Raymond James is a diversified financial services firm centered on wealth management. The core business is the Private Client Group, where nearly 9,000 financial advisors provide investment advisory, financial planning, and brokerage services to retail clients. PCG accounts for roughly 72% of net revenues and manages over $1 trillion in fee-based assets. Raymond James offers advisors multiple affiliation models — as employees, as independent contractors, or through a custody platform for third-party RIAs and broker-dealers — which the firm calls "AdvisorChoice." Raymond James earns revenue in three main ways: asset-based fees tied to fee-based client assets, net interest income and sweep fees from uninvested client cash, and transaction-based revenues from brokerage and investment banking. A key feature of the model is that PCG client cash is swept to Raymond James Bank, which lends it back primarily as securities-based loans to PCG clients, creating a flywheel where PCG growth reinforces bank growth. Beyond wealth management, Raymond James operates a Capital Markets segment covering M&A advisory, equity and debt underwriting, and institutional brokerage focused on the middle market. The firm also has an Asset Management segment earning fees on AUM. Growth is driven primarily by recruiting financial advisors, and Raymond James pursues selective acquisitions as a secondary growth lever.