Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Investor Day (June 2025)
118 slides from Raymond James Financial's investor day presentation, Jun 5, 2025
Slide 1: 2025 Analyst & Investor Day
JUNE 5, 2025 2025 Analyst & Investor Day
Slide 2: Welcome & Agenda
Welcome & Agenda Kristie Waugh Senior Vice President, Investor Relations and FP&A
Slide 3: Forward-looking statements
Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipat
Slide 4: Agenda
Agenda 1:30 PM – 3:00 PM Strategic Overview PAUL SHOUKRY CEO, Raymond James Financial Private Client Group TASH ELWYN President, Private Client Group Bank Segment STEVE RANEY President, Bank Segment 3:00 PM Break 3:15 PM – 4:45 PM Capital Markets JIM BUNN President, Capital Markets & Advisory Financ
Slide 5: Presenters
Presenters Paul Shoukry Chief Executive Officer Raymond James Financial Vin Campagnoli Executive Vice President Technology & Operations Tash Elwyn President Private Client Group Steve Raney President Bank Segment Butch Oorlog Chief Financial Officer Raymond James Financial Andy Zolper Chief Informat
Slide 6: Strategic Overview
Strategic Overview Paul Shoukry CEO, Raymond James Financial
Slide 7: Vision
To be the absolute best firm for financial professionals and their clients Vision
Slide 8: Growth since FY2010
$3.2B $28.2B FY2010 03/31/2025 8 $2.9B $12.8B FY2010 FY2024 $249B $1.6T FY2010 FY2024 ~ 1 4 % C A G R CLIENT ASSETS UNDER ADMINISTRATION NET REVENUES MARKET CAP ~ 1 1 % C A G R ~ 1 6 % C A G R
Slide 9: Our firm has been shaped by four core values
Our firm has been shaped by four core values 9
Slide 10: A resilient financial profile
… and a resilient financial profile 149 CONSECUTIVE QUARTERS PROFITABILITY E a rn in g s p er c o m m o n s h a re (b a si c) Trailing 10 years Period ended 10
Slide 11: Highly diversified businesses
*Pie charts above do not include intersegment eliminations or the Other segment. The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate inve
Slide 12: Financial strength
Financial strength 2 4 . 8 % t o t a l c a p i t a l r a t i o >2X * r e g u l a t o r y r e q u i r e m e n t ~$2.5B c o r p o r a t e c a s h * * Cre d it ra t in gs a n d s t a b l e o u t l o o ks A - F i t c h A 3 M o o d y ’ s A - S t a n d a r d a n d P o o r ’ s Note: As of 3/31/25. *To meet
Slide 13: Value proposition
N STMAIN STWALL Value proposition
Slide 14: Advisor testimonial
“The best decision I made in my career was affiliating with Raymond James, and my biggest regret is not doing so sooner.”
