Q2 2026 Raymond James Financial Inc Earnings Call Transcript
Key Points
- Raymond James Financial Inc (RJF) reported record quarterly revenues of $3.86 billion, a 13% increase over the prior-year quarter.
- The Private Client Group ended the quarter with $1.7 trillion of client assets under administration, reflecting a 15% year-over-year growth.
- The company recruited financial advisors with trailing 12-month production totaling $141 million and nearly $21 billion of client assets, marking the second highest quarterly result in its history.
- Raymond James Financial Inc (RJF) is investing over $1.1 billion annually in technology, including AI, to enhance efficiencies and client experience.
- The Capital Markets segment saw improved results, driven by stronger investment banking revenues and a robust pipeline for future growth.
- Client assets under administration in the Private Client Group were slightly down compared to the preceding quarter.
- The pretax income in the Private Client Group declined 3% year over year due to the impact of interest rate reductions.
- Net interest income in the Bank segment was nearly offset by the impact of two fewer interest-earning days and prior quarter interest rate cuts.
- Non-compensation expenses increased by 10% over the year-ago quarter, reflecting higher operational costs.
- The effective tax rate for the quarter was 26%, higher than the estimated rate for fiscal 2026, due to nondeductible losses on the corporate-owned life insurance portfolio.
Good evening, and welcome to Raymond James Financial's fiscal second-quarter 2026 earnings call. This call is being recorded and will be available for replay for 30 days on the company's Investor Relations website.
I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us. With me on the call today are Chief Executive Officer, Paul Shoukry; and Chief Financial Officer, Butch Oorlog. The presentation being reviewed today is available on Raymond James' Investor Relations website. Following the prepared remarks, the operator will open the line for questions.
Call your attention to slide 2. Please note that certain statements made during this call may constitute forward-looking statements. These statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, industry or market conditions, anticipated timing and benefits of our acquisitions and our level of success in integrating acquired
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