Raymond James

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Raymond James Financial Inc.
Type Public (NYSE: RJF)
Founded 1962
Headquarters St. Petersburg, Florida
Key people Paul Reilly, Chairman & CEO
Chet Helck, President & COO
Industry Investment services
Products Financial Services Investment Banking
Revenue Green Arrow Up.svg$2.632 billion USD (2006)
Employees 6,361 (2005)
Website www.raymondjames.com

Raymond James is a diversified holding company that provides financial services to individuals, corporations and municipalities through subsidiary companies. There are three wholly owned broker/ dealers within the company: Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. Raymond James Investment Services Limited is a majority-owned independent contractor subsidiary in the United Kingdom. With more than 4,750 financial advisors serving approximately 1.6 million accounts in 2,200 locations throughout the United States, Canada and overseas, Raymond James’ total client assets are currently near $215 billion, of which approximately $37.1 billion are managed by the firm’s asset management subsidiaries.[1] Raymond James headquarters is located in St. Petersburg, Florida on the 15- acre Raymond James Financial campus in a 180, 000- square-foot four-tower complex. [2]


Contents

[edit] History

Raymond James was founded in 1962 by Robert James as Robert A. James Investments. During its first fiscal year, the business produced less than $100,000 in revenue. In 1964 Robert A. James Investments merged with Raymond and Associates, an investment company run by Edward Raymond, forming Raymond James & Associates (RJ&A). In 1966, Robert James’ son, Thomas A. James, joined the firm after his 1966 graduation from Harvard business school. That year the company’s fiscal year revenue increased to $1.2 million.[3] In 1969, Thomas James became CEO of Raymond James, and Raymond James Financial (RJF) was incorporated as a holding company. During 1973, Raymond James & Associates gained membership on the New York Stock Exchange. The 1973-74 recession and stock market crash created havoc for Raymond James, and five of 14 offices closed. In 1979, the company was cited for its leadership in the area of financial planning services, and a year later, the company’s net income exceeded $1 million for the first time. The company completed a $14 million initial public offering in 1983. Three years later, the New York Stock Exchange approved Raymond James’ stock for listing symbol: RJF. The company expanded internationally when Raymond James & Associates opened offices in Paris, France, in 1987, then in Geneva, Switzerland, in 1988.[4]


The company’s fiscal year revenue continued to increase, and by 1997 Raymond James’ fiscal year had reached $927 million. In 1998 the company purchased the naming rights to Tampa’s football stadium. The purchase of the stadium naming rights exposed the company on a local level relating the Raymond James name with a significant landmark in the Tampa Bay area. A year later the Investment Management & Research (IM&R) and Robert Thomas Securities merged to form Raymond James Financial Services. Also during this year, Raymond James & Associates acquired Roney & Co., a regional firm with 320 financial advisors in 28 offices in Michigan, Indiana and Ohio.[5]


In 2001, Raymond James Stadium hosted Super Bowl XXXV which provided the company with national exposure. 2002 was an important year for the company when Chet Helck was named the President and COO of Raymond James, Dick Averitt was named chairman and CEO of Raymond James Financial Services, and the company was named to Fortune 1000 “most admired company” list. The firm is named best-managed financial firm by Forbes magazine in 2005, and a new series of television and media ads is launched that features the tag line “individual solutions from independent advisors.” [6] The newly released media ads focused on the commitment of Raymond James advisors to generate and deliver customized client solutions. Another important acquisition that year was the purchase of a Southfield, Michigan office to serve financial advisors and clients if there were ever a need to temporarily close the St. Petersburg headquarters. In 2007, Raymond James was ranked 16th on BusinessWeek’s list of the top 25 “client-pleasing brands” nationally. [7]

[edit] Company Culture

Raymond James has been recognized nationally for its community support and corporate philanthropy. The company has been ranked as one of the best in the country in customer service as a great place to work and as a national leader in support of the arts. The company is passionate about charity, and is a top corporate sponsor of the United Way of Tampa Bay. Education is also an important priority, where programs such as Junior Achievement, the Florida Council on Economic Education’s Stock Market Game, the Partnership to Advance School Success and a program of the Florida Council of 100 are offered to help students develop the necessary skills to become successful business people. [8]

