Company History
More than 45 years ago, Robert A. James set out to create a different kind of financial services firm. Rather than “selling” certain investments, he recognized the key to long-term success was financial planning - understanding each individual‘s personal needs and dreams for the future, then offering targeted solutions. He also believed that an independent approach - one that allowed financial advisors the freedom to provide unbiased advice without being pressured by sales quotas or underlying corporate agendas - was crucial to fulfilling his goal.
Today, James‘ pioneering philosophy remains key to our firm‘s prosperity, as well as to our reputation for leadership in the industry. It‘s what drives us to constantly improve our practices, our capabilities … ultimately, our services. Raymond James was one of the first firms to provide clients with wrap-fee accounts, as well as one of the first to offer forward-looking open-end mutual fund research. We were also the first financial services firm to provide investors with a Client Bill of Rights, a detailed explanation of their rights and responsibilities recently adopted by the Securities Industry Association. Today we offer our financial advisors their own Bill of Rights, as well.
Our innovative culture has led to our tremendous growth over the years. From a single office in 1962, Raymond James has matured into one of the nation‘s premier, full-service investment firms with nearly 5,000 financial advisors in 2,200 locations serving clients throughout the United States, Canada and overseas.
Although our company has undergone considerable change, our philosophy hasn‘t. We remain an independent firm dedicated to placing clients‘ needs first, as well as treating our financial advisors as our clients. In today‘s environment, many advisors view that as an important distinction from other firms. What‘s more, their clients see it the same way... which is why so many advisors continue to choose Raymond James as their partner in serving them.
The highlights that follow trace the company’s successful path from a single office to its current multinational presence.
1962
Year-end close of Dow Jones Industrial Average: 652.1
Average daily volume on the NYSE (in millions): 3.8
Raymond James fiscal year revenue: Under $100,000
Key Facts/Events:
- Robert A. James Investments incorporates.
- Howard Spangler becomes the firm’s first client.
- Ray Gussler joins as firm’s first financial advisor.
- Applications made for membership on Philadelphia-Baltimore-Washington Stock Exchange.
1963
Year-end close of Dow Jones Industrial Average: 762.95
Average daily volume on the NYSE (in millions): 4.6
Raymond James fiscal year revenue: $100,000
Key Facts/Events:
- Profit sharing plan adopted for Raymond James & Associates employees.
1964
Year-end close of Dow Jones Industrial Average: 874.13
Average daily volume on the NYSE (in millions): 4.9
Raymond James fiscal year revenue: $200,000
Key Facts/Events:
- Raymond and Associates merges into Robert A. James Investments and the firm of Raymond James & Associates (RJ&A) is formed.
1965
Year-end close of Dow Jones Industrial Average: 969.26
Average daily volume on the NYSE (in millions): 6.2
Raymond James fiscal year revenue: $600,000
1966
Year-end close of Dow Jones Industrial Average: 785.69
Average daily volume on the NYSE (in millions): 7.2
Raymond James fiscal year revenue: $1.2 million
Key Facts/Events:
- Thomas A. James joins firm.
1967
Year-end close of Dow Jones Industrial Average: 905.11
Average daily volume on the NYSE (in millions): 10.1
Raymond James fiscal year revenue: $1.7 million
Key Facts/Events:
- Investment Management & Research (IM&R) forms as an affiliate broker/dealer to engage in investment banking activities.
- Corporate Headquarters moves to 8,000-square-foot building.
1968
Year-end close of Dow Jones Industrial Average: 943.75
Average daily volume on the NYSE (in millions): 13.0
Raymond James fiscal year revenue: $2.3 million
Key Facts/Events:
- Planning Corporation of America subsidiary forms as general insurance agency.
- Tenth branch opens.
- RJ&A Commences floor brokerage and specialist operations on the Philadelphia Stock Exchange.
1969
Year-end close of Dow Jones Industrial Average: 800.36
Average daily volume on the NYSE (in millions): 11.4
Raymond James fiscal year revenue: $3.0 million
Key Facts/Events:
- First annual Raymond James Invitational Art Show.