Slide 15: Strategic priorities
EXPAND MARKET SHARE IN ALL BUSINESSES INCREASE COLLABORATION ACROSS BUSINESSES INVEST IN TOOLS AND RESOURCES ENHANCE INFRASTRUCTURE Hire, retain and develop the best people Leverage technology I II III IV
Slide 16: Executive Leadership Team
Paul Shoukry CEO Chris Aisenbrey Chief HR Officer Bella Allaire Chief Administration Officer Jim Bunn President, Capital Markets & Advisory Vin Campagnoli EVP, Technology & Operations Scott Curtis COO, President, Asset Management Group TJ Haynes- Morgan Chief Audit Executive Tarek Helal Chief Strate
Slide 17: Senior Leadership Team
Senior Leadership Team Tom Walrond President, RJA PCG Horace Carter President, Fixed Income Doug Brigman Chief Administration Officer, AMS Amanda Stevens CEO, Raymond James Bank Brian Fetterolf President and CEO, TriState Capital Bank Jamie Coulter CEO, RJ Limited Rich Konefal Chief Compliance Offic
Slide 18: Expand market share
@ Expand market share y | > 4 > ] J 4 7 ex , I _ q » y — » di > i — ~ RAYMOND JAMES
Slide 19: Sustainable growth vs. growth at all costs
Sustainable growth vs. growth at all costs
Slide 20: Focusing on collaboration to differentiate our financial professionals
Focusing on collaboration to differentiate our financial professionals P RIV A TE CL IE NT G ROUP B A N K S E G M E N T C A P I T A L M A R K E T S A S S E T M A N A G E M E N T Loans to institutional clients Research Referrals Private Credit JV Economic and industry research and perspectives Tradin
Slide 21: Invest in tools and resources
Invest in tools and resourcesIII
Slide 22: AdvisorTime
AdvisorTime RAYMOND JAMES
Slide 23: Enhance infrastructure
wv) Enhance infrastructure RAYMOND JAMES
Slide 24: M&A
Cultural fit 01 Strategic fit 02 Financially attractive 03 M&A 24
Slide 25: Slide 25
Slide 26: To recap
Our financial strength provides the stability and flexibility needed to drive enduring, sustainable growth. Each of our business units is uniquely positioned for meaningful and impactful growth. Our vision, values and advisor-first perspective will not waver and continue to guide our decision making
Slide 27: Q&A
Q&A Paul Shoukry CEO, Raymond James Financial
Slide 28: Private Client Group
Private Client Group Tash Elwyn President, Private Client Group
Slide 29: Private Client Group
Private Client Group $1.48T client assets under administration 8,731 PCG advisors 16% 5-year CAGR* for assets in fee-based accounts $52B trailing 12- month domestic PCG net new assets** Note: As of March 31, 2025 unless otherwise noted. *5-year CAGR for period FY 2019 – FY 2024. **Domestic Private C
Slide 30: Long-term client asset growth
409 875 873 FY 2019 FY 2024 Mar. 31, 2025 798 1,507 1,476 FY 2019 FY 2024 Mar. 31, 2025 Note: Charts not to scale. 5-year CAGR for period FY 2019 – FY 2024. ASSETS UNDER ADMINISTRATION $ BILLIONS ASSETS IN FEE-BASED ACCOUNTS $ BILLIONS Long-term client asset growth fueled by advisor and client-first
Slide 31: Consistent growth has exceeded peer group over time
213% 112% Raymond James Peer Group Median 10-YEAR CHANGE MAR. 31, 2015 – MAR. 31, 2025 23% 20% Raymond James Peer Group Median 3-YEAR CHANGE MAR. 31, 2022 – MAR. 31, 2025 TOTAL PCG CLIENT ASSETS UNDER ADMINISTRATION Note: Charts not to scale. Based on publicly available information and RJF estimates
Slide 32: Strong revenue and pre-tax income growth
579 1,785 883 893 FY 2019 FY 2024 FYTD 2024 FYTD 2025 5,359 9,459 4,567 5,034 FY 2019 FY 2024 FYTD 2024 FYTD 2025 NET REVENUES $ MILLIONS PRE-TAX INCOME $ MILLIONS Note: Charts not to scale. 5-year CAGR for period FY 2019 – FY 2024. FYTD 2024 and FYTD 2025 includes the first two quarters of fiscal y
Slide 33: The next decade and beyond
