Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Investor Day (May 2023)
81 slides from Raymond James Financial's investor day presentation, May 25, 2023
Slide 1: 2023 Analyst & Investor Day
May 25, 2023 2023 Analyst & Investor Day
Slide 2: Welcome & Agenda
2023 ANALYST & INVESTOR DAY Welcome & Agenda Kristie Waugh Senior Vice President, Investor Relations and FP&A
Slide 3: Forward-looking statements
Forward-looking statements Certain statements made in this presentation and the associated webcast may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business p
Slide 4: Agenda
Agenda 4 2:00 PM PAUL REILLY Chair & CEO, Raymond James Financial Strategic Overview 2:30 PM SCOTT CURTIS President, Private Client Group Private Client Group 3:00 PM PAUL SHOUKRY CFO, Raymond James Financial Financial Review 3:30 PM RJF PRESENTERS Q&A Panel
Slide 5: Strategic Overview
2023 ANALYST & INVESTOR DAY Strategic Overview Paul Reilly Chair & CEO, Raymond James Financial
Slide 6: Our firm has been shaped by four core values
6 Our firm has been shaped by four core values
Slide 7: Firm overview
7 Firm overview Private Client Group 67% Capital Markets 16% Asset Management 8% Bank Segment 9%Client assets under administration $1.22 trillion Approximately 8,700 advisors in U.S., Canada, and U.K. 141 consecutive quarters of profitability More than 2x required total capital ratio* Strong credit
Slide 8: Premier alternative to Wall Street
8 Premier alternative to Wall Street Sc op e an d sc al e of s er vi ce s Culture: Service/client orientation Wirehouses Boutiques Regionals Custodians Raymond James Independents
Slide 9: Diverse and complementary businesses
9 Diverse and complementary businesses BANK ASSET MANAGEMENT CAPITAL MARKETS ~$22B Loans primarily to PCG clients (mortgages, SBL loans, structured lending) $52B Stable source of deposits** Loans to institutional clients Research opinions Referrals Economic and industry research and perspectives Ref
Slide 10: Diversification has shown its value over the cycle
10 Diversification has shown its value over the cycle 36% 33% 40% 40% 36% 34% 41% 40% 43% 37% 47% 13% 15% 16% 12% 15% 13% 7% 8% 18% 26% 19%11% 14% 15% 16% 14% 16% 17% 17% 23% 19% 17% 40% 39% 29% 32% 36% 37% 35% 35% 16% 18% 17% FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 F
Slide 11: Strength and stability
Strength and stability 11 Since our founding, we have always put clients first and made conservative decisions to position us well over the long term.
Slide 12: Percent of total deposits that are FDIC insured
14% 59% 88% 95% SVB Peer Average Source: S&P Capital IQ Pro Note: Financial data as of most recent quarter. Some companies have been adjusted to include multiple bank charters in the analysis. Percent of total deposits that are FDIC insured We are industry leaders in offering Private Client Group cl
Slide 13: Maintaining strong capital position
13 Maintaining strong capital position 5% 10% 15% 20% 25% 30% 4% 5% 6% 7% 8% 9% 10% 11% 12% To ta l C ap ita l R at io * Tier 1 Leverage Ratio** Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 RJF Peer 1 Regulatory Requirements to be Well-Capitalized R JF T ar ge t Note: Sourced from publicly available informati
Slide 14: Client cash balances
Tangible common equity to tangible assets 14 Client cash balances 33.6 36.6 38.7 39.1 37.7 35.2 32.0 25.9 25.5 22.0 18.2 9.4 9.4 13.3 17.0 13.7 6.4 3.1 2.4 2.0 2.0 2.7 5.4 8.5 76.5 75.8 67.1 60.4 52.2 52.0 55.8 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 4/30/2023 5/19/2023 RJBDP - bank segme
Slide 15: Looking ahead
Looking ahead RAYMOND JAMES
Slide 16: Growth
GROWTH EXPANSION/ G ROWTH PROFITS IMPROVEMENT Services & Solutions CYC L E | ae INVESTMENT People, Businesses, Technology RAYMOND JAMES
Slide 17: Growth initiatives
17 Growth initiatives Drive organic growth across core businesses 1 Expand investments in technology 2 Maintain focus on strategic M&A and effective integrations 3
Slide 18: Private Client Group
18 Private Client Group Drive organic growth across core businesses 1 Best-in-class experience Leverage entire firm’s resources Strong retention and recruiting Industry- leading technology
Slide 19: Competitive Advantage: Advisor-centric culture + large firm resources
19 Competitive Advantage: Advisor-centric culture + large firm resources Raymond James Wirehouse Boutique Adviso r advisor client advisorclient Disintermediation Limited Resources Drive organic growth across core businesses 1
Slide 20: Capital Markets
20 Capital Markets Drive organic growth across core businesses 1 Expand M&A platform New market expansion Attract and develop key professional talent
