenne du portefeuille client
Entrepreneurs indépendants	7,425	85,3 millions de dollars
Conseillers des employés	890	62,7 millions de dollars

Stratégies de communication des clients personnalisés

Raymond James utilise des approches de communication multicanaux avec les clients.

• Plateformes de communication numérique: 72% des clients
• Réunions de révision du portefeuille trimestrielles: 88% des clients à haute teneur
• Rapports d'investissement personnalisés: mensuellement pour les comptes de plus d'un million de dollars

Consultation et soutien financiers en cours

L'entreprise fournit un soutien complet par le biais de divers niveaux de service.

Niveau de service	Heures de soutien annuelles	Exigence de portefeuille minimum
Gestion de patrimoine premium	24 heures	5 millions de dollars
Avis standard	12 heures	$500,000

Canaux d'interaction numériques et en personne

Raymond James propose des plateformes d'interaction complètes.

• Utilisateurs d'applications mobiles: 215 000 en 2023
• Accès au compte en ligne: 89% de la clientèle
• Options de consultation virtuelle: disponible pour 94% des clients

Gestion du portefeuille d'investissement sur mesure

Des stratégies de gestion de portefeuille spécialisées sont mises en œuvre dans différents segments de clients.

Type de portefeuille	Valeur de portefeuille moyenne	Niveau de personnalisation
Individu à haute navette	3,2 millions de dollars	100% personnalisé
Clients institutionnels	87,5 millions de dollars	95% personnalisé

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: Channeaux

Plateformes d'investissement numérique en ligne

Raymond James propose Accès au client Raymond James Plateforme en ligne avec les mesures suivantes:

• Utilisateurs de plate-forme numérique: 1,2 million de comptes enregistrés
• Transactions numériques annuelles: 68,3 millions
• Engagement de la plate-forme mobile: 42% des interactions totales du client

Fonctionnalité de plate-forme	Disponibilité	Métriques des utilisateurs
Gestion du portefeuille en ligne	Accès 24/7	892 000 utilisateurs actifs
Ouverture du compte numérique	Entièrement automatisé	37 500 nouveaux comptes par an

Réseau de succursale physique

Raymond James maintient une présence physique complète:

• Branches totales: 2 973 emplacements
• Couverture géographique: 50 États
• Déclour des employés de la succursale: 8 200 conseillers financiers

Applications bancaires mobiles

Métriques d'application mobile	2024 statistiques
Téléchargements totaux d'applications mobiles	743,000
Utilisateurs actifs mensuels	512,000
Volume de transaction mobile	24,6 millions de transactions

Interactions directes conseiller financiers

Les canaux d'engagement des conseillers directs comprennent:

• Consultations personnelles: 1,4 million de réunions de clients annuelles
• Portfolio moyen des clients des conseillers: 148 millions de dollars
• Taux de rétention de la clientèle: 93,7%

Services de consultation virtuelle

Type de service virtuel	Volume annuel	Durée moyenne
Consultations vidéo	287 000 séances	42 minutes
Consultations téléphoniques	612 000 séances	35 minutes

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: segments de clientèle

Individus à haute nette

Au quatrième trimestre 2023, Raymond James dessert environ 3,2 millions de comptes clients avec une valeur de compte moyenne de 1,2 million de dollars dans le segment à haute noue.

Caractéristique du segment	Données quantitatives
Total des actifs à haute nette	1,08 billion de dollars
Valeur nette moyenne du client	5,6 millions de dollars
Pourcentage du total des revenus du segment	42.3%

Investisseurs de détail

Raymond James soutient 2,9 millions de comptes d'investisseurs de détail avec divers profils d'investissement.

• Solde du compte médian: 375 000 $
• Actifs d'investissement total au détail: 682 milliards de dollars
• Utilisateurs de plate-forme numérique: 1,4 million

Investisseurs institutionnels

Le segment institutionnel représente un élément essentiel de la stratégie commerciale de Raymond James.

