Raymond James CEO Highlights Advisor Growth, Expands AI Investment

Raymond James CEO Paul Shoukry said the firm is seeing continued growth in client assets and advisor recruitment, while increasing its investment in artificial intelligence to support its wealth management business. Speaking on CNBC from the New York Stock Exchange, Shoukry said client assets rose 15% year over year, with fee-based assets up 20% .

The gains were driven by advisor retention and recruiting. Shoukry said the firm maintained strong retention rates despite a competitive hiring environment and added experienced advisors at a faster pace in the first half of the fiscal year compared to the same period last year . The firm claims to operate a network of nearly 9,000 financial advisors, which remains central to its growth strategy.

Raymond James has also increased spending to support that strategy. The company allocated hundreds of millions of dollars toward recruiting and retention in recent periods, reflecting industry-wide competition for advisors. Net new assets have followed, with billions added quarterly alongside market gains.

Advisor model holds as AI expands

Shoukry said market volatility and geopolitical risks have affected client sentiment, but investors have largely remained committed to long-term allocations. He said advisors are helping clients stay invested and rebalance during market dips rather than reacting to short-term news cycles .

He also addressed the role of AI in wealth management, describing it as an enhancement to the advisor model rather than a replacement. “Advisors are expected to do more now, provide more holistic and bespoke financial advice, and AI actually helps that,” Shoukry said . He added that personal relationships between advisors and clients remain a core differentiator, even as technology adoption increases.

Industry data shows a similar pattern, with most advisors viewing AI as a tool to improve productivity rather than displace human roles. Across sectors, AI adoption is often positioned as augmenting professional decision-making rather than replacing it, as seen in other enterprise contexts.

AI investment targets personalization and cybersecurity

Raymond James is expanding its technology investment to support these capabilities. Shoukry said the firm spends more than $1 billion annually on technology, with AI representing the fastest-growing component from a smaller base . The company is applying AI to cybersecurity, using it to detect and respond to threats more quickly as attack methods become more complex.

AI is also being deployed to improve personalization in wealth management. Shoukry said the technology allows advisors to deliver more tailored financial advice to a larger number of clients without reducing quality . This aligns with broader enterprise trends where firms are integrating AI into workflows to scale output while maintaining service quality.

Beyond wealth management, the firm’s capital markets segment is also expanding. Shoukry said revenue in the business rose about 17% year over year, supported by a strong investment banking pipeline and demand from financial sponsors . Industry data shows deal activity remains tied to market conditions, with private equity firms holding significant capital for future transactions.

Shoukry said the pipeline reflects both buyer demand and delayed exits from prior investments. He added that execution will depend on market stability supporting transactions.

The firm’s strategy continues to center on expanding its advisor base while layering in technology to increase efficiency and scale. Enterprise adoption of AI is becoming a broader priority across industries, with organizations increasing investment to improve decision-making and operations.