- Raymond James Financial (RJF) incorporates as a holding company.
- RJ&A joins Midwest Stock Exchange.
- IM&R merges into RJ&A to become Investment Banking Department.
- RJ&A completes first successful public stock underwriting for ABA Industries.
- RJ&A approves its Employee Stock Option Plan for Associates.
- 1969 Tax Act passes.
1970
Year-end close of Dow Jones Industrial Average: 838.92
Average daily volume on the NYSE (in millions): 11.6
Raymond James fiscal year revenue: $3.3 million
Key Facts/Events:
- In January, Tom James becomes CEO.
- The firm includes 165 financial advisors supported by 60 Corporate Headquarters Associates.
- Money market funds introduced.
1971
Year-end close of Dow Jones Industrial Average: 890.2
Average daily volume on the NYSE (in millions): 15.4
Raymond James fiscal year revenue: $4.0 million
Key Facts/Events:
- RJ&A introduces computers to improve operating efficiency.
1972
Year-end close of Dow Jones Industrial Average: 1020.02
Average daily volume on the NYSE (in millions): 16.1
Raymond James fiscal year revenue: $5.1 million
Key Facts/Events:
1973
Year-end close of Dow Jones Industrial Average: 850.86
Average daily volume on the NYSE (in millions): 16.5
Raymond James fiscal year revenue: $4.9 million
Key Facts/Events:
- Training of Associates begins, leading to the formation of Raymond James University.
- RJ&A gains membership on the New York Stock Exchange
1974
Year-end close of Dow Jones Industrial Average: 616.24
Average daily volume on the NYSE (in millions): 13.9
Raymond James fiscal year revenue: $4.5 million
Key Facts/Events:
- IM&R reactivates as an independent contractor broker/dealer.
1975
Year-end close of Dow Jones Industrial Average: 858.71
Average daily volume on the NYSE (in millions): 18.6
Raymond James fiscal year revenue: $6.2 million
Key Facts/Events:
- RJ&A becomes a Registered Investment Advisor with the Securities and Exchange Commission, forms Eagle Asset Management.
- RJF establishes Employee Stock Ownership Trust.
- SEC enacts "May Day," deregulating commissions.
1976
Year-end close of Dow Jones Industrial Average: 1004.65
Average daily volume on the NYSE (in millions): 21.2
Raymond James fiscal year revenue: $9.3 million
Key Facts/Events:
- Corporate Headquarters expands by 9,000 square feet.
- 1976 Tax Act passes.
1977
Year-end close of Dow Jones Industrial Average: 831.17
Average daily volume on the NYSE (in millions): 20.9
Raymond James fiscal year revenue: $10.6 million
Key Facts/Events:
- American Stock Exchange approves RJ&A for membership.
- RJ Oil & Gas subsidiary incorporates as general partner for oil and gas limited partnerships.
1978
Year-end close of Dow Jones Industrial Average: 805.01
Average daily volume on the NYSE (in millions): 32.3
Raymond James fiscal year revenue: $15.9 million
Key Facts/Events:
- The firm includes 184 financial advisors supported by nearly 160 Corporate Headquarters Associates.
1979
Year-end close of Dow Jones Industrial Average: 838.74
Average daily volume on the NYSE (in millions): 32.3
Raymond James fiscal year revenue: $20 million
Key Facts/Events:
1980
Year-end close of Dow Jones Industrial Average: 963.98
Average daily volume on the NYSE (in millions): 44.9
Raymond James fiscal year revenue: $29.8 million
Key Facts/Events:
- Robert Thomas Securities (RTS) subsidiary forms as independent contractor broker/dealer.
- RJ Properties subsidiary forms as real estate general partner.
- RJF’s net income exceeds $1 million for first time.
