A letter from our chair and chief executive officer

Since our founding more than 60 years ago, Raymond James has maintained an unwavering commitment to our core values. We put clients first, act with integrity, value independence and think long-term. These core values are more than words on a page. They are lived out day-in and day-out by advisors and associates. Despite the challenging environment this fiscal year, which included a regional banking crisis, heightened volatility, and rapidly rising interest rates, we generated record net revenues and earnings. Our third consecutive year of record results in what were very different market environments is a testament to our Private Client Group, which is balanced by diverse and complementary businesses.

A significant contributor to our long-term success has been our commitment to the values that have defined Raymond James for more than 60 years – client first, integrity, independence and thinking long term. They continue to be the heart of our business – guiding our decision-making in both positive and adverse conditions.

While there are many uncertainties heading into fiscal 2024, I’m confident our strong competitive positioning in all our businesses, along with our ample capital and liquidity, has us well-positioned to drive future growth. Of course, our success is due to the outstanding advisors who are at the core of what we do. I want to thank every advisor and associate for their continued perseverance and dedication to providing excellent advice and service to their clients each and every day, especially in uncertain times when clients need trusted advice the most. It is in times like these when it is even more important that we stay true to our culture and values.

Thank you for your continued trust and confidence in Raymond James.

paul reilly

Paul C. Reilly
Chair and Chief Executive Officer
Raymond James Financial
December 20, 2023

(1)Adjusted net income available to common shareholders and adjusted return on tangible common equity are non-GAAP financial measures. Please see the

“Reconciliation of non-GAAP financial measures to GAAP financial measures” in “Part II, Item 7 – Management’s discussion and analysis of financial condition and

results of operations” of our 2023 Form 10-K for a reconciliation of these measures to the most directly comparable GAAP measures and other required disclosures.