Raymond James & Associates, Inc. is a financial services company that serves hundreds of thousands of invididual clients, as well as corporations, instititutions and municipalities. It predominantly works with non-high-net-worth individuals, as the firm does not require a minimum asset amount for its financial planning or consulting services for individuals. However, each of its investing program does generally require a minimum investment, which can range from $5,000 to $2 million.
Raymond James has a network of financial advisors in the U.S., Canada and other countries. The firm's headquarters is in St. Petersburg, Florida.
Raymond James Background
Raymond James originated in 1962, when founder Bob James incorporated his firm as Robert A. James. Two years later in 1964, Edward Raymond sold his firm, Raymond & Associates, to James, with the stipulation that James change his firm's name to Raymond James & Associates. Raymond James & Associates, Inc. has been public since 1983.
James founded the firm based on the belief that clients needed advice regarding the entirety of their financial situations, not just their investment decisions. The firm says it remains focused on long-term planning and methodical decision-making.
Raymond James Client Types and Minimum Account Sizes
Raymond James works with a wide range of clients. The firm serves individuals and families, as well as corporations and institutions. It's capable of providing advisory services to individual retirement accounts (IRAs), banks and thrift institutions, trusts, estates, charitable organizations, state and municipal government entities, pension and profit-sharing plans, investment advisors and other business entities.
Raymond James does not require a minimum amount of assets for its financial planning and consulting services. It does have set minimums required to open or maintain an account, however, and these minimums vary by account type:
- Raymond James Consulting Services: $25,000 to $2 million
- Multiple Discipline Account: $300,000 to $500,000
- Raymond James Research Portfolios: $100,000
- Freedom UMA Program: $300,000 to $2 million
- Portfolio Select Unified Managed Account: $200,000+
- Outside Manager Program: $100,000 to $200,000
- Freedom Strategies: $50,000
- American Funds Model Portfolios: $5,000
- Russell Investments Model Strategies: $25,000
- BlackRock Model Portfolios: $100,000
- Ambassador: $25,000
Services Offered by Raymond James
Raymond James offers a wide range of services, including:
- Investment solutions
- Financial planning
- Retirement planning
- Estate, charitable giving and trust services
- Banking and lending services
- Insurance solutions
- Institutional services
- Private wealth services
- Tax strategies
- Education planning
Many of the firm's services are specific to certain types of clients. For instance, for business owners it offers business succession planning, retirement plans and transition plan strategies, while for people who have come into sudden wealth it offers capital markets transaction, sale of real estate or other assets and exercise of stock options.
As reflected by the above account minimums, Raymond James offers a multitude of investment solutions. The firm divides its fee-based programs into two categories: managed and advisory accounts. The managed accounts are managed by either a third-party manager or Raymond James, while the advisory account programs allows clients to retain full investment authority and direct the individual investments made in their account.
Advisors recommend programs to clients based on their objectives, risk tolerance and current financial situation.
Raymond James Accounts for High-Net-Worth Individuals
Raymond James’ Private Wealth Services program is available for individuals and families with “significant wealth.” In this program, investors are provided direct access to the firm's top professionals and senior leaders, including wealth management consultants, portfolio solutions consultants and product specialists.
Hiring a Third-Party Manager Through Raymond James
Many of Raymond James' managed account programs are offered through third-party separately managed account (SMA) programs. SMA programs give clients the ability to choose investment management firms to manage their portfolios or provide recommendations in their accounts.
Raymond James will negotiate the management fee owed to SMA managers. Negotiations are typically based on the manager's assets under management in certain Raymond James' programs as well as expected sales and administrative service levels.
Raymond James Investment Philosophy
Raymond James' Asset Management Services division offers individual and institutional clients a wide range of portfolio options, which have different investment approaches and risk profiles. Its strategies include large- and small-cap equity, international equity, fixed income and a wide range of mutual funds and exchange-traded funds (ETFs), used individually or in combination with one another.
The firm recommends programs and strategies to clients based on their investment objectives, financial situations and risk tolerance. Generally, however, it recommends a diversified strategy that incorporates domestic and international equities and fixed income, as well as alternative asset classes like real estate and commodities.
Fees Under Raymond James
Raymond James may charge clients a percentage of assets under management, hourly charges, fixed fees and/or commissions for its investment advisory services. Clients have the option of negotiating either asset-based fee and/or commission rates with their advisor. The firm will aggregate all of a client's fee-based accounts and clients will pay a fee based on that aggregated account value.
Raymond James’ asset-based fee schedules and account minimums vary from program to program. Clients may also pay additional fees outside of Raymond James' set asset-based advisory fee. These fees may include safekeeping fees, charges/interest for maintenance and/or short positions and fees for legal or courtesy transfers of securities. Additionally, clients could incur management and operating expenses for funds.
Raymond James Awards and Recognition
Raymond James & Associates received multiple notable accolades in the wealth management sector. The firm was recognized in the Forbes Top Wealth Advisors Best-In-State lists for both 2023 and 2024, developed by SHOOK Research.
Additionally, several Raymond James advisors were acknowledged in the Forbes Top Women Wealth Advisors Best-In-State rankings in both years, highlighting their commitment to excellence in financial advising. Moreover, the company has consistently been part of prestigious rankings such as Barron's Top 250 Private Wealth Management Teams?
What to Watch Out For
As indicated by the above fees section, Raymond James' fee structure is far from simple. On the flip side, the extensive fee table also illustrates how many advisory program options clients have to choose from. If you decide to become a client, just be sure you fully understand what fees you will be paying, including those that are charged in addition to asset-based fees. Raymond James notes that the asset-based fee that clients pay for its advisory programs may be allocated differently depending on the program, which may disincentivize advisors to recommend certain programs to clients with smaller accounts.
Raymond James has 97 disclosures reported on its Form ADV. Though disclosures aren’t uncommon for large wealth management firms like Raymond James, it is always crucial to do your homework and ask questions.
Opening an Account With Raymond James
To find a Raymond James advisor near you, simply go to the firm's website and click on the “Find Advisor” button on the far right of the screen. You can then enter your zip code or the last name of a specific advisor into the search bar. The results will show you all of the advisors within a specified radius, which can be adjusted. From there, you can view each advisor or branch's website and reach out using the contact information provided.
To establish a managed account with Raymond James, investors must fully fund the account to the required minimum account level and submit all account opening paperwork and documentation.
Once you've established your account, you and your advisor will have a conversation about your needs, concerns, objectives, family and values. You can access your latest account information online through Investor Access.
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