1981
Year-end close of Dow Jones Industrial Average: 875.00
Average daily volume on the NYSE (in millions): 46.9
Raymond James fiscal year revenue: $35.4 million
Key Facts/Events:
1982
Year-end close of Dow Jones Industrial Average: 1046.55
Average daily volume on the NYSE (in millions): 65.1
Raymond James fiscal year revenue: $39.2 million
Key Facts/Events:
- RJ Leasing subsidiary forms as general partner for equipment leasing limited partnerships.
- RJF moves to new 85,000-square-foot Corporate Headquarters.
1983
Year-end close of Dow Jones Industrial Average: 1258.64
Average daily volume on the NYSE (in millions): 85.3
Raymond James fiscal year revenue: $70.5 million
Key Facts/Events:
- Founder & Chairman Bob James, dies May 20 aged 62.
- RJF completes $14 million initial public offering.
1984
Year-end close of Dow Jones Industrial Average: 1211.56
Average daily volume on the NYSE (in millions): 91.1
Raymond James fiscal year revenue: $58.8 million
Key Facts/Events:
1985
Year-end close of Dow Jones Industrial Average: 1546.67
Average daily volume on the NYSE (in millions): 109.2
Raymond James fiscal year revenue: $81.2 million
Key Facts/Events:
- RJF pays first dividend.
- Raymond James Limited Partnership Trading Desk organizes.
- Heritage Family of Funds organizes.
1986
Year-end close of Dow Jones Industrial Average: 1895.95
Average daily volume on the NYSE (in millions): 141
Raymond James fiscal year revenue: $113.9 million
Key Facts/Events:
- New York Stock Exchange approves Raymond James’ stock for listing (symbol: RJF).
- RJF completes $16.5 million convertible bond and 345,000 common share offering.
- Ralph Bloch becomes RJ&A’s first technical analyst.
- RJ&A organizes Public Finance Department.
- RJ&A creates Investment Advisory Services Division.
1987
Year-end close of Dow Jones Industrial Average: 1938.8
Average daily volume on the NYSE (in millions): 188.9
Raymond James fiscal year revenue: $144.3 million
Key Facts/Events:
- RJF moves to 15-acre Raymond James Financial campus and constructs a 180,000-square-foot building.
- The Dow Jones Industrial Average plunges 508 points on October 19.
- The Dow Jones closes over 2000 for the first time.
- RJ&A opens the first of its international offices in Paris, France.
1988
Year-end close of Dow Jones Industrial Average: 2168.60
Average daily volume on the NYSE (in millions): 161.5
Raymond James fiscal year revenue: $169.7 million
Key Facts/Events:
- RJ&A opens office in Geneva, Switzerland.
- RJ&A is the first firm outside of New York City to offer its clients the New York Stock Exchange ’s Individual Investor Express Delivery Service.
- Introduction of Elite Investment Account, a cash management program.
RJ&A initiates Stock Loan Department.
1989
Year-end close of Dow Jones Industrial Average: 2753.2
Average daily volume on the NYSE (in millions): 155.5
Raymond James fiscal year revenue: $226.4 million
Key Facts/Events:
- RJ&A’s research and asset allocation results begin appearing in Zacks Investment Research, as reported by The Wall Street Journal.
- October mini-crash sends Dow down 190 points in one day.
1990
Year-end close of Dow Jones Industrial Average: 2633.66
Average daily volume on the NYSE (in millions): 156.8
Raymond James fiscal year revenue: $256.7 million
Key Facts/Events:
- Our corporate culture commitment to client service formalizes under the name Service 1st.
1991
Year-end close of Dow Jones Industrial Average: 3168.83
Average daily volume on the NYSE (in millions): 178.9
Raymond James fiscal year revenue: $286 million
Key Facts/Events:
- RJF purchases additional 15 acres for its Corporate Headquarters campus.
- Dow closes over 3000 for the first time.
1992
Year-end close of Dow Jones Industrial Average: 3301.11
Average daily volume on the NYSE (in millions): 202.3
Raymond James fiscal year revenue: $361.1 million
Key Facts/Events:
- We expand into a second 120,000-square-foot building on our campus.
