Total assets in the retail business reached $908 billion, up 4.2 percent from the prior quarter and up 27.5 percent year over year. Private client net revenues were $1.13 billion for the fiscal third quarter, up 4 percent from last quarter and 25 percent a year ago.
Raymond James Financial Services, the company’s independent contractor unit, added 68 advisors in the quarter, to 4,289. The employee-based Raymond James Associates lost five reps, ending the quarter with 2,995 advisors.
Some advisors in the employee channel retired or went independent in the quarter, Reilly told analysts, but the overall recruiting trend in the employee channel is “very good,” he said.
Reilly said Raymond James also plans a “concerted effort” to beef up recruiting on the West Coast, where it has not had as strong a presence as in the east.