Raymond James Reviews: What You Should Know (Fees, Customer Reviews, Brokerage, Advisors)

If you are on the lookout for a financial advisory firm to keep a wise eye on your investments, we would like to offer a Raymond James financial review so that you can decide whether or not this firm is the right one to serve your particular needs.

We will take a look at Raymond James customer reviews, fees, the actual Raymond James brokerage firm, and their advisors. We will go over these key components and summarize Raymond James reviews, informing you of what others are saying and providing a full picture of the investment firm.

Whether you’re a mom and pop investor, family trust, commercial venture, or institution, the fact is that you — like any wise investor — want to optimize your investments. We all seek maximum returns on the money we choose to invest.

And while we may ourselves have knowledge of the investment scene, the fact is that many of us turn to the professionals to obtain maximum bang for our buck, like Raymond James investment services that specialize in industry-focused knowledge.

We want to know that not only is our money safe in their hands but also that Raymond James mutual funds are going to maximize the returns we receive on the cash we put in.

Raymond James Review | History of Raymond James Financial Services

Raymond James is a full-service investment firm with statistics that speak for itself in terms of both its historical presence and current business activity.

Started in 1962, the present company was created when Raymond and Associates and Robert A. James Investments merged in 1964. In 1983, Raymond James became a public company and hasn’t looked back.

As such, in terms of historical presence in the market, Raymond James’ investment services aren’t going anywhere soon, which is a good thing when looking for a partner to invest with.

In terms of business activity, a Raymond James review of statistics are glowing. With Raymond James financial services reviews of 2017 second-quarter results detailing record figures, you catch a glimpse of their activity and success.

According to a recent press release by Raymond James, the second-quarter fiscal 2017 results include:

  • The level of client assets under administration totals $642.7 billion
  • Quarterly net revenues total $1.56 billion
  • Financial asset management total $85.6 billion

If these statistics are anything to go by, Raymond James is great at what they do and is a prime pick for many a savvy investor. Additionally, with the number of advisors, it is easy to contact Raymond James to find an advisor who is the right fit for you.

In 2016, Raymond James was added to the Fortune 500 list. Recognized by the financial services sector, many of the Raymond James mutual funds’ affiliated advisors won top awards in 2016 alone, including:

  • Top 40 Under 40 list – InvestmentNews
  • Top Women Financial Advisors – Barron’s 
  • Barron’s list of America’s Top Advisors
  • Top 25 Regional Advisors Under 40 – Wall Street’s list
  • Rising Stars of the Bank Channel – Bank Investment Consultant
  • FT 400 list of top financial advisors – Financial Times

A few recent accolades for Raymond James in 2017 have included:

  • Awarded the Bank Insurance and Seurities Association (BISA) Technology Innovation Award for the fifth consectutive year
  • Five Raymond James advisors were named to Barron’s list of the Top 100 Women Financial Advisors.
  • Three Raymond James-affiliated advisors were named to Barron’s 2017 list of the Top 100 Financial Advisors.

With a wide range of accolades and awards every year, it is safe to say that you’ll be able to contact Raymond James to find an advisor who is more than dependable.

See Also: Jones Barclay Boston Review

Raymond James Review | Raymond James Financial Services

While we know that Raymond James is a full-service investment firm, the company provides a range of investment services for corporations and institutions, including:

  • Investment banking
  • Equity capital markets
  • Public finance
  • Fixed income capital markets
  • Financial institution brokerage

Related services including commercial bank products and cash and asset management:

  • Brokerage for financial institutions
  • Asset management
  • Consulting for institutions
  • Merchant banking
  • Wealth advisory for private clients
  • Banking
  • Tax credit funds

An expert Raymond James review conducted by Andrew Polacek for ConsumerAffairs.com suggests that Raymond James is ideally suited to owners of private corporations, public companies and family operations; middle market executives; and representatives of private equity firms, family offices, local government, and sovereigns.

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Raymond James Financial | Fees & Customer Raymond James Reviews

There’s no denying that the fees of an investment firm are important, especially when the individual, family, commercial enterprise, or institution is seeking to maximize profits. It’s simple: steep fees cut into returns.

So, when we undertake a Raymond James review of fees, we first look at Raymond James’ website. The top tier investment firm breaks down their Client Account Fees into a range of charges that may or may not be charged to your account, including:

  • Account fees – Includes annual maintenance fees, Raymond James & Associated retirement account fees, Guardianship/Conservatorship account fees and annual pledged account fees
  • Processing fees – Includes such fees as handling and processing, returned deposits, payment extensions, mailgram, foreign security processing, exchange fees, and others
  • Service fees – Certified or cashier’s checks, wiring funds, early payout, check disbursement, foreign exchange conversion and short sales
  • Capital Access account fees – Annual fees, service fees, and ATM surcharge
  • Raymond James Bank fees – Includes Choice rate checking account and domestic and foreign wire transfer
  • Complimentary services – Includes such items as online account access through Investor Access, cost basis information, TurboTax, and direct deposit

In terms of fees, TopRatedFirms.com gave a Raymond James financial services review a mark of three stars out of five.  While not a perfect score, the Raymond James review does point to the fact that there is always room for improvement – no matter how large or reputable you are.