33 Inspire and empower the world's best financial professionals. inspire We provide the insights, tools and products/services in a supportive culture of independence to encourage and enable growth. What it means: empower Provide the client, market and planning insights to create plans supporting a c
Slide 34: The AdvisorChoice spectrum
*IAR stands for Investment Adviser Representative, referring to financial professionals who are registered with the Securities and Exchange Commission (SEC) and may operate independently or under the umbrella of a larger firm, such as Raymond James. **RIA stands for Registered Investment Advisor, wh
Slide 35: The best
THE BEST 0 BOT RAYMOND JAMES
Slide 36: Private Client Group strategic initiatives
Private Client Group strategic initiatives 36 R E T EN TI ON A D V I S O R P R O D U C T I V I T Y R E C R U IT IN G
Slide 37: Retention
Retention 37 R JF F inancial Str e ngth and Stabi l i ty Co mmitme nt to bo th s o p h ist icated s u p p o r t and me aningf u l r e l at io ns hips P r o f e s sion - lead ing l e v e l s o f ad v is o r s at is f act ion
Slide 38: Recruiting
Recruiting 38 N e xt ge n ad v is o r s tr ate gy We s t Co as t and N o r th e as t f o cu s Co l l abor at iv e r e cr u it ing acr o s s ch anne l s
Slide 39: Retaining and attracting the best advisors
FY 2019 FY 2024 Mar. 31, 2025** Employees Independent Contractors FINANCIAL ADVISORS Note: Charts not to scale. 5-year CAGR for period FY 2019 – FY 2024. * Average of reported quarterly Domestic NNA from 1Q FY22 to 2Q FY25. **Financial advisors as of March 31, 2025 reflect the departure in our fisca
Slide 40: Strong asset growth across affiliation models
332 631 318 543 46 186 696 1,360 Mar. 31, 2020 Mar. 31, 2025 Employee Independent contractor RIA & Custody Services (RCS) DOMESTIC PCG ASSETS UNDER ADMINISTRATION $ BILLIONS 32% 5-Year CAGR 11% 5-Year CAGR 14% 5-Year CAGR 14% 5-Year CAGR Note: Quarter-end balances as of March 31, 2020 and March 31,
Slide 41: Advisor productivity
P r iv ate We al th to h e l p ad v is o r s s e r v e th e co mp l e x ne e d s o f H N W and U H N W f amil ie s A d v ance me nt in ad minis tr at ion and p r o ce sses $ 9 7 5 mil l io n inv e s tme nt f i r m - w id e to co ntinu e e nh ancing o u r te ch no l ogy p l atf o r m Advisor producti
Slide 42: PCG collaborates across the firm
PCG collaborates across the firm to provide deeper, more holistic advice to clients P RIV A TE CL IE NT G ROUP B A N K S E G M E N T C A P I T A L M A R K E T S A S S E T M A N A G E M E N T Lending solutions Stable source of deposits Product due diligence and selection (Asset Management Services) s
Slide 43: To recap
43 To recap M ul tip le Affil iation O ptio ns Best of Both Worlds Advi so r a n d Clie nt- Fi rs t C u lt u reB o o k O w n ership RJF Stability Inspire and empower the world's best financial professionals.
Slide 44: Q&A
Q&A Tash Elwyn President, Private Client Group
Slide 45: Bank Segment
Bank Segment Steve Raney President, Bank Segment
Slide 46: Bank Segment
Note: As of and for the three months ended March 31, 2025, unless otherwise noted. *5-year CAGR for period Mar. 31, 2020 – Mar. 31, 2025. This metric includes the impact of the acquisition of TriState Capital Bank in June 2022. OVERVIEW Total Bank Segment assets of $63 billion Relatively stable, low
Slide 47: Bank Segment growth driven by higher rates and loan growth
846 765 672 1,084 2,013 1,716 865 859 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FYTD 2024 FYTD 2025 NET REVENUES $ MILLIONS PRE-TAX INCOME $ MILLIONS Note: Charts not to scale. 5-year CAGR for period FY 2019 – FY 2024. FYTD 2024 and FYTD 2025 includes the first two quarters of fiscal year 2024
Slide 48: Strong loan growth with conservative underwriting
