Raymond James Hits $1.69 Trillion in Client Assets as Fee Accounts and Loans Climb

Raymond James reported August operating figures showing AUM up 10% year-over-year to $1.69 trillion, stronger fee-based assets and higher bank loans, while cash sweep balances eased.

What happened

Raymond James released selected operating data for August 2025. The headline: client assets under administration rose to $1.69 trillion. That mark is up 10% from a year earlier and 2% from July.

Fee-based Private Client Group assets jumped. Private Client Group assets in fee-based accounts stood at $978.9 billion, a 14% gain year-over-year and 2% uptick month-over-month. Financial assets under management rose to $270.0 billion, up 12% from August 31, 2024 and 2% from July 31, 2025. Net bank loans climbed to $50.2 billion, a 10% year-over-year increase and 1% sequential gain.

Not everything moved higher. Clients’ domestic cash sweep and Enhanced Savings Program balances were $54.2 billion. That represented a 4% decline from August 31, 2024 and a 1% drop from July 31, 2025.

“Record client assets under administration of $1.69 trillion grew 10% year-over-year and 2% over the preceding month,” said CEO Paul Shoukry.

Why it matters

Higher client assets typically mean more fee revenue over time. The jump in fee-based accounts is especially important. Fees are steadier than trading commissions. More money in fee accounts helps revenue predictability.

Rising financial assets under management and larger loan balances diversify the firm’s income mix. That reduces dependence on any single business line.

But the drop in cash sweep balances matters too. Those deposit-like balances fund lending and can support margins. A 4% year-over-year decline to $54.2 billion signals clients moving cash elsewhere, possibly into markets or other banks.

Finally, the company flagged strong advisor recruiting and a healthy investment banking pipeline. New advisors and deal activity can fuel future inflows and fee growth.

Outlook

Investors should watch a few things next. First, whether markets keep climbing. Raymond James said higher equity markets helped the gains. Durable market gains would lift assets and fees.

Second, net inflows. The firm reported net asset inflows as a driver. Sustained inflows matter more than one-month moves.

Third, deposit trends. Continued declines in the cash sweep would pressure the bank side and could change funding costs.

Lastly, hiring and deals. Advisor recruiting and the investment banking pipeline look solid now. If that continues, growth could accelerate.

The data is a snapshot, not an earnings report. Raymond James warned against assuming a fixed link to quarterly results. Still, the August numbers show broad momentum heading into the fall.

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Source: Company press release — link