Métriques du segment institutionnel	2023 données
Total des actifs institutionnels	396 milliards de dollars
Nombre de clients institutionnels	1,850
Pourcentage d'actifs de capitaux propres institutionnels	37.6%

Petites et moyennes entreprises

Raymond James fournit des services financiers spécialisés pour les PME dans divers secteurs.

• Clients totaux PMB: 12 ​​500
• Taille moyenne des actifs bancaires des affaires: 42 millions de dollars
• Capital levé pour les PME en 2023: 2,3 milliards de dollars

Clients de planification de la retraite

La planification de la retraite représente un segment important de la clientèle de Raymond James.

Métriques de la planification de la retraite	Statistiques actuelles
Total des titulaires de compte de retraite	1,6 million
Valeur moyenne du compte de retraite	$685,000
Actifs de retraite sous gestion	512 milliards de dollars

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2023, Raymond James a déclaré des frais totaux de rémunération et de prestations de 3,92 milliards de dollars. La ventilation comprend:

Catégorie de dépenses	Montant ($)
Salaires de base	1,680,000,000
Bonus	890,000,000
Compensation en stock	420,000,000
Prestations de santé et de retraite	930,000,000

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour Raymond James en 2023 ont totalisé 587 millions de dollars, notamment:

• Dépenses de cloud computing: 178 millions de dollars
• Investissements en cybersécurité: 112 millions de dollars
• Licence de logiciel: 145 millions de dollars
• Maintenance matérielle: 152 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 étaient de 265 millions de dollars, avec la répartition suivante:

Zone de conformité	Montant ($)
Représentation juridique et réglementaire	98,000,000
Audit et commandes internes	82,000,000
Formation de la conformité	45,000,000
Technologie de réglementation	40,000,000

Coûts de marketing et d'acquisition des clients

Les frais de marketing pour Raymond James en 2023 s'élevaient à 312 millions de dollars:

• Marketing numérique: 98 millions de dollars
• Publicité traditionnelle: 76 millions de dollars
• Sponsors de l'événement client: 58 millions de dollars
• Commissions de l'équipe de vente: 80 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour 2023 ont totalisé 214 millions de dollars, axé sur:

• Développement de la technologie financière: 112 millions de dollars
• Recherche d'analyse des données: 62 millions de dollars
• Innovation de l'expérience client: 40 millions de dollars

Raymond James Financial, Inc. (RJF) - Modèle d'entreprise: Strots de revenus

Frais de service de conseil financier

Raymond James Financial a déclaré des frais de service de conseil financier de 2,5 milliards de dollars pour l'exercice 2023. Ces frais sont générés par la planification financière complète, la gestion de la patrimoine et les services de conseil fournis aux clients individuels et institutionnels.

Catégorie de service	Revenus (milliards de dollars)	Pourcentage des frais consultatifs totaux
Gestion individuelle de la richesse	1.75	70%
Services de conseil institutionnel	0.75	30%

Commissions de gestion des investissements

Les commissions de gestion des investissements pour Raymond James ont totalisé 1,2 milliard de dollars au cours de l'exercice 2023, découlant de la gestion des portefeuilles d'investissement des clients et de la fourniture de stratégies d'investissement actives.

• Commissions de gestion des actions: 720 millions de dollars
• Commissions de gestion des titres à revenu fixe: 480 millions de dollars

Revenus de gestion des actifs

Les revenus de gestion des actifs ont atteint 1,6 milliard de dollars en 2023, avec des sources de revenus diversifiées sur différents véhicules d'investissement.

Classe d'actifs	Revenus (millions de dollars)	Taux de croissance
Fonds communs de placement	680	5.2%
Fonds de capital-investissement	420	7.5%
Stratégies d'investissement alternatives	500	6.8%

Revenu de négociation et de courtage

Le revenu de négociation et de courtage pour Raymond James Financial était de 1,8 milliard de dollars au cours de l'exercice 2023, reflétant des activités de négociation robustes et des transactions clients.