Raymond James customer reviews on TopRatedFirms.com show a number of disgruntled customers in relation to the fees charged.

Although perhaps not a balanced forum in terms of satisfied customers, such negative Raymond James review comments relate to high fees, high commissions, not waiving fees, and that actual fees ended up being much more than the initial fee quoted.

However, as one Raymond James investment services customer review alluded:

“Investment firms are more expensive, however if you believe lower cost will lead to better performance results you are wrong. Study after study proves this. Educate yourself then go find a good advisor who charges a reasonable fee and explains what you get for that fee. They are rare, however they exist. You have good advisors at bad firms and bad advisors at good firms. Generally speaking Raymond James is a good firm with good advisors.”

There’s no repudiating that a Raymond James review does indeed bring up fee-related incidents that date back to around 2005.

For example, NASD fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations surrounding their fee-based Raymond James brokerage business, according to FINRA and Investopedia.

Then, in 2011, the Financial Industry Regulatory Authority ordered Raymond James mutual funds to pay restitution for excessive commissions for activity related to client accounts from 2006 to 2010.

In May of 2016, FINRA fined Raymond James a total of $17 million due to widespread failures throughout the firm’s anti-money laundering programs.

What this Raymond James review clearly shows is, like any service you are purchasing, do your homework first. A Raymond James customer review definitively turns up some concerns and queries; however, Raymond James is transparent on their website and is being closely watched over by FINRA.

This Raymond James review demonstrates that you, as an investor, should gain knowledge of the fees upfront and accept them prior to purchasing their service. The same can be said for all purchase decision-making.

Related: Financial Advisor Job Description | What Does A Financial Advisor Do

Raymond James Customer Reviews | Service, Brokerage, & Advisors

As a whole, Raymond James Financial is headed up by Paul Reilly, the Raymond James CEO, and Executive Chairman, Thomas A. James. There is also a leadership team of eleven other executives, keeping Raymond James CEO Reilly in strong company.

In terms of customer satisfaction, Raymond James achieved a ranking of seventh out of 20 full-service investment firms that were included in the 2016 J.D. Power U.S. Full Service Investor Satisfaction Study.

Raymond James Customer Reviews - Service, Brokerage, & Advisors-min

Image source: JDPower.com

The J.D. Power U.S. Full Service Investor Satisfaction Study measures overall investor satisfaction of full-service investment firms in terms of the financial advisor, account information, investment performance, product offerings, commissions and fees, website, and problem resolution.

As “financial advisor” is one of the key measures on the satisfaction survey, you can feel secure in the fact that contacting Raymond James to find an advisor for your investment decisions is sound.

Both noteworthy and pivotal to this Raymond James review is that the J.D. Power study found there is much confusion surrounding fees among the study participants. This could partly explain the dissatisfaction mentioned in Raymond James financial services reviews in regards to fees and could potentially be the reason for the negative Raymond James customer reviews.

On TopRatedFirms.com, the overall customer rating for Raymond James customer reviews was given two out of five stars. Not a staggering result; however, not surprising given the fact that the J.D. Power Investor Satisfaction Study identified confusion over fees within the industry.

In terms of pros, Raymond James customer reviews mentioned integrity, great service, and well-trained and experienced advisors. As these are key qualities to look for in an investment advisor, contacting Raymond James to find an advisor is a smart decision.

Raymond James customer reviews negative comments run the full gamut of those service characteristics one would expect in most large organizations and relate to bad management, poor service, unethical behavior, poor advice, deceit, lack of integrity, mismanagement, and poor knowledge.

Money and investment returns are a very touchy subject, with unrealistic expectations often leading to disappointment.

As the Raymond James financial services reviews demonstrate, there will surely be good and bad advisors in every company. And clearly by the number of accolades that the Raymond James’ advisors have been picking up, there are many good ones available. Just do your homework!

Conclusion: Raymond James Review 

Whichever way you approach your investment and whatever Raymond James financial reviews you use to make your decision, there’s no denying that Raymond James mutual funds is a very large and powerful organization.

Raymond James has a total of 7,200 financial advisors and over 2,900 locations across the United States, Canada and internationally.

With many advisors achieving the highest of industry honors, it is easy to see that the Raymond James advisor either makes or breaks the customer’s experience. With such a big family, across so many locations, it is easy to see how a Raymond James review brought up such diverse customer experiences.

And, while there is a mixed bag of Raymond James customer reviews, the fact is that Raymond James has a huge global presence and is very successful. Raymond James is doing something right, as there are many happy investors who are over the moon and continue to use their services.

If you think you may be interested in using Raymond James investment services, you can find your Raymond James advisor by zip code, city, or name on their website.

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