Slide 21: U.S. investment banking activity has slowed considerably
U.S. investment banking activity has slowed considerably 0 $4 $8 $12 $16 0 7,500 1,500 3,000 4,500 6,000 1Q19 1Q232Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Mergers & Acquisitions Debt Capital Markets Equity Capital Markets Deal Count $ in billion -57% -37% $20 21 Dri
Slide 22: RJF investment banking revenues
22 RJF investment banking revenues Driving long-term growth through consistent investment in talent 312 379 290 639 709 189 128 132 227 332 248 61 61 85 133 172 143 45 501 596 650 1,143 1,100 590 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2023* M&A Advisory Equity Underwriting Debt Underwriting An
Slide 23: Asset Management
23 Asset Management Drive organic growth across core businesses 1 Enhance investment solutions Implement technology for increased productivity Expand Raymond James Investment Management
Slide 24: Bank Segment
24 Bank Segment Drive organic growth across core businesses 1 Grow securities- based loans Selectively grow corporate loans Manage credit risk
Slide 25: Tech that connects
Tech that connects 25 FLEXIBLE INTUITIVE EFFICIENT CUSTOMIZABLE PRODUCTIVE BUSINESS GROWING SERVE CLIENTS ANYWHERE Expand investments in technology 2
Slide 26: Future of advice
26 Future of advice Expand investments in technology 2
Slide 27: Strong track record and focus on strategic M&A
27 1999 2009 2011 2012 2015 2016 2017 2019 2020 2021 2022 We have a strong track record and remain focused on strategic M&A Maintain focus on strategic M&A and effective integrations 3 Roney & Co.
Slide 28: Our approach to corporate responsibility
Our approach to corporate responsibility 28 PEOPLE SUSTAINABILITY COMMUNITY GOVERNANCE
Slide 29: Commitment to our communities
Commitment to our communities 29 Note: For more information, see the 2022 Corporate Responsibility Report available on our Investor Relations website. Figures above denote contributions to Raymond James Cares Month in 2022 across the U.S., Canada and the U.K. * Participation totals are derived from
Slide 30: We put clients first
“o \S, We put clients first. Oo RR PB We act with integrity. We think long term. We value independence. RAYMOND JAMES
Slide 31: Private Client Group
2023 ANALYST & INVESTOR DAY Private Client Group Scott Curtis President, Private Client Group
Slide 32: Private Client Group
32 Private Client Group $1.2T client assets under administration 8,726 PCG advisors ~1% regrettable attrition* $21.5B net new assets** for fiscal second quarter 2023 Note: As of March 31, 2023 unless otherwise noted. *Regrettable attrition is annualized and defined as any Financial Advisor with a T1
Slide 33: Private Client Group growth
660 1,039 1,171 FY 2017 FY 2022 Mar. 31, 2023 Note: Charts not to scale. 5-year CAGR for period FY 2017 – FY 2022. 33 Private Client Group growth ASSETS UNDER ADMINISTRATION $ BILLIONS ASSETS IN FEE-BASED ACCOUNTS $ BILLIONS 295 586 666 FY 2017 FY 2022 Mar. 31, 2023 10% 5-Year CAGR 15% 5-Year CAGR
Slide 34: Growth across our multiple affiliation models
315 497 300 452 37 124 653 1,073 Mar. 31, 2018 Mar. 31, 2023 Employee Independent contractor RIA & Custody Services (RCS) Note: Quarter-end balances as of March 31, 2018 and March 31, 2023, respectively. 5-year CAGR for period ending second quarter of fiscal year 2018 and 2023, respectively. 34 Grow
Slide 35: Private Client Group growth
35 Private Client Group growth 202% 113% Raymond James Peer Group Median 10-YEAR CHANGE MAR. 31, 2013 – MAR. 31, 2023 60% 48% Raymond James Peer Group Median 3-YEAR CHANGE MAR. 31, 2020 – MAR. 31, 2023 69% 45% Raymond James Peer Group Median 5-YEAR CHANGE MAR. 31, 2018 – MAR. 31, 2023 -2% -5% Raymon
Slide 36: Private Client Group growth
FY 2017 FY 2022 Mar. 31, 2023 Employees Independent Contractors 7,346 8,681 8,726 3% 5-Year CAGR 8.6% 5.4% 8.3% 9.8% 8.4% 2Q FY22 3Q FY22 4Q FY22 1Q FY23 2Q FY23 36 Private Client Group growth DOMESTIC NET NEW ASSET* GROWTH ANNUALIZED % Note: Charts not to scale. 5-year CAGR for period FY 2017 – FY
Slide 37: Private Client Group results
373 1,030 408 875 FY 2017 FY 2022 FYTD 2022 FYTD 2023 Note: Charts not to scale. 5-year CAGR for period FY 2017 – FY 2022. FYTD 2023 and FYTD 2022 includes first two quarters of fiscal year 2023 and 2022, respectively. 37 Private Client Group results 4,422 7,710 3,761 4,207 FY 2017 FY 2022 FYTD 2022
Slide 38: Private Client Group vision
38 Private Client Group vision By 2030, exceed $2T in AUA by attracting, enabling, and digitally empowering advisors across multiple affiliation options to leverage the entire firm’s resources and Service 1st culture to help clients live their best lives.
