...Solid Market Position: Raymond James Financial Inc.'s (RJF) ratings reflect the firm's strong franchise in the U.S. wealth management space, experienced management team, strong operating performance, sizable capital cushion relative to regulatory minimums, significant deposit funding and proven debt capital markets access. The ratings are constrained by the business model's sensitivity to brokerage and capital market trends, elevated compliance and conduct risks in retail wealth management, and sensitivity of earnings to interest rate movements. Wealth Management Focus: With approximately $1.5 trillion in assets under administration (AUA) as of March 31, 2025, Fitch Ratings believes RJF is strong among independent wealth management firms, despite sector fragmentation and intense competition. RJF also offers institutional capital markets, asset management and banking services, supporting moderate revenue diversification. Although capital markets revenues can be volatile, they complement...
