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Raymond James Financial Inc (RJF) Q1 2025 Earnings Call Highlights: Record Revenues and …

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Raymond James Financial Inc (RJF) Q1 2025 Earnings Call Highlights: Record Revenues and …
  • Net Revenue: Record $3.54 billion for the first fiscal quarter.

  • Net Income: $599 million available to common shareholders.

  • Earnings Per Share (EPS): Record $2.86 per diluted share.

  • Adjusted Net Income: $614 million or $2.93 per diluted share, excluding acquisition-related expenses.

  • Return on Common Equity: Annualized 20.4%.

  • Adjusted Return on Tangible Common Equity: Annualized 24.6%.

  • Client Assets Under Administration: Increased 14% year over year to $1.56 trillion.

  • Private Client Group Assets: Record $877 billion.

  • Financial Assets Under Management: Nearly unchanged at $244 billion.

  • Domestic Net New Assets: $14 billion, representing a 4% annualized growth rate.

  • Recruitment: Financial advisers with $318 million of trailing 12-month production and $51 billion of client assets recruited over the past 12 months.

  • Cash Sweep and Enhanced Savings Balances: $59.7 billion, a 3% increase over the previous quarter.

  • Bank Loans: Grew 3% to a record $47.2 billion.

  • Private Client Group Pretax Income: $462 million on record net revenue of $2.55 billion.

  • Capital Markets Net Revenue: $480 million with a pretax income of $74 million.

  • Asset Management Pretax Income: Record $125 million on record net revenues of $294 million.

  • Bank Segment Net Revenue: $425 million with a pretax income of $118 million.

  • Compensation Expense: $2.27 billion with a total compensation ratio of 64.2%.

  • Non-Compensation Expenses: $516 million, a 5% sequential decrease.

  • Pretax Margin: 21.2% with an adjusted pretax margin of 21.7%.

  • Total Assets: $82.3 billion, a 1% sequential decline.

  • Effective Tax Rate: 19.9% for the quarter.

  • Dividend Increase: 11% to $0.50 per share.

  • Stock Repurchase Authorization: Up to $1.5 billion.

Release Date: January 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

  • Raymond James Financial Inc (NYSE:RJF) achieved record net revenues of $3.54 billion for the first fiscal quarter, showcasing the strength of its diverse and complementary businesses.

  • The firm reported a strong annualized return on common equity of 20.4% and an annualized adjusted return on tangible common equity of 24.6%.

  • Total client assets under administration increased 14% year over year to $1.56 trillion, indicating robust growth in client assets.

  • The Private Client Group generated pretax income of $462 million on record quarterly net revenue of $2.55 billion, driven by higher PCG assets under administration.

  • Raymond James Financial Inc (NYSE:RJF) has a strong recruiting pipeline, with financial advisers bringing approximately $318 million of trailing 12-month production and $51 billion of client assets to the firm over the past year.

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Surging market, steady saving yields new crop of 401(k) millionaires

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Surging market, steady saving yields new crop of 401(k) millionaires

The number of retirement savers sitting on a million bucks or more in their 401(k)s, 403(b)s, or IRAs lifted off last year.

The band of 401(k)-created millionaires jumped by 27% in 2024, increasing from 422,000 to 537,000, while the number of IRA-created millionaires bumped up 8% over the year from 318,863 to 344,413, according to a new analysis by Fidelity Investments.

The average 401(k) balance of $131,700 at the end of 2024 ranks as the second-highest average on record for the firm and is an 11% increase from the start of 2024. The average IRA balance was $127,534, up 8% for the year.

Gen X savers had the most bulging balances — average account balances were up 18% from a year ago, $508,000 vs. $589,400. For those Gen Z savers who held their 401(k) for five years, accounts popped to an average of $52,900 — an increase of 66% over the past year.

“Retirement savers experienced positive growth in 2024, which means that the number of individuals who have a million dollars or more in their retirement savings also increased,” Michael Shamrell, vice president of Workplace Thought Leadership at Fidelity Investments, told Yahoo Finance.

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The driver: A robust economy, lower inflation, and the Federal Reserve’s interest-rate cuts totalling one percentage point.

The S&P 500 (^GSPC) ended the year with a gain of 23%. The Dow Jones Industrial Average (^DJI) jumped nearly 13%, and the Nasdaq (^IXIC) ballooned close to 29%.

Here’s how 401(k)-created millionaires break down by generation: More than 4 in 10 are boomers: 41%, Gen X: 57%, and millennials: 2%. “Boomers have already started drawing from their retirement savings, which is why the number is lower than Gen X at this point,” Shamrell said.

Read more: What is a 401(k)? A guide to the rules and how it works.