• Revenu commercial de courtage de vente au détail: 1,2 milliard de dollars
• Revenu de négociation institutionnelle: 600 millions de dollars

Frais de transaction de banque d'investissement

Les frais de transaction de la banque d'investissement s'élevaient à 980 millions de dollars en 2023, générés par les fusions, les acquisitions et les activités de levée de capital.

Type de transaction	Frais générés (millions de dollars)	Part de marché
Fusionnement & Avis d'acquisition	520	3.5%
Souscription des actions	280	2.8%
Marchés des capitaux de la dette	180	2.2%

Raymond James Financial, Inc. (RJF) - Canvas Business Model: Value Propositions

You're looking at what makes Raymond James Financial, Inc. (RJF) stand out to its clients and advisors, especially as of late 2025. The core value isn't just about products; it's deeply rooted in how they structure their relationships.

Culture of advisor independence and high-touch, personalized service.

The firm emphasizes a culture that supports its financial professionals, which directly translates to better client attention. This is evident in their advisor base, which stood at 8,943 employee and independent contractor financial advisors as of September 30, 2025. This structure supports the high-touch service model you expect. They were also one of the first firms to give clients a detailed document outlining their rights and responsibilities, the Client Bill of Rights.

Comprehensive product suite: wealth management, capital markets, and banking.

The value proposition here is the breadth of services available under one roof, which helps keep client relationships centralized. The Private Client Group (PCG) is the anchor, with total client assets under administration (AUA) in that segment reaching $1.67 trillion as of September 30, 2025. This is part of the firm's overall total client assets of approximately $1.73 trillion. The Capital Markets segment also delivered strong results, posting quarterly net revenues of $513 million in the fourth quarter of fiscal 2025.

Sophisticated financial planning, including estate and liability management.

Clients get access to a full spectrum of planning services beyond simple investment selection. This includes trust services, insurance solutions, and banking and lending services alongside core financial and retirement planning. The firm's commitment to this comprehensive offering helps drive asset retention and growth.

Access to institutional-grade investment banking and research.

For corporate and institutional clients, the value is direct access to capital markets capabilities. For the full fiscal year 2025, Raymond James Financial, Inc. achieved record annual net revenues of $14.07 billion, with record net income available to common shareholders of $2.13 billion. This financial strength underpins their ability to service large transactions. They were also noted as one of the first firms to offer forward-looking, open-end mutual fund research to clients.

Fee-based accounts reaching $1.01 trillion, emphasizing advisory over transaction.

The shift toward recurring revenue is a major value driver, signaling a focus on long-term advice over transactional commissions. As of September 30, 2025, the Private Client Group segment had $1.01 trillion in fee-based AUA. This is a significant portion of the PCG's total AUA of $1.67 trillion. Financial assets under management in managed programs specifically stood at approximately $274.9 billion as of that same date.

Here's a quick look at how the key revenue-driving segments performed for the full fiscal year 2025:

Segment	Metric	Value (FY 2025)
Consolidated	Record Net Revenues	$14.07 billion
Consolidated	Record Net Income	$2.13 billion
Private Client Group (PCG)	Record Quarterly Net Revenues (Q4)	$2.66 billion
Capital Markets	Quarterly Net Revenues (Q4)	$513 million

The firm's value proposition is clearly centered on the advisor-client relationship, backed by the resources of a large, diversified financial institution. Finance: draft the Q1 2026 asset retention forecast by next Wednesday.

Raymond James Financial, Inc. (RJF) - Canvas Business Model: Customer Relationships

You're focused on how Raymond James Financial, Inc. (RJF) maintains its client base, which is fundamentally tied to its advisor force. The model here is definitely high-touch, built on deep, personal connections rather than purely transactional ones. This is evident in their consistent growth even amid market shifts.

Dedicated, long-term, advisor-led relationships (high-touch model).