Slide 39: Strategic imperatives
39 Digitally Empower Advisors & Clients Leverage Entire Firm’s Resources Strategic imperatives
Slide 40: Strengths and opportunities
Strengths Advisor retention & recruiting Advisor and client-focused culture Full-service resources Balance sheet & capital structure Succession planning resources Integrated advisor technology Strong cyber security Opportunities West Coast & Northeast Advisor preferences Migration to RIA & fee-only
Slide 41: Strategic Growth Initiatives
Strategic Growth Initiatives Private Wealth Recruiting Organic Growth RIA 41
Slide 42: CLIENTS |NTEGRITY Lone-TERM
CLIENTS |NTEGRITY Lone-TERM CLIENT FIRST CONSERVATIVE suPPORT FREEDOM ee Emmet oversr1 CARING FEEDBACK PARTNERSHIP. ®&sPEct INCLUSIVE ACCESSIBILITY VISIBILITY COMMUNITY APL EApERS SERVICE 1ST RAYMOND JAMES
Slide 43: Financial Review
2023 ANALYST & INVESTOR DAY Financial Review Paul Shoukry Chief Financial Officer, Raymond James Financial
Slide 44: Consistent capital priorities focused on growth
44 Consistent capital priorities focused on growth Track record of generating operating leverage Strong balance sheet Financial priorities focused on being a source of strength and providing flexibility in any market environment
Slide 45: Consistent capital priorities focused on growth
45 Consistent capital priorities focused on growth Organic growth across all our core businesses Acquisitions that represent good cultural and strategic fits Common stock dividend target of 20-30% of earnings Share repurchases to offset share-based compensation dilution and incremental repurchases o
Slide 46: Consistent capital priorities focused on growth
36 752 263 118 162 488 127 151 191 205 218 275 170 127 187 943 468 336 437 658 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2023*** Share Repurchases* Dividends Paid** Consistent capital priorities focused on growth • Since FY 2017, returned ~$3.2 billion to shareholders through dividends an
Slide 47: Track record of strong revenue growth through diverse revenue streams
47 Track record of strong revenue growth through diverse revenue streams 6,371 7,274 7,740 7,990 9,760 11,003 5,454 5,659 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2022 FYTD 2023 CONSOLIDATED NET REVENUES $ MILLIONS Note: 5-year CAGR for period FY 2017 – FY 2022. FYTD 2023 and FYTD 2022 i
Slide 48: Significant portion of growth-driven variable expenses
48 Significant portion of growth-driven variable expenses PCG Financial Advisor Compensation & Benefits, 49% Incentive Compensation, 9% All Other Compensation and Benefits, 22% CONSOLIDATED NON-INTEREST EXPENSES Note: FYTD 2023 includes first two quarters of fiscal year 2023. FYTD 2023 ~58% of Conso
Slide 49: Track record of generating operating leverage
1,119 1,315 1,409 1,105 1,971 2,169 1,043 1,234 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2022 FYTD 2023 Note: 5-year CAGR for period FY 2017 – FY 2022. FYTD 2023 and FYTD 2022 includes first two quarters of fiscal year 2023 and 2022, respectively. Charts not to scale. *This is a non-GAAP
Slide 50: Pre-tax margin
50 Pre-tax margin 14.5% 18.0% 17.8% 13.2% 18.4% 18.4% 21.4% 17.6% 18.1% 18.2% 13.8% 20.2% 19.7% 21.8% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2023** PRE-TAX MARGIN* Pre-Tax Margin (GAAP) Adjusted Pre-Tax Margin (Non-GAAP)*** *Based on net revenues. **Six months ended March 31, 2023. ***
Slide 51: Return on common equity
