Raymond James says fee cut will have small impact
October 25, 2019 - A move by Raymond James Financial to cut fees for some of its advisors will have a $7 million to $8 million annual impact, CEO Paul Reilly said in a conference call with analysts. Reilly said it would be a small impact for Raymond James (NYSE: RJF), a St. Petersburg-based financial services firm. For the fiscal year ended Sept. 30, the company reported a 21 percent increase in net income to $1.03 billion, or $7.17 a share, and a 6 percent jump in revenue to $7.7 billion. Lower interest rates and political and economic uncertainties may present challenges, Reilly said, but the company entered fiscal 2020 with a record number of private client group financial advisors, client assets under administration, and net loans at Raymond James Bank.