20,891 45,994 44,099 48,273 FY 2019 FY 2024 Mar. 31, 2024 Mar. 31, 2025 BANK LOANS $ MILLIONS BANK NET INTEREST INCOME AND NET INTEREST MARGIN Note: Charts not to scale. 5-year CAGR for period FY 2019 – FY 2024. *FYTD 2025 includes the first two quarters of fiscal year 2025. Strong loan growth focus
Slide 49: Favorable asset mix shift to Private Client loans
8.4 8.1 4.3 7.4 12.3 19.8 8.4 27.4 Mar. 31, 2020 Mar. 31, 2025 Favorable asset mix shift to attractive Private Client loans over time Asset mix has shifted toward Private Client loans over time – accelerated by the acquisition of TriState Capital in FY 2022. $33.4 $62.7 Corporate Loans** Available-f
Slide 50: Bank loan portfolio
Note: As of March 31, 2025. Represents bank loans held for investment by portfolio segment as a percent of total loans held for investment. **Corporate loans include Corporate & Industrial (“C&I”), Corporate Real Estate (“CRE”), and Real Estate Investment Trust (“REIT”) loans. SBL, 36% C&I Loans, 22
Slide 51: Diverse funding mix
Diverse funding mix to support long-term growth Note: FY 2019 data for Raymond James Bank. TriState Capital Bank was acquired in 2022. *2Q25 data as of March 31, 202551 RJBDP, 46% ESP, 24% National Sales, 15% Treasury Mgmt, 11%Other, 5% RJBDP, 97% Other, 3% $22.3B FY19 $56.4B 2Q FY25* A s o f M a r
Slide 52: Bank deposit programs
The Raymond James Bank Deposit Program in PCG is the largest provider of the segment’s funding. TriState Capital Bank's deposit gathering mechanisms and Raymond James Bank’s Enhanced Savings Program provide additional diversification. RJ Sweep Program Client Interest Program (CIP) at Raymond James &
Slide 53: Strong credit metrics across cycles
55 169 80 34 26 3 14 24 28 13 20 22 233 (32) 100 132 45 16 BANK LOAN PROVISION/(BENEFIT) FOR CREDIT LOSSES $ MILLIONS 3.32% 12.59% 10.10% 7.23% 5.83% 3.98% 1.84% 2.15% 1.94% 1.54% 1.18% 1.36% 4.35% 3.27% 1.14% 1.17%1.47%1.14% CRITICIZED LOANS AS % OF TOTAL LOANS HELD FOR INVESTMENT 0.66% 2.10% 2.48%
Slide 54: Value proposition
Value proposition 54 1 2 3 Service 1st Culture Respect for Financial Advisor Independence Comprehensive and Growing Product & Solution Set
Slide 55: Bank Segment strategic initiatives
E X P A N D S E C U R I T I E S - B A S E D L O A N S T R E A S UR Y M A N A G E ME NT C O R P O R A T E L E N DI N G W I T H F O C U S O N S U P P O R T I N G C L I E N T S Bank Segment strategic initiatives 55
Slide 56: Bank growth driven by Private Client and institutional loans
Bank growth driven by Private Client and institutional loans supported by stable PCG deposits P RIV A TE CL IE NT G ROUP B A N K S E G M E N T C A P I T A L M A R K E T S A S S E T M A N A G E M E N T Lending solutions Stable source of deposits Product due diligence and selection (AMS) solutions Uni
Slide 57: Expand securities-based lending
Expand securities-based lending 57 E xp and SBL p r o d u ct s o l u t io ns Co ntinu ing au to matio n to e nh ance A d v is o r & c l ie nt e xp er ience A d d ing bank co ns u l tants to incr e as e A d v is o r p e ne tr at ion
Slide 58: Treasury Management
58 Treasury Management Implement comprehensive Treasury Management solution to diversify deposit base and enhance product offering Leverage deep and powerful advisor relationships Develop and execute a strong working capital consulting & sales acumen Deploy technology that seamlessly connects client
Slide 59: Corporate lending with focus on supporting clients
59 Corporate lending with focus on supporting clients P r i v a t e C l i e n t G r o u p T r e a s u r y M a n a g e m e n t & C o m m e r c i a l D e p o s i t s F u n d F i n a n c e Ca p it al Ma rk e t s & A d vis o ry S e rvic e s I n v e s t m e n t B a n k i n g R J P r i v a t e C r e d i t
Slide 60: Q&A
Q&A Steve Raney President, Bank Segment
Slide 61: Capital Markets
Capital Markets Jim Bunn President, Capital Markets & Advisory
Slide 62: Capital Markets segment net revenues