One thing of note: “More millennial savers than ever before are now using Roth 401(k)s, removing the burden that taxes could pose on their savings when they enter retirement and begin to draw from their nest egg,” Shamrell said. “The millennial generation is making smart investment decisions now that they know will benefit them even further 20 or 30 years down the road when they ultimately enter retirement.”

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Fidelity’s analysis covers more than 50 million IRA, 401(k), and 403(b) retirement accounts.

Retirement saving is a long-term game.

“The important thing to keep in mind when it comes to 401(k)-created millionaires is that these individuals have been saving for a long time,” Shamrell said. “The average 401(k)-created millionaire has been in their plan for 26 years and has an average contribution rate of almost 18%.”

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Surgery Stuff Announces New Leadership Additions in Finance and Marketing

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Surgery Stuff Announces New Leadership Additions in Finance and Marketing

Expansion Fuels Next Phase of Company Growth

FAIRFAX, Va., Feb. 26, 2025 /PRNewswire/ — Surgery Stuff, a trusted provider of OR surgical implants and disposables for US-based hospitals and surgery centers, today announced new leadership positions in finance and marketing with the addition of Thomas Hultgren as SVP of Finance and Davy Simanivanh as Director of Marketing.

Thomas Hultgren has been appointed SVP of Finance at Surgery Stuff, where he will lead all financial planning and strategic initiatives aimed at enhancing profitability and driving long-term value for the company. With two decades of experience across multiple industries, Mr. Hultgren has a proven track record in developing, optimizing, and guiding corporate finance, strategy, and operations for high-growth, private equity-backed companies. Before joining Surgery Stuff, he served as VP of Finance at a metal fabrication manufacturer. He also previously held the position of Controller at a leading medical equipment manufacturer.

Davy Simanivanh joins Surgery Stuff as Director of Marketing. In this role, Mr. Simanivanh will have overall responsibility for leading strategic marketing efforts to drive growth and expand the company’s market presence. With 20 years of experience, he has successfully developed and executed marketing programs for tech startups, SaaS companies, and professional services firms. Previously, Mr. Simanivanh served as Director of Marketing at a leading provider of health information solutions, where he played a key role in establishing the company as thought leaders in the health IT industry. Prior to that, he was the Director of Marketing for an encrypted communications startup.

“We are thrilled to welcome Thomas and Davy to the management team at Surgery Stuff,” said Graham Whitley, CEO of Surgery Stuff. “Their deep expertise will be critical in advancing the company’s mission forward and leading their respective departments to create a balanced approach to growth that prioritizes customers while ensuring long-term financial sustainability.”

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About Surgery Stuff
Surgery Stuff is a trusted provider of OR surgical implants and disposables for US-based hospitals and surgery centers. We offer significant cost savings on purchases while also helping healthcare facilities recover the value of surplus inventory, preventing waste and financial loss. Our mission is to empower healthcare providers with accessible and affordable surgical supplies, ensuring better care for patients and a more sustainable healthcare system. For more information, visit us at www.surgerystuff.com.

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Robinhood CEO Tenev Says Financial Regulation Good for the Firm

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Robinhood CEO Tenev Says Financial Regulation Good for the Firm

(Bloomberg) — Robinhood Markets Inc. Chief Executive Officer Vlad Tenev said that his firm, which has been probed by US financial regulators over its cryptocurrency operations, benefits from government oversight.

Most Read from Bloomberg

“I think customers want to know that their assets are safe and that someone is watching over the companies that are providing financial services to them and holding them accountable,” Tenev said in a Bloomberg Television interview Tuesday. “I actually think regulation is good for our business, not just good for customers, and we know how to operate in a highly regulated arena.”

Robinhood said Monday that the US Securities and Exchange Commission closed an investigation into the firm’s cryptocurrency operations and isn’t pursuing any enforcement action. The company had disclosed last year that it received what’s known as a Wells notice, indicating the SEC had initially determined to recommend an enforcement action. Robinhood said Monday that “this investigation never should have been opened.”

Tenev said some regulations need to change, particularly those requiring that individual investors be accredited before they’re allowed to invest in closely held companies. Robinhood wants to use its platform to allow retail investors to buy stakes in firms such as SpaceX and OpenAI.

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“The accreditation rules have to be rethought,” Tenev said. “A lot of these rules were created in a different time, where the problem was lack of information,” he said, adding that the internet has made data on closely held firms much more widely available. “So I think that’s why the rules have to be rethought. I think they were put in for good reasons, but those reasons no longer hold.”

–With assistance from Sonali Basak and Tim Stenovec.

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©2025 Bloomberg L.P.

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