51 Return on common equity 12.2% 14.4% 16.2% 11.9% 18.4% 17.0% 19.3% 14.5% 16.0% 16.7% 12.5% 20.0% 18.2% 19.7% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FYTD 2023* RETURN ON COMMON EQUITY Return on Common Equity Adjusted Return on Common Equity** *Six months ended March 31, 2023, annualized. *
Slide 52: Strong balance sheet
Note: As of March 31, 2023. *This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. **This is a non-GAAP meas
Slide 53: Simple and stable funding and capital base
53 Simple and stable funding and capital base Bank Deposits, 68% Brokerage Client Payables, 9% Shareholders' Equity, 13% Senior Notes Payable, 3% All Other, 7% TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY as of Mar. 31, 2023 Weighted-average remaining maturity of notes outstanding of 21 years 88% FDIC
Slide 54: Strong capital ratios
54 Strong capital ratios 5% 10% 15% 20% 25% 30% 4% 5% 6% 7% 8% 9% 10% 11% 12% To ta l C ap ita l R at io * Tier 1 Leverage Ratio** Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 RJF Peer 1 Regulatory Requirements to be Well-Capitalized R JF T ar ge t Note: Sourced from publicly available information as of March
Slide 55: Deposit Funding
Deposit Funding 55 The Raymond James Bank Deposit Program in PCG provides most of the firm’s funding. The addition of TriState Capital Bank introduced additional deposit gathering mechanisms, and RJ Bank launched an enhanced-yield savings program for additional diversification. RJ Sweep Program Clie
Slide 56: Deposit Funding
Note: The diagram does not contain all the firm’s interest-bearing assets and liabilities; instead, the diagram is intended to only illustrate those interest-bearing assets and liabilities that are related to client cash balances and other deposits; the numbers on this page are directional and may n
Slide 57: Client Sweep, Money Market, and ESP Balances
Client Sweep, Money Market, and ESP Balances $47.8 $47.2 $48.2 $56.4 $54.7 $50.8 $54.2 $59.1 $74.0 $75.2 $77.0 $80.4 $79.9 $78.9 $81.6 $87.5 $89.6 $92.0 $90.7 $94.9 $98.8 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 TOTAL CLIENTS’ DOMESTIC
Slide 58: Client Sweep, Money Market, and ESP Balances
58 $13,594 $14,442 $28,036 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 TOTAL CLIENTS’ DOMESTIC CASH SWEEP, PURCHASED MONEY MARKET FUNDS (MMF) AND ESP* AVERAGE BALANCE PER ACCOUNT Avg Purcha
Slide 59: Diversified loan portfolio with focus on SBLs and residential mortgage loans
59 Diversified loan portfolio with focus on SBLs and residential mortgage loans SBL, 33% C&I Loans, 26% Residential Mortgage Loans, 18% CRE Loans, 16% REIT Loans, 4% Tax-Exempt Loans, 3% BANK SEGMENT LOAN MIX* Commercial & Industrial Portfolio (C&I) • All senior positions, no mezzanine lending • Hig
Slide 60: CRE & REIT Exposure
$7.5 $1.3 8.8 All other Bank loans Total CRE & REIT All other Real Estate Office 60 CRE & REIT Exposure BANK SEGMENT LOANS, NET ($B) Office loans ($1.3B) • 15% of CRE/REIT • 3% of total loans • ~30% of office loans mature in 2023 and 2024 TOTAL CRE & REIT LOANS ($B) $43.7 $8.8 (20%) Note: As of Marc
Slide 61: Loan growth
Note: Quarter-end balances as of March 31, 2018 and March 31, 2023, respectively. *Starting in June 2022, these metrics include the impact of the acquisition of TriState Capital Bank. **Corporate loans include C&I, CRE and CRE construction loans for the quarter ended March 31, 2018, and includes C&I
Slide 62: Key credit trends
62 Key credit trends 55 169 80 34 26 3 14 24 28 13 20 22 233 (32) 100 42 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FYTD 23* BANK LOAN PROVISION/(BENEFIT) FOR CREDIT LOSSES $ MILLIONS 12.59% 10.10% 7.23% 5.83% 3.98% 1.84% 2.15% 1.94% 1.54% 1.18%1.36% 4.
