8-K: Raymond James Reports Record Client Assets in February

Raymond James Financial, Inc. announced record client assets under administration of $1.83 trillion for February 2026, driven by market growth and net inflows.

Summary

• Record client assets under administration reached $1.83 trillion as of February 28, 2026, marking a 16% year-over-year increase and a 1% sequential increase from January 31, 2026.
• Private Client Group (PCG) assets under administration also grew 16% year-over-year to $1.76 trillion.
• PCG assets in fee-based accounts increased 21% year-over-year to $1.08 trillion and 2% sequentially, supported by robust advisor recruiting.
• Financial assets under management rose 16% year-over-year to $292.5 billion and 2% sequentially.
• Bank loans, net, increased 13% year-over-year to $54.0 billion.
• Clients domestic cash sweep and Enhanced Savings Program balances decreased 4% year-over-year and 1% sequentially to $54.6 billion.
• Investment banking revenues for the first two months of the current quarter are up approximately 5% from the first two months of the prior-year comparable period, despite timing of closings impacting revenues.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong report, highlighting robust asset growth across key segments and positive momentum in investment banking, despite a minor dip in cash balances.

Positives

• Record client assets under administration of $1.83 trillion, up 16% year-over-year.
• Strong growth in Private Client Group assets in fee-based accounts, up 21% year-over-year to $1.08 trillion.
• Overall financial assets under management increased 16% year-over-year to $292.5 billion.
• Bank loans, net, grew 13% year-over-year to $54.0 billion.
• Investment banking revenues for the first two months of the current quarter are up approximately 5% year-over-year.
• Robust advisor recruiting supported PCG assets in fee-based accounts growth.

Negatives

• Clients domestic cash sweep and Enhanced Savings Program balances decreased 4% year-over-year and 1% sequentially to $54.6 billion.
• Investment banking revenues are impacted by the timing of closings, despite strong pipelines and client activity.

Risks

• The limited nature of the monthly operating data means a consistent correlation to earnings should not be assumed.
• Timing of investment banking closings continues to impact revenues.

Future Outlook

Investment banking pipelines and client activity levels remain strong, suggesting potential for future revenue growth, although the timing of deal closings continues to be a factor impacting current revenues.

Management Comments

• "Record client assets under administration of $1.83 trillion grew 16% year-over-year primarily driven by higher equity markets and net asset inflows."
• "PCG assets in fee-based accounts increased 2% over the preceding month supported by robust advisor recruiting."
• "Clients domestic cash sweep and Enhanced Savings Program balances of $54.6 billion decreased 1% sequentially."
• "The investment banking pipelines and client activity levels remain strong, but the timing of closings continues to impact our revenues."

Industry Context

StockSavvy.ai notes that the growth in client assets and fee-based accounts aligns with broader industry trends of increasing wealth management demand and a shift towards advisory services, benefiting from generally positive equity market performance. The slight decline in cash sweep balances could indicate clients reallocating cash into investments or higher-yielding alternatives, a common trend in a dynamic interest rate environment.

Comparison to Industry Standards

• Raymond James' 16% year-over-year growth in client assets under administration to $1.83 trillion is competitive within the diversified financial services sector, aligning with asset growth trends reported by major wirehouses like Morgan Stanley and UBS, often driven by market appreciation and net new assets.
• The 21% year-over-year increase in PCG assets in fee-based accounts to $1.08 trillion demonstrates strong performance in a key growth area for wealth management firms, potentially outpacing some regional competitors and aligning with the industry-wide shift towards recurring revenue models.
• The 5% year-over-year increase in investment banking revenues for the first two months of the quarter, while positive, suggests a more moderate recovery compared to some larger bulge bracket firms that might see more volatile but potentially higher percentage swings in a recovering M&A and capital markets environment.

Stakeholder Impact

• Shareholders: Positive impact due to record client assets, strong growth in fee-based accounts, and increased investment banking revenues, indicating healthy business performance and potential for future profitability.
• Employees (Advisors): Robust advisor recruiting and growth in fee-based accounts suggest a supportive environment for financial advisors, potentially leading to increased compensation opportunities.
• Clients: Benefit from strong asset management and private client group services, with continued growth indicating client trust and satisfaction.

Key Dates

Recommendation

The report indicates robust growth across key financial metrics, including record client assets and significant increases in fee-based accounts and assets under management. The positive trend in investment banking revenues, coupled with strong pipelines, suggests continued momentum. While cash sweep balances saw a slight decline, the overall picture points to a healthy and expanding business, making it an attractive investment.

Keywords

Raymond James, RJF, financial services, client assets, assets under administration, wealth management, investment banking, financial reporting, operating data, February 2026