Capital Markets 62 M&A and Advisory; 35% Equity Underwriting; 9% Equity Brokerage; 10% Debt Underwriting*; 11% Fixed Income Brokerage; 25% Affordable Housing Investments; 8% All Other; 2% $1.5 B FY 2024 Capital Markets Segment Net Revenues * Debt Underwriting includes Public Finance and Debt Capital
Slide 63: Business Snapshot
Business Snapshot 63 Business Unit Description Primary Clients Revenue Drivers Key Metrics ▪ Sellside & buyside M&A, recapitalizations restructuring ▪ Sector-focused coverage across the middle to upper middle market ▪ Private Capital Advisory ▪ Offices across the US and Europe ▪ Private companies ▪
Slide 64: Business Snapshot (continued)
Business Snapshot (continued) 64 Business Unit Description Primary Clients Revenue Drivers Key Metrics ▪ Fixed income financing solutions to: ▪ State and local governments ▪ Airports ▪ Utilities ▪ School districts & higher education ▪ Healthcare organizations ▪ State and local governments ▪ Non-prof
Slide 65: Driving long-term growth through investments in platform and people
1,083 1,472 659 876 FY 2019 FY 2024 FYTD 2024 FYTD 2025 Note: Charts not to scale. 5-year CAGR for period FY 2019 – FY 2024. FYTD 2024 and FYTD 2025 includes the first two quarters of fiscal year 2024 and 2025, respectively. Driving long-term growth through investments in platform and people 65 NET
Slide 66: Full-service platform with deep expertise
Value proposition 66 Full-service platform with deep expertise HIGHLIGHTS1 2 5 3 4 Synergy with other RJF businesses: PCG and RJ Bank Lead with advice and high-touch service Entrepreneurial, meritocratic, rewarding, respectful culture Growth orientation 17% Advisory Revenue CAGR from FY12 to FY24 ma
Slide 67: Capital Markets & Advisory strategic initiatives
Capital Markets & Advisory strategic initiatives 67 Recruit & acquire to deepen and expand investment banking capabilities and footprint Increase capabilities across fixed income business Grow and expand equities products and content to leverage industry-leading equity research platform Scale newly-
Slide 68: Deepen and expand investment banking capabilities
68 Recruit & acquire to deepen and expand investment banking capabilities and footprint Deepen Penetration Within More Established Practices Grow Newer / Less Mature Practices Consumer Industrials Technology Financial Services Expand Global Coverage Healthcare & Biotech Private Placements Restructur
Slide 69: Consistent investment in talent
379 290 639 709 418 521 355 100 185 285 210 85 131 66 85 133 172 143 110 168 103 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FYTD 2025* M&A and Advisory Equity Underwriting Debt Underwriting 524 1,062 613 820 92 98 104 113 122 124 ~135 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FYTD 2025 No
Slide 70: Expand Fixed Income & Equities product offering
Program Trading FI Total Return Market Electronic Trading Structured Products 70 Expand Fixed Income & Equities product offering to support clients
Slide 71: Capital Markets supports client activity across the firm
Capital Markets supports and facilitates client activity across the firm P RIV A TE CL IE NT G ROUP B A N K S E G M E N T C A P I T A L M A R K E T S A S S E T M A N A G E M E N T Lending solutions Stable source of deposits Product due diligence and selection (AMS) solutions Unique access to portfol
Slide 72: Long-term growth & margin potential
72 Long-term growth & margin potential CAPITAL MARKETS SEGMENT HISTORICAL PRE-TAX MARGIN Source: FactSet. Includes announced transactions with a target based in the U.S. *FTYD 25 includes the first and second quarter of fiscal 2025. 1) Excludes 2020-2021 COVID period. Peers include Jefferies Financi
Slide 73: Q&A
Q&A Jim Bunn President, Capital Markets & Advisory
Slide 74: Financial Review