- Raymond James Trust Company subsidiary forms.
1993
Year-end close of Dow Jones Industrial Average: 3654.09
Average daily volume on the NYSE (in millions): 264.5
Raymond James fiscal year revenue: $451.7 million
1994
Year-end close of Dow Jones Industrial Average: 3834.44
Average daily volume on the NYSE (in millions): 291.4
Raymond James fiscal year revenue: $507.1 million
Key Facts/Events:
- First offering of our unique Transaction Information Report confirmation.
- Acquisition of the Sound Trust Company of Tacoma, WA.
- Introduction of the PASSPORT Investment Account.
- Publication of our Client Bill of Rights.
- Raymond James Bank subsidiary organizes.
- Incorporation of ASK/Raymond James, our joint venture in Bombay, India.
1995
Year-end close of Dow Jones Industrial Average: 5117.12
Average daily volume on the NYSE (in millions): 346
Raymond James fiscal year revenue: $554.1 million
Key Facts/Events:
- Investment Banking Department opens offices in Dallas and Boston. Fixed Income Department opens offices in Boston, Los Angeles and Houston.
- Raymond James Bank introduces FDIC-insured savings accounts and certificates of deposit.
- Dow Jones Industrial Average crosses 5000 for the first time.
- The firm launches first national TV advertising campaign on CNN and CNBC.
- RJ&A purchases special posts on Chicago, Pacific Coast and Philadelphia Stock Exchanges.
- The firm includes 800 locations, 2,400 financial advisors and 1,500 Associates at Corporate Headquarters.
1996
Year-end close of Dow Jones Industrial Average: 6448.27
Average daily volume on the NYSE (in millions): 412
Raymond James fiscal year revenue: $721.7 million
Key Facts/Events:
- Incorporation of Raymond James Stewart, our South African joint venture.
- Total number of locations increases to more than 1,000.
- Creation of Equity Capital Markets Group.
- Raymond James Bank introduces first mortgages, home equity loans and lines of credit.
- Introduction of our World Wide website.
- Dow Jones Industrial Average crosses 6000 for the first time.
- Clients gain access to their account information via the Internet.
- Dividend reinvestment program made available.
1997
Year-end close of Dow Jones Industrial Average: 7908.25
Average daily volume on the NYSE (in millions): 525.3
Raymond James fiscal year revenue: $927.6 million
Key Facts/Events:
- Raymond James Capital, our merchant bank, was organized as a subsidiary.
- Raymond James Stewart, our South African joint venture, was terminated.
- Construction began on 300,000 square feet of new office space at the Raymond James Financial Center.
- The Dow Jones Industrial Average closed over 7900.
- Raymond James Bank introduces mortgages.
- Raymond James International Holdings, Inc. founded.
- Raymond James Capital announces the final closing of its fully subscribed private equity fund.
1998
Year-end close of Dow Jones Industrial Average: 9181.43
Average daily volume on the NYSE (in millions): 670
Raymond James fiscal year revenue: $1,083 million
Key Facts/Events:
- Naming rights purchased to Tampa’s Raymond James Stadium®.
- RJF forms Raymond James Argentina Sociedad de Bolsa, S.A. joint venture.
- 300,000- square-foot Tower III and Raymond James Bank and Trust Company buildings completed and occupied.
- Raymond James Bank completes nationwide introduction of residential lending products.
- Milan office opens.
- Clients gain access to their account information via the Internet.
1999
Year-end close of Dow Jones Industrial Average: 11497.12
Average daily volume on the NYSE (in millions): 809.2
Raymond James fiscal year revenue: $1,232 million
Key Facts/Events:
- Our independent contractor subsidiaries, Investment Management & Research and Robert Thomas Securities, merge to form Raymond James Financial Services.
- Raymond James & Associates acquired Roney & Co., a regional firm with 320 financial advisors in 28 offices in Michigan, Indiana and Ohio.
