In 2004, the Private Client Group switched from a commission based model, one where the client pays per trade, to a fee based structure, one where the client pays a fee as a percentage of assets under management. As a result, recurring revenue has steadily increased from 40% of total gross revenue to 60% in 2007. This gives the company a more stable revenue stream because the company makes money even if clients do not trade.
In Q1 2008, RJF's investment banking (capital markets division) had net income of roughly $6 million, down from $16 million in Q1 2007.  RJF's investment banking business has diminished significantly as a result of poor credit and stock market conditions in 2008. Investment Banking clients find it more difficult to raise money through bond offerings when credit conditions are poor. Additionally, when stock markets are down these same client are less willing to raise money by issuing stock, because they receive substantially less value for each share they issue. In a depressed stock market, it becomes difficult to attract new clients or retain old ones. It is worth noting, that although RJF has its own banks, its loans are limited to customers with high credit scores, and the company's exposure to subprime lending is limited.
RJF has more than 4,750 financial advisors, 1.6 million accounts from 2,200 locations throughout the United States and internationally, with $37.3 billion of assets under management.  They provide asset-management, institutional brokerage, and provides banking services. Gross revenue grew 18%, to a record $3.1 billion. Recurring revenue represents 60% of total revenue, up from 40% in 2003. Compensation costs were 80% of operating expenses in 2006. The company posted slightly higher Q1 2008 profits of $59.8 million (up from $59.7 million in Q1 2007), or 50 cents per share, beating consensus estimates by 8 cents. 
Private Client Group: RJF has actively converted its Private Client Group from a commission based structure to fee based accounts, which charge a percentage of assets under management. In 2007, RJF’s Private Client Group increased fee based gross revenues by $130 million.  As a result, RJF has increased recurring revenue from 40% of gross revenues in 2003, to 60% in 2006. The Private Client Group offers a dual-layered operating model, in which brokers can operate as employees (salaried) or independently (brokers operating as individual business). Fees and commissions rose more than 15% to $1.5 billion in 2007, along with higher production per advisor with a 23% increase in average annual production per Financial Advisor from $419,000 to $514,000. RJF increased the number of advisors by 330 in 2007, and accounts under management grew to a record 1.6 million from 1.2 million in 2002. U.K. wealth management has been the fastest growing department, with assets under management increasing from £79 million ($164 million) in 2002 to £1.1 billion ($2.3 billion) in 2007. 
Asset Management: RJF helps institutions, such as pensions, as well as high net worth individuals manage assets. The company manages mutual funds and also has custom-tailored investment strategies for certain clients. The Asset Management Group is also responsible for RJF's proprietary trading.  Assets under management fell by 4% in Q1 2008.
Equity and Fixed Income Capital Markets: This includes groups is responsible for investment banking advisory (mergers and acquisitions), equity research and fixed income research. Notably, Raymond James Tax Credit Funds is one of the leading syndicators in the U.S. of low income housing tax credit investing. 
Banking (RJBank): Over the last decade, firms in the wealth management business have sought to build customer loyalty, in addition to capturing a greater portion of their clients’ wallets by offering an expanding array of services, from helping clients plan for retirement to extending mortgages for the purchase of a home. To this end, RJF acquired its own bank, Raymond James Bank (RJBank) in 1994. RJBank’s revenue grew 178% in 2007. In 2007, Raymond James Bank increased its contribution to pre-tax profits by 129%. Retail brokerage was 67% of net revenue in 2006. In 2007, RJBank doubled loan balances, spread between residential mortgage pools (32%) and corporate loans (68%) from $2.7 billion to $5.7 billion and total assets from $3.4 billion to $6.8 billion. 
Other: RJF is also involved in proprietary capital operations, emerging markets investments and other miscellaneous corporate investments. 
|Retail Assets, $B ||Market Share (%)|
|Charles Schwab (SCHW)||742||830||1,239||3.3%||3.8%||5.0%|