Slide 63: Duration profile
63 Duration profile Note: As of March 31, 2023. Percentages shown are as a percent of total Bank segment assets. Total will not equal 100% due to Cash and Other Assets and Loans Held for Sale being excluded from pie chart. Effective duration is measured as a percent change in price for every 1% chan
Slide 64: Historical financial targets
2017 2018 2019 2021 2022 Adjusted Compensation Ratio(1) < 67% < 66.5% < 66.5% < 70% < 66% Adjusted Pre-Tax Margin(1) > 17% > 18% > 18% 15%-16% 19%-20%+ Adjusted Return on Common Equity 14%-15% 16%-17% 16%-17% 14%-15%+ 16%-17% Adjusted Return on Tangible Common Equity(2) n/a n/a n/a 16%-17%+ 19%-20%
Slide 65: Financial targets
65 Financial targets < 65% Adjusted Pre-Tax Margin* Adjusted Compensation Ratio* Adjusted Return on Common Equity 20%+ 17%+ Note: These targets represent non-GAAP financial measures and exclude potential material items that may not be indicative of our core operating results. Achieving these targets
Slide 66: Key long-term capital and liquidity targets
66 Key long-term capital and liquidity targets Target Current* Tier 1 leverage ratio for RJF > 10% 11.5% RJF corporate cash** > $1.2 B $1.8 B Total debt to book capitalization ratio*** < 32% 17.8% *As of March 31, 2023. **This amount includes cash on hand at the parent, as well as parent cash loaned
Slide 67: Q&A
2023 ANALYST & INVESTOR DAY Q&A PAUL REILLY Chair & CEO, Raymond James Financial SCOTT CURTIS President, Private Client Group PAUL SHOUKRY Chief Financial Officer, Raymond James Financial
Slide 68: Appendix
2023 ANALYST & INVESTOR DAY Appendix
Slide 69: Presenter Biographies
2023 ANALYST & INVESTOR DAY Presenter Biographies
Slide 70: Paul Reilly
Paul Reilly Paul Reilly became chief executive officer of Raymond James Financial in May 2010 after joining the firm’s management team as president and CEO-designate in May 2009. He has served on the firm’s board of directors since 2006 and was named chair in 2017. From July 2001 to April 2009, he w
Slide 71: Scott Curtis
Scott Curtis Scott Curtis is president of Raymond James’ Private Client Group, leading the firm’s domestic wealth management businesses that include more than 8,000 employee and independent financial advisors and generate more than 70% of overall firm revenues. Prior to his current role, he served a
Slide 72: Paul Shoukry
Paul Shoukry Paul Shoukry is chief financial officer of Raymond James Financial, Inc. (NYSE: RJF). He is responsible for the overall financial management of the company, including balance sheet management, financial reporting, investor relations, corporate development, corporate tax, cash management
Slide 73: Executive Committee
73 Executive Committee Paul Reilly Chair & CEO Raymond James Financial Bella Loykhter Allaire EVP, Technology & Operations Raymond James Financial Chris Aisenbrey Chief Human Resources Officer Raymond James Financial Jim Bunn President Global Equities & Investment Banking Horace Carter President Fix
Slide 74: Non-GAAP Reconciliations
2023 ANALYST & INVESTOR DAY Non-GAAP Reconcilations
Slide 75: Reconciliation of non-GAAP financial measures to GAAP financial measures
75 Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 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 separatel
Slide 76: Reconciliation of non-GAAP financial measures to GAAP financial measures
76 Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) *Note: The non-GAAP financial measures for the twelve months ended September 30, 2017 through 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. $ in millions Sep
Slide 77: Reconciliation of non-GAAP financial measures to GAAP financial measures
77 Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) $ in millions, except per share amounts March 31, 2022 March 31, 2023 September 30, 2021 September 30, 2022 Earnings per common share (13): Basic 3.71$ 4.33$ 6.81$ 7.16$ Diluted 3.61$ 4.23$ 6.63$ 6.98$ Adjusted e
Slide 78: Reconciliation of non-GAAP financial measures to GAAP financial measures
78 Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) $ in millions, except per share amounts September 30, 2017 September 30, 2018 September 30, 2019 September 30, 2020 Earnings per common share (13): Basic 2.95$ 3.93$ 4.88$ 3.96$ Diluted 2.89$ 3.84$ 4.78$ 3.88$ Ad
Slide 79: Reconciliation of non-GAAP financial measures to GAAP financial measures
79 Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Book value per share $ in millions, except per share amounts March 31, 2022 March 31, 2023 Total common equity attributable to Raymond James Financial, Inc. 8,602$ 9,875$ Less non-GAAP adjustments: Goodwill and i
Slide 80: Footnotes
80 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 o
Slide 81: Footnotes (cont.)
81 Footnotes (cont.) (14) For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of av