Financial Review Butch Oorlog CFO, Raymond James Financial
Slide 75: Consistent capital priorities focused on growth
Consistent capital priorities focused on growth Strong balance sheet Financial Overview 75 Track record of generating operating leverage
Slide 76: Diverse revenue streams drive strong revenue growth
7,740 7,990 9,760 11,003 11,619 12,821 6,131 6,940 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FYTD 2024 FYTD 2025 Asset-Based Revenues*(%) 74% 72% 69% 73% 78% 80% CONSOLIDATED NET REVENUES $ MILLIONS 79% 77% 11% 5-Year CAGR 13% Y/Y Change Note: 5-year CAGR for period FY 2019 – FY 2024. FYTD 202
Slide 77: Highly variable cost model
PCG Financial Advisor Compensation & Benefits, 51% Incentive Compensation, 10% All Other Compensation and Benefits, 20% CONSOLIDATED NON-INTEREST EXPENSES $5.5B FYTD 2025 61% of Consolidated Expenses are PCG Financial Advisor Compensation & Benefits and Incentive CompensationNON-COMPENSATION EXPENSE
Slide 78: Track record of increasing operating leverage
1,375 1,052 1,791 2,022 2,280 2,643 1,239 1,420 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FYTD 2024 FYTD 2025 CONSOLIDATED PRE-TAX INCOME $ MILLIONS 1,409 1,105 1,971 2,169 2,378 2,740 1,288 1,459 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FYTD 2024 FYTD 2025 CONSOLIDATED ADJUSTED PRE-TAX
Slide 79: Driving long-term profitability
*FYTD 2025 includes first two quarters of fiscal year 2025. **This is a non-GAAP measure. Beginning in fiscal 2022, this non-GAAP measure was adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of core operating results. Fiscal 2021 through 2025 r
Slide 80: Strong balance sheet and capital
$ in millions, except per share amounts 2Q25 Total assets $ 83,132 RJF corporate cash* $ 2,487 Total common equity attributable to RJF $ 12,133 Book value per share $ 59.74 Tangible book value per share** $ 51.29 Weighted-average common and common equivalent shares outstanding – diluted 208.7 Tier 1
Slide 81: Simple and stable funding and capital base
Bank Deposits, 68% Brokerage Client Payables, 7% Shareholders' Equity, 15% Senior Notes Payable, 2% All Other, 8% TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $83.1B as of March 31, 2025 Weighted-average remaining maturity of notes outstanding of ~19 years 86% FDIC-Insured (95% at Raymond James Bank)
Slide 82: PCG client cash balances provide stable funding
*As of March 31, 2025. **In March 2023, we introduced our ESP, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. 25.6 31.4 38.7 25.4 24.0 25.8 26.0 24.5 22.0 15.9 18.2 16.8 4.0 10.8 6.4 1.6 1.7 1.7 13.6 14.0 13.5 55.6 66.7 67.1 56.4 57.9 57.8 FY 2020
Slide 83: Consistent capital priorities focused on growth
83 Consistent capital priorities focused on growth 752 263 118 162 788 900 300 191 205 218 275 348 378 208 943 468 336 437 1,136 1,278 508 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FYTD 2025 DIVIDENDS PAID AND SHARE REPURCHASES $ MILLIONS Share Repurchases* Dividends Paid** Total • Since FY 20
Slide 84: Financial targets
<65% Adjusted Pre-Tax Margin* Adjusted Compensation Ratio* Adjusted Return on Common Equity 20%+ 17%+ KEY ASSUMPTIONS: • Current equity markets and short-term interest rates • Investment Banking volumes improve from second fiscal quarter • Consistent share repurchases • Full year effective tax rate
Slide 85: Key long-term capital and liquidity targets
Target Current* Tier 1 leverage ratio for RJF > 10% 13.3% RJF corporate cash** > $1.2 B $2.5 B Total debt to book capitalization ratio*** < 32% 15% *As of March 31, 2025. **This amount includes cash on hand at the parent, as well as parent cash loaned to RJ&A, which RJ&A has invested on behalf of RJ
Slide 86: At least $20 billion in net revenues by 2030
By 2030, through our current strategies we expect to be generating at least $20 billion in net revenues 86
