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 .