Raymond James posted strong asset growth in its latest quarter while absorbing higher costs tied to advisor recruiting and retention, according to Financial Planning. Net new asset inflows reached $23 billion during the first three months of 2026, a 160 percent increase year over year.
The firm credited aggressive recruiting efforts for much of that group. However, the firm's expansion strategy came with higher expenses. According to Financial Planning, recruiting and retention compensation rose 25 percent year over year to $111 million. Advisor compensation overall, including commissions and benefits, increased 14 percent to $1.55 billion. As a result, income before taxes for the Private Client Group declined 3 percent to $416 million. Raymond James attributed the decline to lower interest-related revenues and costs associated with ongoing growth initiatives.
Financial Planning also reports that the firm has benefited from broader industry movement among advisors. Raymond James has attracted a significant number of advisors who previously worked at Commonwealth Financial Network following its acquisition by LPL Financial. Industry data indicates that more than 150 of those advisors have joined Raymond James.
Asset growth remained a key highlight. Assets under administration within the Private Client Group increased 15 percent to $1.478 trillion. Fee-generating assets surpassed $1 trillion, reflecting a 20 percent increase year over year and reinforcing the firm's focus on stable, recurring revenue streams.
Financial Planning reports that across all business lines, including capital markets, asset management, and banking, Raymond James reported record net revenue of $3.86 billion, up 13 percent year over year. Net income also rose 10 percent to $542 million.
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