- Raymond James International Holdings forms a Turkish joint venture named Park-Raymond James Securities Turkey.
- The PGA named Raymond James to offer investment and financial planning services to its more than 24,000 professionals.
- Online trading offered to clients through their financial advisors.
2000
Year-end close of Dow Jones Industrial Average: 10786.85
Average daily volume on the NYSE (in billions): 1.04
Raymond James fiscal year revenue: $1.7 billion
Key Facts/Events:
- Raymond James Killik independent contractor joint venture launched in United Kingdom.
- Goepel McDermid Inc. acquired in Canada and renamed Raymond James Limited.
- Online banking introduced by Raymond James Bank.
- “You first” national branding campaign launched.
- The firm includes 1,900 locations, 4,300 financial advisors and 3,000 International Headquarters Associates.
- Raymond James Charitable Endowment Fund established.
2001
Year-end close of Dow Jones Industrial Average: 10021.5
Average daily volume on the NYSE (in billions): 1.25
Raymond James fiscal year revenue: $1.7 billion
Key Facts/Events:
- Raymond James Stadium hosts
Super Bowl XXXV.
- Raymond James Financial named to the Fortune 1000.
- The addition of a fourth tower to The Raymond James Financial Center campus is announced.
- Alternative Investment Group created.
- Ballast Point Partners venture capital fund launched.
2002
Year-end close of Dow Jones Industrial Average: 8341.63
Average daily volume on the NYSE (in billions): 1.45
Raymond James fiscal year revenue: $1.5 billion
Key Facts/Events:
- Raymond James affiliate Ballast Point Ventures, L.P. announces first closing on $40 million venture capital fund.
- Raymond James Financial Services acquires relationships of Legg Mason LM Financial Partners subsidiary, which expands number of affiliated financial advisors in community financial institutions.
- United Kingdom broker/dealer Raymond James Killik changes its name to Raymond James Investment Services.
- Chet Helck named Raymond James Financial’s president
and COO.
- Dick Averitt named chairman and CEO of Raymond James Financial Services.
- Raymond James named to Fortune 1000 “most admired company” list.
2003
Year-end close of Dow Jones Industrial Average: 10453.92
Average daily volume on the NYSE (in billions): 1.65
Raymond James fiscal year revenue: 1.5 billion
Key Facts/Events:
- Chet Helck, President and COO of Raymond James Financial, is elected to the board of the Securities Industry Association
- Raymond James Financial wins national business in the arts award
- A study by a Pennsylvania State University professor shows that returns from Raymond James & Associates stock recommendations ranked first among 26 leading firms over 10 years.
- Dennis Zank named Raymond James & Associates president.
- Investment Advisor magazine features Raymond James in its cover story, recognizing financial advisors who “emphasize financial planning ... a winning formula for today’s troubled times.”
- As the Raymond James branding campaign continues, two new commercials are produced and begin airing on national television.
2004
Year-end close of Dow Jones Industrial Average: 10783.01
Average daily volume on the NYSE (in billions): 1.87
Raymond James fiscal year revenue: $1.78 billion
Key Facts/Events:
- Chet Helck testifies in front of the U.S. Senate on behalf of the industry, defending both the role of the financial advisor and the
importance of mutual funds in the face of increasing regulatory and legislative pressures
- 300,000-square-foot Tower IV at the Raymond James Financial Center is completed.
- The Raymond James Financial Center in St. Petersburg weathers not one, but three hurricanes, and donates to those affected by the storms.
- Raymond James & Associates introduces its Advisor Select division, providing advisors with an alternate way to affiliate with the firm.
- Governor Jeb Bush and Florida Cabinet members recognize Tom James as the 2004 “Florida Free Enterpriser of the Year.”
- Tom James announces record earnings on CNBC’s “Morning Call.”
2005
Year-end close of Dow Jones Industrial Average: 10717.50
Average daily volume on the NYSE (in billions): 2.05
Raymond James fiscal year revenue: $2.16 billion
Key Facts/Events:
- Total assets within Raymond James Bank surpass $1 billion.