The Private Client Group (PCG) is the engine, and its health is measured by advisor count and assets. As of the end of fiscal 2025, Raymond James Financial, Inc. reported a record number of financial advisers at 8,943, who collectively managed record client assets totaling $1.73 trillion. The PCG segment specifically ended Q4 2025 with $1.66 trillion of client assets under administration, marking an 11% year-over-year growth. This high-touch approach is supported by the firm's foundational commitment, being the first in the nation to publish its Client Bill of Rights. Also, domestic net new assets for the PCG in the fourth quarter were nearly $18 billion, which annualized to a 5% growth rate.

Here's a quick look at the scale of these relationship-driven metrics:

Metric	Value (Late 2025)
Total Client Assets (AOA)	$1.73 trillion
Total Financial Advisers	8,943
PCG Client Assets Under Administration	$1.66 trillion
Financial Assets Under Management (Managed Programs)	$274.9 billion
Total Client Assets Recruited (TTM)	Nearly $63 billion

Recruiting incentives and support to attract and retain advisors.

Attracting and keeping those 8,943 advisers requires more than just a good culture; it needs concrete support. The firm actively recruits, evidenced by trailing 12-month production for recruited advisers hitting a record $407 million in Q4 2025, a 21% increase over the prior year's record. Recruited advisers brought over nearly $58 billion in client assets in the trailing twelve months. To help advisers expand their practices, Raymond James Financial, Inc. offers the Practice Capital Solutions program, which lets them finance growth by acquiring minority stakes in the adviser's business. This structure allows advisers to retain operational control and offers clearly defined, favorable terms for eventually buying back shares. Furthermore, advisers have six distinct affiliation models to choose from, ranging from the traditional employee structure to RIA and custodial services.

Digital tools and platforms for enhanced client experience and self-service.

The high-touch model is augmented by significant technology investment, which is crucial for efficiency and client engagement. Raymond James Financial, Inc. invests approximately $1 billion annually in technology as of late 2025. This investment includes appointing a Chief AI Officer and Head of AI Strategy. The firm rolled out AI-generated meeting summaries from Zoom firmwide, designed to integrate with proprietary apps like RJ CRM and Opportunities, saving time for advisers. This focus aligns with industry trends, where 94% of large wealth firms use digital platforms for client engagement. The focus on fee-based services also shows platform adoption; fee-based assets now represent about ~60% of PCG client assets.

The technology focus supports the relationship by:

• Saving time on administrative work, letting advisers focus on clients.
• Integrating AI tools for data-driven insights and service enhancement.
• Providing advisers with a 360-degree view of accounts via tools like RJ CRM.
• Supporting adviser mobility through apps like Advisor Mobile.

Focus on a Service 1st Culture to drive client trust and retention.

Culture is a stated differentiator, tied directly to client trust. The firm's core values are putting clients first, acting with integrity, thinking long term, and valuing independence. This focus paid off, as Raymond James Financial, Inc. was recognized as the most trusted company among advised investors in wealth management in the J.D. Power 2025 U.S. Investor Satisfaction Study. The firm recognizes employees embodying this through the Robert A. James Award of Service Excellence program. In a survey of industry professionals, 40.2% (or 231 out of 575 respondents) cited 'Firm culture' as the most important area for firms to focus on. Furthermore, Raymond James advisers rated their firm highly in culture categories in the 2025 Investment Executive report, giving a 9.3 for "strategic focus" and a 9.3 for "receptiveness to advisor feedback."

Raymond James Financial, Inc. (RJF) - Canvas Business Model: Channels

The distribution of Raymond James Financial, Inc.'s services relies on a multi-faceted channel strategy, ensuring reach across individual investors, corporations, and institutions globally.

Network of branch offices across the US, Canada, and Europe.

Raymond James Financial, Inc. operates a physical footprint that supports its advisory force and institutional services across key international markets. The firm strengthened its European presence in 2025 by announcing the establishment of a new investment banking office in Paris on June 24, 2025, adding to existing hubs in London, Munich, and Frankfurt. Canadian operations include offices in Calgary, Montreal, and Toronto for corporate and institutional clients, alongside specific entities like Raymond James Ltd. and Raymond James (USA) Ltd. to serve cross-border clients. The vast majority of the firm's long-lived assets remain located in the U.S..