Slide 87: Q&A
Q&A Butch Oorlog CFO, Raymond James Financial
Slide 88: Technology Review
Technology Review Vin Campagnoli EVP, Technology & Operations Andy Zolper Chief Information Officer
Slide 89: Enabling technology to drive collaboration
Enabling technology to drive collaboration across the firm P RIV A TE CL IE NT G ROUP B A N K S E G M E N T C A P I T A L M A R K E T S A S S E T M A N A G E M E N T Lending solutions Stable source of deposits Product due diligence and selection (AMS) solutions Unique access to portfolio managers In
Slide 90: Technology Approach
90 Technology Approach Serve Clients Anywhere Increased Efficiency Business GrowingIntuitive Advisor Productivity Customizable Designed by Advisors, Built for the Future
Slide 91: Advisor Satisfaction
91 Advisor Satisfaction We are glad to now be part of the Raymond James family. The firm’s long-standing culture of promoting independence and putting advisors and their clients first is an ideal fit for our practice. Additionally, we’ve gained access to world-class technology that will help create
Slide 92: IT at a Glance
92 IT at a Glance Annual Tech Spend* $975M Global IT Associates ~1,900 6 Cities St. Petersburg, Memphis, Southfield, Denver, Vancouver, London Awards & Recognitions 11 awards (2021-2024) 2 awards, 4 finalist (2012-2023) 3 finalist (2022-2024) 323 303 353 386 448 577 0 100 200 300 400 500 600 700 Sep
Slide 93: Consistent investment to enable best-in-class technology
93 Consistent investment to enable best-in-class technology Technology Spend Key Areas of Investment $ Millions $589 $569 $646 $770 $869 $975 FY20 FY21 FY22 FY23 FY24 FY25E* 11% 5-Yr CAGR Major Initiatives Artificial Intelligence (AI) Advisor Productivity Business & Volume Growth Cybersecurity Globa
Slide 94: IT Strategy Framework
IT Strategy Framework SERVICE FIRSTSECURITY DATA BUSINESS VALUEPEOPLE BUSINESS ALIGNMENT INNOVATION VELOCITY GLOBALIZATION GOVERNANCE STRATEGIC LEVERS Areas of focus that are critical to business success. STRATEGIC ENABLERS Capabilities that contribute to cross-functional effectiveness. 94
Slide 95: AI at Raymond James
Al at Raymond James RAYMOND JAMES
Slide 96: AI Framework
96 AI at Raymond James | AI Framework Foster a Culture of Innovation: Encourage continuous learning, develop cross-functional collaboration, and support teams in their AI journey. Drive Operational Excellence: Continuously improve back-office processes to provide timely and accurate responses. Empow
Slide 97: AI Strategic Partnerships
GUIDEPOSTSPARTNERSHIPS 97 AI at Raymond James | Strategic Partnerships
Slide 98: AI Project Pipeline
98 AI at Raymond James | AI Project Pipeline LIVE / IN PILOT • GenAI Search • Microsoft CoPilot • NASH Platform • Cyber Security • Anti-Money Laundering • eCommunication • Prudent Process Reviews • Service & Support Analyses • GitHub CoPilot • RJnet & Advisor Access GenAI Search • Zoom AI Meeting Su
Slide 99: Q&A
Q&A Vin Campagnoli EVP, Technology & Operations Andy Zolper Chief Information Officer
Slide 100: Appendix
Appendix RAYMOND JAMES
Slide 101: Presenter Biographies
Presenter Biographies RAYMOND JAMES
Slide 102: Paul Shoukry
Paul Shoukry Paul Shoukry is CEO and a board member of Raymond James Financial, Inc., a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. He previously served a
Slide 103: Tash Elwyn
Tash Elwyn Tash Elwyn is president of Raymond James’ Private Client Group, leading the firm’s domestic wealth management businesses that include approximately 9,000 employee and independent financial advisors and generate nearly 70 percent of overall firm revenues. Prior to his current role, he serv
Slide 104: Steve Raney
