Raymond James Hits $1.94 Trillion With an Advisor-Recruiting Engine and an In-House AI Agent

Raymond James closed fiscal 2026 with record net revenues of $15.79B, diluted EPS of $11.91 (up from $10.30), and a record $1.94T in client assets. Behind the numbers sits a $1.1B annual technology budget, a proprietary generative AI agent called Rai, and a recruiting machine that pulled in $98.3B of domestic net new assets, up 88%.

RJF · Financials · November 09, 2026

S&P 500 Position

RJF sits in Financials, in the Investment Banking & Brokerage industry, alongside far larger names such as Morgan Stanley, Goldman Sachs, and Charles Schwab, plus Interactive Brokers. Its distinct position is the advisor-centric middle ground. It offers more advisor autonomy than wirehouse wealth units and more balance sheet, banking, and capital markets capability than pure independent broker-dealers. That combination drives its recruiting success.

Index Weight: Data unavailable | Rank: Data unavailable. Fiscal 2026 net income of $2.37B and diluted EPS of $11.91 imply roughly 199M diluted shares, or about $33B in market value at $167.80. That places RJF in the lower half of the index by size.

Company Overview

Raymond James runs the advisor-platform playbook at full throttle. Fiscal 2026 ended Sept. 30 with record quarter-end client assets under administration of $1.94 trillion and record Private Client Group fee-based assets of $1.16 trillion. Domestic PCG net new assets hit a record $98.3 billion, up 88% from fiscal 2025. Under CEO Paul Shoukry, who took over in February 2025, the firm has won advisors away from rivals and reached record advisor headcount. Every recruited advisor brings a book of assets onto Raymond James' custody, banking, and managed-account rails, which is the whole business model in one sentence. The technology story is what makes RJF interesting to engineers. The firm spends $1.1 billion a year on technology, roughly 7% of fiscal 2026 net revenues. That budget now carries a visible AI layer. In January 2026 the firm launched Rai, a proprietary generative AI operations agent. Raymond James reports more than 10,000 regular users of conversational AI internally and about 3.2 million lines of AI-generated code each month, produced under developer oversight. It has also created three new roles to steer this work: a Chief AI Officer, a Chief Architect, and an AI Academy for advisors. The AWS partnership expansion supplies the data and analytics backbone. The firm is also adding product breadth through acquisitions. GreensLedge strengthens structured-products distribution inside Capital Markets. Clark Capital, an asset manager built for advisor channels, helped push Asset Management revenue up 30% year over year in fiscal Q4. The strategy is coherent: recruit advisors, wrap their assets in fee-based programs, sweep cash into the Bank, and fill model portfolios with in-house asset management. Technology is the connective tissue that keeps an independent-minded advisor force productive and loyal.

Products & Revenue

Private Client Group is the business; everything else monetizes the assets PCG gathers. PCG generated $11.48B of fiscal 2026 net revenues (+13%) and $1.74B of pre-tax income. Its pre-tax income grew only 1% on 13% revenue growth, so PCG margins compressed sharply in the year it posted record asset inflows. The higher-margin engines sit downstream. Asset Management earned $593M pre-tax on $1.42B of revenue, about a 42% margin, fueled by fee-based asset growth and Clark Capital. The Bank segment's pre-tax income jumped 48% to $725M on the back of advisor-sourced deposits and lending. Capital Markets is the cyclical swing factor: revenue rose 6% to $1.87B, while pre-tax income rose 47% to $214M as operating leverage kicked in.

Private Client Group (71.6%): The advisor platform spanning employee, independent, and RIA affiliation models, with custody, fee-based account programs, and advisor-facing technology. Q4 net revenues were a record $3,056M, up 15%, with $458M of pre-tax income.

Capital Markets (12.9%): Investment banking, M&A advisory, and fixed income and equity sales and trading, now including GreensLedge's structured-products distribution. Q4 net revenues were $549M with $106M of pre-tax income.

Bank (11.3%): Raymond James' banking subsidiaries, which hold client cash and extend securities-based, mortgage, and corporate loans. Q4 net revenues were $483M (+5% YoY, -1% QoQ), with $180M of pre-tax income.

Asset Management (9.6%): Managed-account programs and in-house investment managers, including the newly acquired Clark Capital, that run the portfolios behind PCG fee-based assets. Q4 net revenues rose 30% to $409M, and pre-tax income rose 29% to $170M.

Percentages are fiscal Q4 2026 (quarter ended Sept. 30, 2026) segment net revenues divided by consolidated net revenues of $4.27B, per the Oct. 28, 2026 earnings release and call. They sum to more than 100% because of intersegment eliminations and the Other segment. On a full-year basis, PCG was 72.7%, Capital Markets 11.8%, and Asset Management 9.0% of $15.79B. Full-year Bank revenue was not available in the research.