- The Raymond James Tax Credit Funds cumulatively exceed $1 billion in equity raised.
- Raymond James Financial named best-managed financial firm by Forbes.
- A new original series of TV and media ads are launched that features the tag line “individual solutions from independent advisors,” underscoring our advisors’ commitment to generating and delivering customized client solutions.
- A 38,000-square-foot building in Southfield, Michigan, is purchased to serve financial advisors and clients if it ever becomes necessary to temporarily close our St. Petersburg headquarters. At year-end, our existing Michigan-based personnel relocate to the Southfield location.
- Chet Helck named vice chairman of the Securities Industry Association.
2006
Year-end close of Dow Jones Industrial Average: 12,463.15
Average daily volume on the NYSE (in billions): 2.34
Raymond James fiscal year revenue: $2.63 billion
Key Facts/Events:
- Forbes magazine ranked Raymond James 1,954 among the world’s largest companies.
- Tom James was elected chairman of the Financial Services Roundtable, effective January 1, 2007, and chairman-elect of the Florida Council of 100, term commencing November 9, 2007.
- Raymond James extended our naming rights agreement for Raymond James Stadium with the Tampa Bay Buccaneers to 2016.
- The Raymond James Equity Capital markets Group launched the Claymore/Raymond James SB-1 Equity Fund (NYSE:RYJ) in May, featuring Raymond James research analysts #1 picks, which attracted $222 million in investor funds.
- Raymond James worked with variable annuity product sponsors to issue variations of their products, which reduce front-end commissions, to reduce the annual expenses charged to our clients.
- Kanbay Research Institute named Raymond James one of the top 10 financial service companies in the United States among those favored by U.S. consumers.
2007
Year-end close of Dow Jones Industrial Average: 13,264.82
Average daily volume on the NYSE (in billions): 2.6
Raymond James fiscal year revenue: $3.1 billion
Key Facts/Events:
- Forbes magazine included Raymond James among the “400 Best Big Companies in America” for the sixth time.
- Tom James served as chairman of the Florida Council of 100.
- Raymond James established its Wealth Solutions department, bringing together existing resources to more efficiently serve advisors and their high-net-worth clients.
- BusinessWeek magazine ranked Raymond James 16th on its list of the top 25 “client-pleasing brands” nationally.
- Raymond James’ research department ranked 13th of 280 brokerage firms in the May 13 edition of The Wall Street Journal.
- DALBAR Inc. ranked the new Raymond James client statement as “excellent” and third among 23 competitors.
- Celebrated 45th Anniversary of company founding
2008
Year-end close of Dow Jones Industrial Average: 8,776.39
Average daily volume on the NYSE (in billions): 2.61
Raymond James fiscal year revenue: $3.2 billion
Key Facts/Events:
- J.D. Power and Associates ranked Raymond James highest in investor satisfaction with full service brokerage firms and highest in employee advisor satisfaction in a tie among financial investment firms.
- Raymond James was chosen first in SmartMoney’s annual “America’s Best and Worst” Broker Survey from among eight national full-service brokerage firms.
- Angela Biever was named Raymond James Financial’s first Chief Administrative Officer.
- Tom James was named 2008 National Entrepreneur of the Year in the financial services category by Ernst & Young.
- Forbes.com named Raymond James one of “America’s Most Trustworthy Companies” and “One of America’s Best Big Companies”
- Raymond James received a perfect score on the 2009 Human Rights Campaign Corporate Equality Index.
- Raymond James Trust Company converted to a Federal charter facilitating nationwide service as Raymond James Trust, N.A.
- Ten Raymond James equity research analysts won top honors in the 7th Annual Financial Times/Starmine Analyst Awards.
- Three new outside directors were elected to the board: Robert Saltzman, Shelley Broader and Susan Story.
- In recognition of advancing technology Raymond James officially closed its NYSE floor operations.
