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Raymond James Financial 8-K Report, Regulation FD Disclosure (Aug 21, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed August 21, 2024
Period End
August 21, 2024
Security
RJF
In the record · 2016–202610-K1010-Q338-K266

RJF filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 266 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’16Jun ’16
  2. Material agreement8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed August 21, 2024. Cited figures are marked; the original filing is the authoritative source.

Raymond James Financial, Inc. (NYSE: RJF) filed this Current Report on Form 8-K under Item 7.01 (Regulation FD Disclosure) to furnish a press release, dated August 21, 2024, reporting selected operating data for July 2024.

The company states that the data is provided to give investors timely information on monthly developments in key performance metrics, and that, given its limited nature, a consistent correlation to earnings should not be assumed. The information is furnished rather than filed for purposes of Section 18 of the Securities Exchange Act of 1934. According to the press release, client assets under administration reached a record $1,504.6 billiona as of July 31, 2024, up from $1,313.5 billion a year earlier and $1,476.2 billion at June 30, 2024.

CEO Paul Reilly attributed the record to strong advisor retention and recruiting results as well as equity market appreciation. Private Client Group assets under administration were $1,444.0 billionb, and fee-based account assets were $839.4 billion. Financial assets under management were $234.9 billion, compared with $204.6 billion a year earlier.

Other metrics were mixed. Bank loans, net, were $45.6 billionc, and clients' domestic cash sweep and Enhanced Savings Program balances were $56.0 billion, down from $57.6 billion a year earlier and $56.4 billion in June 2024. Management noted that clients' cash balances declined slightly from the prior month as cash inflows partially offset quarterly fee billings, and that investment banking results improved in July with a healthy pipeline, though the timing of closings remains uncertain.

02—Key points

Key Highlights

  1. Client assets under administration reached a record $1,504.6 billion at July 31, 2024, up from $1,313.5 billion a year earlier and $1,476.2 billion at June 30, 2024.
  2. Private Client Group assets under administration were $1,444.0 billion, and fee-based account assets were $839.4 billion.
  3. Financial assets under management rose to $234.9 billion from $204.6 billion a year earlier and $229.3 billion in June 2024.
  4. Bank loans, net, were $45.6 billion, up from $43.5 billion a year earlier and $45.1 billion in June 2024.
  5. Clients' domestic cash sweep and Enhanced Savings Program balances were $56.0 billion, down from $57.6 billion a year earlier and $56.4 billion in June 2024.
  6. Management cited strong advisor retention and recruiting results and equity market appreciation as drivers of the record asset level.
  7. Investment banking results improved in July, and management described the pipeline as healthy, though closing timing remains uncertain.

03—Questions

Frequently Asked Questions

  1. What did Raymond James report in this 8-K filing?

    The company furnished a press release dated August 21, 2024, reporting selected operating data for July 2024, including client assets, fee-based account assets, financial assets under management, bank loans and cash sweep balances.

  2. Why is this operating data being released monthly?

    The press release says it is intended to provide timely information to investors about monthly developments in certain key performance metrics. The company cautions that, due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

  3. How did client assets under administration change?

    Client assets under administration were a record $1,504.6 billion at July 31, 2024, compared with $1,313.5 billion at July 31, 2023 and $1,476.2 billion at June 30, 2024. Management attributed the growth to advisor retention and recruiting results and equity market appreciation.

  4. Did clients' cash balances increase or decrease?

    Clients' domestic cash sweep and Enhanced Savings Program balances were $56.0 billion, slightly below the $56.4 billion at June 30, 2024 and down from $57.6 billion a year earlier. Management said cash inflows partially offset the impact of quarterly fee billings.

  5. What did management say about investment banking?

    CEO Paul Reilly said investment banking results improved in July and the pipeline continues to be healthy, although the timing of closings remains uncertain.

04—Continue

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