Raymond James Financial, Inc. (RJF): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Raymond James Financial, Inc. after their $14.07 billion fiscal year performance, trying to see past the headlines to the actual engine room. Honestly, their business model is a masterclass in the advisor-led wealth strategy: they focus intensely on recruiting and supporting experienced advisors who manage a staggering $1.73 trillion in client assets under administration. This scale drives their biggest revenue stream, but what makes it interesting is the blend-they layer in solid net interest income from their bank segment and substantial investment banking fees, giving them three distinct profit levers. This canvas lays out precisely how their culture of independence, their key partnerships for tech, and their cost structure-where compensation is a big chunk-all come together to support that model, so check out the details below to see the full picture.

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

You're looking at the external relationships that power Raymond James Financial, Inc.'s operations as of late 2025. These are the firms and structures that provide essential services, products, and capital to support the platform.

Strategic Alliances for Technology and AI Development

Raymond James Financial, Inc. commits significant resources to technology partnerships to enhance advisor efficiency and client experience. The firm invests approximately $1 billion annually in technology improvements for fiscal year 2025, which includes strategic Artificial Intelligence (AI) initiatives. Raymond James launched its proprietary AI Search technology, powered by generative AI, to allow advisors to query the firm's internal knowledge base directly. This is complemented by firmwide rollouts of external AI tools, such as Zoom AI Companion meeting summaries, which integrate with proprietary applications like RJ CRM and Opportunities. The firm also announced a strategic investment with FNZ to accelerate the delivery of a next-generation wealth management platform designed with AI-powered capabilities.

Key technology investments and integrations include:

• Proprietary AI Search technology launch in April 2025.
• Firmwide rollout of Zoom AI Companion meeting summaries starting May 2025.
• Strategic partnership with FNZ for wealth management platform transformation.
• Annual technology investment of approximately $1 billion in FY2025.

Third-Party Mutual Fund and Annuity Companies for Product Distribution

The Private Client Group segment relies on support to third-party mutual fund and annuity companies. This support extends beyond simple product listing; it includes comprehensive sales, marketing, distribution, and administrative services. This partnership structure allows Raymond James Financial, Inc. to offer a broad product shelf to its advisors and clients, complementing its internal offerings. As of the end of fiscal 2025, Raymond James Financial, Inc. reported total client assets under administration of a record $1.73 trillion.

External Asset Managers and Investment Product Providers

Raymond James Investment Management partners with affiliate investment teams and boutique managers to offer a diverse set of investment solutions. Researchers conduct due diligence on separately managed accounts, mutual funds, exchange-traded funds, and other investment vehicles to support advisors in manager selection and portfolio construction. Raymond James Investment Management also announced the availability of its new suite of actively managed ETFs.

The Asset Management segment generated record pre-tax income of $132 million on net revenues of $314 million in fiscal 2025. The firm ended fiscal 2025 with a record number of financial advisors at 8,943.

Low-Income Housing Tax Credit (LIHTC) Fund Investors and Project Partnerships

Raymond James Affordable Housing Investments acts as a fiduciary and asset manager for client tax credit investments, working with institutional investors and developer partners. This division focuses on preserving and developing affordable housing through various funds. The Capital Markets segment is also involved in the syndication and management of investments in low-income housing funds.

The scale of Raymond James Affordable Housing Investments' activity is substantial:

Metric	Data Point
Equity Syndicated	More than $19 billion
Tax Credit Funds Offered	Over 200+
Properties Sponsored	Over 2,700+
Total Units Sponsored	Exceeding 170,000+
States with Properties	48

Practice Capital Solutions for Minority Equity Stakes in Advisor Practices

Practice Capital Solutions is the umbrella for Raymond James Financial, Inc.'s support for advisor practice monetization and growth, which now includes a new equity financing offering alongside its established debt financing for succession and acquisition loans. Qualified practices exchange a minority equity stake in their business and revenue for capital to fund succession planning, team expansion, or operational enhancements. The firm acts as a trusted minority equity partner, while the practices retain full operating control and the option to buy back the stake on favorable terms. This structure is designed to compete with private equity firms by reinforcing book ownership and advisor independence.

For fiscal year 2025, Raymond James Financial, Inc. reported record annual net revenues of $14.07 billion.

Finance: draft 13-week cash view by Friday.

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

Managing client assets is a core activity, with total client assets under administration reaching a record of $1.73 trillion as of the end of fiscal year 2025.

The firm's Private Client Group (PCG) saw record net revenues in fiscal 2025, with asset management and related administrative fees, which support financial planning and portfolio management, increasing by 15% year-over-year in Q4 2025.