[edit] The Arts

Along with charity and education, Raymond James is a major supporter of the arts. The company has been the title sponsor of the Raymond James Gasparilla Festival of the Arts since 2003, providing financial support and volunteers for the festival. The firm’s corporate headquarters is home to The Tom and Mary James/Raymond James Financial Art Collection, which is one of Florida’s largest private art collections, consisting of over 1,800 pieces. The collection includes original paintings, sculptures, and graphic prints and posters. More than 90% of the collection is owned by Tom James, Chairman of the Board and CEO of Raymond James Financial, and his wife Mary. Raymond James company culture continues to commit its efforts to ensuring the arts remains a central part of the Tampa Bay community. [9]

[edit] Rankings

First in J.D. Power & Associates 2008 Rankings of Investor Satisfaction. [10]

Second in average Assets Under Management (AUM) per advisor for an independent B/D at $38 Billion. [11]

First in market capitalization of the largest U.S.-based investment banks. http://www.tradingmarkets.com/.site/news/Stock%20News/1897359/

First in number of home office staff for an independent B/D at 1,867 employees.[12]

Second in ratio of reps to home office staff for an independent B/D at (1.7:1).[13]

Fourth in the number of producing reps for an independent Broker/Dealer (B/D) at 3,130.[14]

Fifth in average annual gross production per advisor for an independent B/D at $290,018.[15]

Listed in the top 25 of Business Week’s “Customer Service Elite” rankings.[16]

In overall advisor satisfaction rankings Edward Jones scored the highest, followed by LPL, A.G. Edwards, Raymond James and Merrill Lynch. [17]

[edit] References

  1. ^ RaymondJames.com. 2008. Raymond James Financial. 7 November 2008. http://www.raymondjames.com/about/index.htm
  2. ^ RaymondJames.com. 2008. Raymond James Financial. 7 November 2008. http://www.raymondjames.com/about/history.htm
  3. ^ RaymondJames.com. 2008. Raymond James. 13 November 2008.http://www.raymondjames.com/about/history.htm.
  4. ^ RaymondJames.com. 2008. Raymond James. 13 November 2008.http://www.raymondjames.com/about/history.htm.
  5. ^ RaymondJames.com. 2008. Raymond James. 13 November 2008.http://www.raymondjames.com/about/history.htm.
  6. ^ RaymondJames.com. 2008. Raymond James. 13 November 2008.http://www.raymondjames.com/about/history.htm.
  7. ^ RaymondJames.com. 2008. Raymond James. 13 November 2008.http://www.raymondjames.com/about/history.htm.
  8. ^ RaymondJames.com. 2008. Raymond James. 13 November 2008.http://www.raymondjames.com/about/charitable_giving.htm
  9. ^ RaymondJames.com. 2008. Raymond James. 13 November 2008. http://www.raymondjames.com/art/index.htm
  10. ^ JDPower.com. July, 2008. 13 October [2008]]. http://www.jdpower.com/corporate/news/releases/pressrelease.aspx?ID=2008102
  11. ^ InvestmentAdvisor.com. June, 2007. Investment Advisor. 1 August 2007. http://www.investmentadvisor.com/directories/0602-BDDirectory-FORWEB.pdf
  12. ^ InvestmentAdvisor.com. June, 2007. Investment Advisor. 1 August 2007. http://www.investmentadvisor.com/directories/0602-BDDirectory-FORWEB.pdf
  13. ^ InvestmentAdvisor.com. June, 2007. Investment Advisor. 1 August 2007. http://www.investmentadvisor.com/directories/0602-BDDirectory-FORWEB.pdf
  14. ^ InvestmentAdvisor.com. June, 2007. Investment Advisor. 29 June 2007. http://www.investmentadvisor.com/directories/0602-BDDirectory-FORWEB.pdf>
  15. ^ InvestmentAdvisor.com. June, 2007. Investment Advisor. 1 August 2007. http://www.investmentadvisor.com/directories/0602-BDDirectory-FORWEB.pdf
  16. ^ BusinessWeek.com. March 5, 2007. Businessweek Customer Satisfaction Survey. 29 June 2007. http://bwnt.businessweek.com/interactive_reports/customer_satisfaction/index.asp
  17. ^ RegisteredRep.com. May 2, 2007. Registered Rep. 28 June 2007. http://registeredrep.com/advisorland/Not_About_Money/index.html
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