Raymond James Financial Inc. continues to be pleased with its success in adding financial advisors to its ranks. Raymond James reported a record of private client group financial advisors of 8,730, which demonstrates a net increase of 403 compared to last March.
The firm also is paying particular attention to rising interest rates, according to AdvisorHub. Paul Shoukry, Raymond James' chief financial officer shared that, "We should have significant upside from rising short-term interest rates." Raymond James calculated that, based on client's current domestic cash-sweep balances of $74 billion, Federal Reserve tightening moves that boost short-term interest rates by 100 basis points will translate into pretax income of $600 million per year for the company, according to Shoukry.
Raymond James predicts the retail wealth management industry is likely to experience a boost in revenue from rising interest rates in 2022. This is great news for the retail securities industry overall, which charges clients interest for borrowing on margin and captures the interest-rate spread on the cash clients hold in money market accounts.
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