Independent and employee Financial Advisor channels.

The Private Client Group is the anchor of the distribution network, supported by a flexible affiliation model. For fiscal year 2025, Raymond James Financial, Inc. reported a record number of financial advisors totaling 8,943. As of September 30, 2025, total client assets under administration reached approximately $1.73 trillion. The firm offers advisors a choice among six distinct options, which range from a traditional employee structure to independent RIA and custodial services, helping to attract and retain talent. Fiscal year 2025 saw record recruiting results for financial advisors joining both the domestic independent contractor and employee channels.

Direct access via digital platforms (RJnet & Advisor Access GenAI).

Raymond James Financial, Inc. continues to develop and maintain industry-leading technology for its financial advisors throughout fiscal year 2025. This investment supports digital access points like RJnet and Advisor Access GenAI, which help advisors enhance efficiency and client service delivery.

Institutional sales and trading desks for Capital Markets clients.

The Capital Markets segment serves corporations and institutions through investment banking, including equity and debt underwriting, and M&A advisory, alongside fixed income and equity brokerage services. For fiscal year 2024, the Capital Markets segment contributed 11% of the company's net revenue. The segment also offers institutional sales, securities trading, and equity research.

Here is a look at the scale and geographic distribution of the firm's operations as of late 2025, using the latest reported figures:

Metric	Value (As of FY 2025 End or Latest Report)	Source Period/Context
Total Financial Advisors	8,943	Fiscal Year 2025 End
Total Client Assets Under Administration	$1.73 trillion	September 30, 2025
Revenue Share: United States	91.5%	FY 2024
Revenue Share: Canada	4.7%	FY 2024
Revenue Share: Europe	3.8%	FY 2024
Capital Markets Segment Revenue Share	11%	FY 2024
Advisor Affiliation Models Offered	Six distinct options	Current

The distribution channels are supported by the firm's physical presence in key regions:

• Geographic reach includes offices across the U.S., Canada (Vancouver, Calgary, Montreal, Toronto), and Europe (Brussels, London, Munich, Frankfurt, and new office in Paris).
• The primary delivery mechanism is through the Financial Advisor force, which operates under a hybrid model comprising both employee and independent contractor structures.
• Institutional clients are served directly through dedicated Capital Markets desks for sales and trading activities.
• Technology investment supports digital channels, crucial for advisor efficiency and client interaction.

Finance: draft Q1 2026 cash flow forecast by end of January.

Raymond James Financial, Inc. (RJF) - Canvas Business Model: Customer Segments

You're looking at the client base for Raymond James Financial, Inc. as of the end of fiscal year 2025. The firm's structure clearly shows where the bulk of its assets reside and how it serves distinct groups.

The Private Client Group (PCG) is the anchor, serving individuals and families, which includes the high-net-worth and affluent categories you mentioned. As of September 30, 2025, total client assets under administration across the firm hit a record of approximately $1.73 trillion. The PCG segment itself ended Q4 2025 with a record $1.66 trillion of client assets under administration.

For the more fee-sensitive or sophisticated wealth management clients, the focus shifts to recurring revenue streams. Fee-based accounts in the Private Client Group surpassed the $1 trillion milestone. This indicates a substantial portion of the client base is utilizing advisory or managed programs, which is a key indicator of the affluent segment's engagement.

Here's a quick look at the scale of the wealth management operation as of the end of fiscal 2025:

Metric	Amount (As of Late 2025)	Context
Total Client Assets Under Administration	$1.73 trillion	Firm-wide total as of September 30, 2025.
Private Client Group Assets Under Administration	$1.66 trillion	PCG segment total as of Q4 2025 end.
Private Client Group Assets in Fee-Based Accounts	Over $1.0 trillion	Milestone achieved, indicating high engagement in advisory services.
Financial Assets Under Management (AUM)	Approximately $274.9 billion	Managed programs AUM as of September 30, 2025.
Total Financial Advisors	Record 8,943	Firm-wide count at the end of fiscal year 2025.