Recruiting and retaining top-tier financial advisors is critical; the firm had approximately 8,900 financial advisors as of September 30, 2025. The recruiting momentum in the preceding year brought in advisors managing nearly $60 billion in assets from their former firms.

Investment banking activity, covering M&A advisory, equity, and debt underwriting, generated significant revenue. For the full fiscal year 2025, the Capital Markets segment revenue surged by 20% to $1.77 billion. Quarterly investment banking revenues reached $316 million in Q4 2025, a 49% sequential increase.

Investing in digital transformation and AI is a major operational focus; Raymond James allocated approximately $1 billion globally for technology and AI advancements in fiscal year 2025. This investment supports the enhancement of advisor productivity through new tools, including the adoption of generative AI capabilities for functions like client reporting.

Key performance indicators supporting these activities include:

• PCG net revenues for fiscal 2025: $10.18 billion.
• Record PCG fee-based assets at Q4 2025 quarter end: $1.01 trillion.
• Asset Management segment net revenues for fiscal 2025: $1.19 billion.
• Capital Markets segment net revenues for fiscal 2025: $1.77 billion.

Here's a quick look at the segment revenue performance for the full fiscal year 2025:

Segment	FY 2025 Net Revenue	Year-over-Year Growth
Private Client Group	$10.18 billion	8%
Capital Markets	$1.77 billion	20%
Asset Management	$1.19 billion	16%

The firm maintained 151 consecutive quarters of profitability as of September 30, 2025.

Sophisticated planning and management are supported by:

• Total client assets under administration (AUA) as of 9/30/2025: $1.73 trillion.
• PCG assets in fee-based accounts as of Q3 2025: $944 billion.
• Equity research coverage of more than 1,200 companies.

The firm's commitment to advisor independence and client-first perspective underpins the entire operational structure.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power Raymond James Financial, Inc.'s entire operation as of late 2025. These aren't just line items; they are the engines driving client acquisition and service delivery.

The firm's human capital is a massive resource, evidenced by the success in bringing new talent onto the platform. In the past 12 months leading up to the fiscal year-end, Raymond James Financial, Inc. recruited total client assets across all platforms of nearly $63 billion across all of its platforms, including assets recruited into its RIA and Custody Services division. This followed a period where advisors recruited brought $52 billion of client assets from their previous firms in the preceding 12 months. The firm ended the fiscal year with a record number of financial advisors totaling 8,943, which is 2% higher than the prior year, reflecting solid retention and strong recruiting results.

Client assets under administration (AUA) represent the scale of the advisory business. As of the fiscal year-end 2025, Raymond James Financial, Inc. reached a record $1.73 trillion in client assets under administration. This scale is a key differentiator, anchoring the Private Client Group segment.

The balance sheet provides the necessary stability and capacity for growth initiatives. As of September 30, 2025, Raymond James Financial, Inc. maintained total assets of $88.23 billion. This strong capital position is further supported by key regulatory ratios, with the tier 1 leverage ratio at 13.1% and a total capital ratio of 24.1% as of that date.

Technology is a non-negotiable asset in modern finance. Raymond James Financial, Inc. continues to invest heavily, committing nearly $1 billion annually to improve technology for advisors and clients. This investment supports proprietary platforms like the GenAI Search tool, which uses generative artificial intelligence to provide precise, tailored information to advisors, and the NASH Platform, enhancing the advisor-client relationship.

The banking capabilities, anchored by Raymond James Bank and the acquired TriState Capital Bank, provide critical internal funding and lending opportunities. The firm ended the fiscal year 2025 with record net bank loans of $51.6 billion. The TriState Capital Bank segment specifically reported key figures as of September 30, 2025.

Here's a look at the lending and deposit metrics for the TriState Capital Bank subsidiary as of the end of the third quarter of fiscal year 2025:

Metric	Amount (USD, in thousands)
Total Assets	$22,333,726
Total Deposits	$20,514,983
Net Loans & Leases	$16,540,294
Total Bank Equity Capital	$1,557,891
Tier 1 Leverage Ratio	7.57

The firm's overall Private Client Group (PCG) assets in fee-based accounts also hit a record, reaching $978.9 billion as of August 31, 2025, which is a 14% year-over-year increase.

You can see the scale of the key resource categories in this snapshot:

• Network of experienced financial advisors: Recruited $52 billion to $63 billion in assets in 12 months.
• Client assets under administration: Reached $1.73 trillion at fiscal year-end 2025.
• Total Assets (Balance Sheet): Stood at $88.23 billion as of September 30, 2025.
• Proprietary Technology Investment: Approximately $1 billion annually.
• Bank Loans (Net): Ended FY2025 at $51.6 billion.

Finance: draft 13-week cash view by Friday.

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.