Press Release

Release No. 0607-08
June 14, 2007

RAYMOND JAMES ANNOUNCES NEW BONUS PROGRAM
FOR INDEPENDENT CONTRACTOR AND BANK ADVISORS

ST. PETERSBURG, Fla. – Richard G. Averitt III, chairman and CEO of Raymond James Financial Services, Inc. (RJFS) Wednesday announced a new cash bonus program for the firm’s top producing financial advisors. Based on their 2007 fiscal year production, advisors will receive the first allocation in November.

RJFS financial advisors who have annualized production levels of $450,000 and above will be eligible for cash bonuses as part of the new Wealth Accumulation Program, a tax-deferred, diversified growth compensation plan.

For the firm’s highest producers, the new program could equate to a 100 percent payout, (90 percent payout on many products plus, at $3.5 million and above production, a 10 percent incremental bonus). Averitt believes this to be the highest in the industry. For some elite advisors who continue to qualify for Raymond James Financial stock options, the payout could even exceed 100 percent.

In a conference call with eligible advisors and those nearing eligibility, Averitt stated that, “RJFS has been working diligently the last five years to ensure the quality of the financial advisors who carry the Raymond James name. During this time, our advisors’ average production has increased by 50 percent, while the number of million dollar producers has grown 400 percent.”

“This plan rewards those who have worked hard and been successful at building their business,” he stated. “As you strive to achieve financial independence and wealth accumulation for your clients every day, I believe this is something you deserve as well.”

Averitt went on to explain that under new interpretations of cost accounting, the existing stock option bonus program no longer made economic sense for the company. As a result, it is being replaced at most production levels by the RJFS Wealth Accumulation Program which, as is the firm’s tradition, puts control and choice in the hands of the advisor.

A minimum bonus of $4,500 will be paid at a $450,000 level of production – the same level at which RJF stock options were awarded last year. The bonuses increase incrementally until they reach a maximum of 10 percent for annual gross production of $3.5 million and above. More than 500 of the firm’s 3,100 advisors (in the Independent Contractor and Financial Institutions Divisions) would currently qualify for the bonuses based on their annualized production levels.

Advisors will have access to an online system that will allow them to make investment allocations among an attractive selection of mutual funds as well as track the growth of their assets.

“This sounds like a great program,” said Malcolm “Mal” Makin, an RJFS Chairman’s Council advisor in Westerly, Rhode Island. “It is a particularly good idea in terms of the company’s ability to recruit and maintain advisors at the highest levels. I’ve had a smile on my face since I learned the news,” he added.

Further details of the RJFS Wealth Accumulation Program can be found at www.rjfsadvisorbonus.com.

About Raymond James Financial Services, Inc.
Raymond James Financial Services, Inc. is a national investment firm providing financial services to individuals, corporations and municipalities through more than 3,200 financial advisors in 2,000 offices throughout the United States. For more than 30 years, Raymond James Financial Services has provided a wide range of services through our affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF), a financial services holding company which has more than 4,600 financial advisors serving 1.6 million accounts throughout the United States, Canada and overseas. Total client assets are approximately $203 billion, of which approximately $34.8 billion are managed by the firm’s asset management subsidiaries.

About the Financial Institutions Division of RJFS
The Financial Institutions Division (RJFS-FID) was created in 1987 to provide community-based banks and credit unions with an alternative to the traditional third-party investment providers. RJFS-FID provides true, full-service securities brokerage to financial institutions seeking to compete with the national securities firms. In addition to a full complement of investment products and services, RJFS-FID has the ability to deliver investment banking, research, self-clearing capabilities and wealth management services. The division currently provides investment services to over 200 financial institutions across 45 states with total assets of more than $20 billion in 238,000 client accounts. Over the past six years, during a period of down revenues for many firms, RJFS-FID experienced annual increases in gross revenues every year, doubling revenue for the division over the period.

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For additional information, please contact Anthea Penrose at 727-567-5283.
Please visit the Raymond James Press Center at raymondjames.com/media