Leadership

Paul Shoukry

CEO since 2025. Shoukry became CEO on Feb. 20, 2025, moving up from President. Before that he was CFO, a role he handed to Butch Oorlog in October 2024. Predecessor Paul Reilly moved to Executive Chair. Shoukry's first year was defined by recruiting advisors from rival firms and reaching record advisor headcount. His tenure so far pairs aggressive organic growth with steady institutionalization of AI and architecture leadership.

Stuart Feld, Chief Artificial Intelligence Officer: Feld was promoted into this newly created role in February 2025 as the firm's principal AI architect. He owns enterprise-wide AI direction behind efforts like the Rai operations agent.

Andy Zolper, Chief Information Officer: Zolper leads the global technology organization after nine years as CISO and three as IT COO. That security-first pedigree shapes how a regulated broker-dealer rolls out generative AI, and he fronted the May 2026 AI Academy launch.

Seth Ford, SVP and Chief Architect: Ford was appointed around June 2026 to accelerate enterprise technology and AI adoption. His job is to make the architecture underneath a multi-channel advisor platform able to absorb agentic tooling.

Tash Elwyn, President, Private Client Group: Elwyn runs the segment that produced 72.7% of fiscal 2026 net revenues and a record $98.3B of domestic net new assets. Advisor recruiting and retention, the core growth lever, sits with him.

Butch Oorlog, Chief Financial Officer: Oorlog has been CFO since October 2024, after serving as chief accounting officer. He presented the fiscal 2027 outlook, including the plan to resume buybacks at a $400M quarterly pace.

The AI Angle

Proprietary agents on a $1.1B tech budget

Raymond James has shipped AI into production. On Jan. 27, 2026 it launched Rai, a proprietary generative AI agent aimed at operational excellence: the back- and middle-office work that slows advisors and service associates. The firm reports more than 10,000 regular users of conversational AI, which is broad adoption for a workforce of this size. On the engineering side, about 3.2 million lines of code are generated by AI each month under developer oversight. AI-assisted development is now a material share of the firm's software output, not a pilot. The model strategy is build-on-partner. Rai is proprietary at the agent layer, while the data and analytics foundation comes from an expanded Amazon Web Services partnership aimed at advisor-facing insights. The AI Academy, launched in May 2026, trains advisors on prompting, agent productivity, and Microsoft 365 integrations. That curriculum shows the advisor-facing productivity layer lives inside Microsoft's ecosystem. In short, Raymond James owns the orchestration and workflow logic, rents hyperscaler infrastructure, and uses commercial copilots at the desktop. The leadership bench is deliberate. Stuart Feld holds the newly created Chief AI Officer title. Andy Zolper, a nine-year CISO turned CIO, runs technology delivery. Seth Ford arrived around mid-2026 as Chief Architect specifically to speed enterprise tech and AI adoption. That three-way split separates AI strategy, delivery, and platform architecture, which is the right structure for a firm integrating acquisitions like Clark Capital and GreensLedge while adding agents to legacy brokerage systems. The competitive logic is advisor retention. Raymond James competes for advisors against wirehouses and independent broker-dealer platforms, and technology quality is a deciding factor when an advisor chooses where to move a book. AI that removes operational friction is a recruiting weapon, and the record net new asset numbers show the platform is winning. The risks are the usual ones for a regulated wealth manager: supervision and recordkeeping of AI-generated client communications, data security across a hybrid AWS and Microsoft stack, and code-quality debt from millions of machine-generated lines. Zolper's security background is the firm's hedge against that last category.

Financial Snapshot

Revenue (TTM): $17.07B TTM total revenues (period ended Sept. 30, 2026); $15.79B FY2026 net revenues | Net Income: $2.37B

Margins: Gross not meaningful for a broker-dealer; operating data unavailable; net 13.9% on TTM total revenues (15.0% on net revenues)

Fiscal 2026 set records across the board. Net revenues rose 12% to $15.79B and diluted EPS rose 16% to $11.91. Fiscal Q4 adjusted EPS of $3.59 and revenue of $4.27B beat consensus of $3.26 and $4.20B. The firm repurchased $1.25B of stock at an average of $156 in fiscal 2026, slowed to $50M in Q4, and plans a $400M quarterly pace in fiscal 2027. At that pace it will exhaust the remaining $1.05B authorization within three quarters, so a refreshed authorization is a near-term certainty given $1.9B of excess capital.

1-Year Performance

$167.80. YoY change data unavailable. The stock trades about 8% above the $156 average price the company paid for $1.25B of buybacks in fiscal 2026.

The Oct. 28 fiscal Q4 print is the latest catalyst. Record quarterly net revenues of $4.27B (+15%), a beat on both EPS and revenue, and record client assets of $1.94T reinforce the organic-growth narrative. The weak spot is PCG pre-tax income growth of 1% on 13% revenue growth, while Bank (+48%) and Capital Markets (+47%) pre-tax income carried the earnings expansion. The fiscal 2027 buyback restart gives the shares a mechanical tailwind.