The segments covering corporations, municipalities, and institutional investors are primarily served through the Capital Markets and Asset Management segments. While direct client counts for these groups aren't broken out in the same way as the PCG, the revenue contribution shows their importance. For instance, the Asset Management segment generated record pre-tax income in fiscal year 2025. The Capital Markets segment posted quarterly net revenues of $513 million in Q4 2025.

For the independent RIA firms seeking custody services, this falls under the broader Asset Management umbrella, often specifically mentioned alongside recruiting. The firm had record recruiting results in fiscal year 2025, with recruited advisors bringing over $58 billion of client assets from their previous firms into the various platforms, including the RIA and custody division. This shows a direct channel for attracting institutional-like business through independent advisors.

You can see the flow of new business coming from these advisor channels:

• Domestic Private Client Group net new assets for Q4 2025 were nearly $18 billion.
• The annualized growth rate for these net new assets was 5.0% in Q4 2025.
• Recruited advisors' trailing 12-month production at their prior firms totaled $47 million in fiscal 2025.

Finally, the cash management services, which touch all client types including those holding corporate or municipal cash, are represented by the balances in the Enhanced Savings Program (ESP). Total domestic cash sweep and ESP balances at the end of Q4 2025 were $56.4 billion.

Finance: draft 13-week cash view by Friday.

Raymond James Financial, Inc. (RJF) - Canvas Business Model: Cost Structure

When you look at the cost side of the Raymond James Financial, Inc. (RJF) business model, you see a structure heavily weighted toward its human capital and the technology needed to support it. This isn't unusual for a firm whose primary value is delivered through its advisors.

Compensation-Related Expenses Dominate

The single largest component of Raymond James Financial, Inc.'s cost base is compensation, commissions, and benefits. For the fiscal second quarter of 2025, the total compensation ratio stood at a high 64.8% of net revenues. To put that in perspective, compensation, commissions, and benefits expense reached $2.2 billion in Q2 2025, an increase from $2.04 billion in the prior year's second quarter. Even looking at the full fiscal year ended September 30, 2025, the adjusted compensation ratio was 64.3%. This ratio shows that for every dollar of revenue the firm brings in, nearly 65 cents goes directly to paying the people who generate that revenue, which is a key lever for managing profitability.

Technology and Information Processing Investments

You can't run a modern wealth management business without serious tech spending, and Raymond James Financial, Inc. is definitely spending. The firm's annual technology development and cybersecurity budget is reportedly set for some $975 million for 2025. This investment is directly reflected in the non-compensation expenses; for instance, in the first half of fiscal 2025, non-compensation expenses increased, primarily due to higher communications and information processing expenses stemming from continued technology investments aimed at advisor benefit and growth support. The strategy includes adopting new tools, such as Zoom's AI-based meeting summary tool and launching a proprietary AI search capability for advisors. These technology outlays are a necessary cost to maintain competitive platforms.

Advisor Recruiting and Retention Costs

Attracting and keeping top-tier financial advisors is an expensive, but vital, cost driver. Raymond James Financial, Inc. actively recruits, evidenced by bringing in financial advisers with $336 million of trailing 12 production and $52 billion of client assets over the 12 months leading up to Q3 2025. In just the first few weeks of July 2025, the firm announced 10 high-profile advisor additions representing more than $4 billion in assets under management. These recruiting efforts often involve significant upfront costs, historically including forgivable loans; for example, in a prior year, the firm spent about $247 million on these types of recruiting and retention loans. The cost of retention is also embedded in the compensation structure itself, as keeping advisors happy with better platforms avoids the expensive churn of hiring and departures.