Steve Raney Steve Raney oversees the firm’s Bank segment, serves as the executive chairman of Raymond James Bank, and is on the board of TriState Capital Bank. Both banks are wholly-owned subsidiaries of Raymond James Financial. Steve also serves on the board of Raymond James Trust and is one of the
Slide 105: Jim Bunn
Jim Bunn Jim Bunn is the president of Capital Markets & Advisory for Raymond James. Prior to his current role, Mr. Bunn served as the president of Global Equities & Investment Banking and head of Investment Banking. From 2009 to 2013, Mr. Bunn was a Managing Director and Co-Head of Technology Servic
Slide 106: Butch Oorlog
Butch Oorlog Butch Oorlog joined Raymond James in 2004 as chief financial officer for Raymond James Tax Credit Funds, Inc. In 2009, he joined the finance area within the firm with accounting and reporting oversight responsibilities for the Broker-Dealer subsidiaries and the RJF Parent, where he serv
Slide 107: Vin Campagnoli
Vin Campagnoli Vin Campagnoli is the executive vice president of Technology and Operations for Raymond James and is responsible for managing all aspects of technology and operations across Raymond James’ businesses. Prior to his current role, Vin served as the firm's chief information officer (CIO).
Slide 108: Andy Zolper
Andy Zolper Andy Zolper is Chief Information Officer for Raymond James Financial. He leads a global team of experts who deliver world class technology capabilities to our advisors, associates, and clients. Andy also chairs the firm's Operational Risk Management Committee, is a member of the firm’s E
Slide 109: Executive Leadership Team
Executive Leadership Team Tash Elwyn President Private Client Group Jonathan Santelli EVP & General Counsel Raymond James Financial Steve Raney President Bank Segment Jim Bunn President Capital Markets & Advisory Chris Aisenbrey Chief Human Resources Officer Raymond James Financial Bella Loykhter Al
Slide 110: Non-GAAP Reconciliations
Non-GAAP Reconciliations RAYMOND JAMES
Slide 111: Non-GAAP financial measures
111 We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measu
Slide 112: Reconciliation of non-GAAP financial measures to GAAP
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes for additional information. continued on next slide Twelve months ended Six months ended $ in millions September 30, 2021 September 30, 2022 September 30, 2023 September 30, 2024
Slide 113: Reconciliation of non-GAAP measures FY2019-2020
*Note: The non-GAAP financial measures for the twelve months ended September 30, 2019 and 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. Twelve months ended $ in millions September 30, 2019 September 30, 2020 Net income available to common shareh
Slide 114: Reconciliation of non-GAAP financial measures to GAAP
Twelve months ended Six months ended $ in millions September 30, 2021 September 30, 2022 September 30, 2023 September 30, 2024 March 31, 2024 March 31, 2025 Average common equity (11) $ 7,635 $ 8,836 $ 9,791 $ 10,893 $ 10,584 $ 11,857 Adjusted average common equity (11) $ 7,693 $ 8,887 $ 9,819 $ 10,
Slide 115: Reconciliation of non-GAAP measures FY2019-2020
*Note: The non-GAAP financial measures for the twelve months ended September 30, 2019 and 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. Twelve months ended $ in millions September 30, 2019 September 30, 2020 Average common equity (11) $ 6,392 $
Slide 116: Book value per share
Book value per share As of $ in millions, except per share amounts March 31, 2024 March 31, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 10,905 $ 12,133 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,894 1,855 Deferred tax liabilities relate
Slide 117: Footnotes
(1) Excludes non-controlling interests. (2) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post- closing continuation of service of
Slide 118: Raymond James
RAYMOND JAMES