General and Administrative Expenses

Beyond compensation and technology, general and administrative (G&A) costs form the rest of the operating expense base. In Q2 2025, the total non-compensation expenses-which include G&A, real estate, and technology-rose to $528 million from $466 million in the year-ago quarter. These costs cover everything from physical office space to marketing efforts to keep the Raymond James Financial, Inc. brand visible. It's a necessary overhead to support the revenue-generating segments.

Legal and Regulatory Compliance Costs

The regulatory environment imposes direct costs, often appearing as one-time charges or reserves. For the fiscal third quarter of 2025, Raymond James Financial, Inc. recorded a significant $58 million reserve increase tied to the settlement of a legal matter concerning bond underwritings. This single event highlights a near-term risk in the cost structure. Furthermore, the first half of fiscal 2025 saw higher legal and regulatory expenses compared to the prior year, partly because a net reserve release that occurred in the prior year did not reoccur in the current period.

Here's a quick look at some of the key expense components from recent periods:

Expense Category	Period	Amount/Ratio
Total Compensation Ratio	Q2 2025	64.8%
Compensation, Commissions, and Benefits Expense	Q2 2025	$2.2 billion
Non-Compensation Expenses	Q2 2025	$528 million
Annual Technology Budget	Fiscal 2025 Estimate	$975 million
Legal Reserve for Settlement	Q3 2025	$58 million
Advisor Recruiting Production (Trailing 12 Months)	Leading to Q3 2025	$336 million

The firm's cost structure is clearly dominated by people and the platforms they use. You can see the direct impact of growth initiatives in the recruiting spend and the technology budget.

• High proportion of costs tied to personnel: Total compensation ratio at 64.8% in Q2 2025.
• Significant technology spend: Annual budget set for approximately $975 million in 2025.
• Active advisor acquisition: Recruited advisers with $336 million in trailing 12 production leading into Q3 2025.
• Non-compensation expenses (including tech/G&A) were $528 million in Q2 2025.
• Contingent legal costs: A $58 million legal reserve was recorded in Q3 2025.

Finance: draft 13-week cash view by Friday.

Raymond James Financial, Inc. (RJF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Raymond James Financial, Inc. (RJF) brings in money as of late 2025. It's a mix of fees from managing client assets, banking activities, and deal-making.

Asset management and related administrative fees are definitely a major growth driver. These fees are directly tied to the value of client assets under management, which hit a record $1.73 trillion in total client assets for fiscal 2025. The Asset Management segment itself posted record net revenues in fiscal 2025, reaching $1.19 billion.

The Private Client Group (PCG) remains the largest revenue generator. For fiscal year 2025, the Private Client Group net revenues totaled $10.18 billion, which was an 8% increase over the prior year.

The Bank segment contributes through its lending activities. The total revenue for the Bank segment in fiscal 2025 was reported at $1.78 billion. This revenue stream includes net interest income from the Bank segment, though the specific NII figure for the full year isn't explicitly listed as $1.78 billion; that figure represents the segment's total revenue.

Capital Markets activity also provides substantial revenue. Investment banking fees, covering underwriting and M&A advisory, contributed to the Capital Markets segment revenue totaling $1.77 billion in fiscal 2025, a 20% surge.

Other key revenue components flowing into the Private Client Group include:

• Brokerage commissions from client security trades.
• Interest income from securities-based lending, which saw net loans increase by 22% over the year-ago quarter.
• Administrative fees and other service charges.

Here's a quick look at how the main segments contributed to the record total net revenues of $14.07 billion for fiscal 2025:

Revenue Stream / Segment	FY2025 Revenue Amount
Private Client Group Net Revenues	$10.18 billion
Capital Markets Segment Revenue	$1.77 billion
Bank Segment Revenue	$1.78 billion
Asset Management Segment Revenue	$1.19 billion

To be defintely clear, the PCG revenue of $10.18 billion accounted for approximately 73.22% of the total net revenues for Raymond James Financial, Inc. in fiscal 2025. Finance: draft 13-week cash view by Friday.