Item: Shepherd Smith Edwards & Kantas, LLP
Rating: 5
Author: M.B.

Raymond James Financial Incorporated

Founded in St. Petersburg, Florida, in 1962, Raymond James Financial, Inc. (NYSE: RJF) is one of the largest multinational independent investment banks and financial services companies in the United States. With approximately 8,500 financial advisors, the firm services individuals, corporations, institutions, and municipalities. As of September 30, 2021, Raymond James had about $1.18 trillion in assets under management.

Its US-based investment firms include Raymond James Financial Services, Raymond James and Associates, and Raymond James Financial Services Advisors. Its asset management firms include Eagle Asset Management, Ballast Point Ventures, LP, Carillion Tower Advisors, and Raymond James Trust, NA.

Over the years, our brokerage firm negligence lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have gone up against Raymond James in Financial Industry Regulatory Authority (FINRA) arbitration, mediation, and litigation on behalf of investors.

If you are a Raymond James customer who suffered losses and would like to explore your legal options, call SSEK Law Firm at (800) 259-9010 today.

Raymond James advisors can choose to affiliate with the firm in four different ways:

Raymond James & Associates (RJA) model: The broker is an employee in a traditional branch setting under the supervision of a manager.

Raymond James Advisor Select (RJAS): This business model allows the financial advisor to use the firm’s administrative resources while making their own decisions regarding where to work, staffing, and daily operations. Compensation is based on the net profitability of the independent employee’s office. There is a higher gross payout than when working under the traditional employee model.

Raymond James Financial Services (RJFS) model: These independent contractors have full control of running their businesses. They are affiliated with Raymond James and pay for certain services as needed.

Independent Advisors Division (IAD): These are registered independent investment advisors who rely on Raymond James for clearing services and other resources.

What is a Brokerage Firm’s Supervisory Obligation Over Its Financial Advisors?

Raymond James has a duty to supervise its registered brokers and investment advisors. Broker-dealers may be held liable for their financial advisors’ misconduct or negligence if investor losses result.

What Are Some of The Recent Regulatory Cases Involving Raymond James?

November 2019: Raymond James Firms Paid Over $12M in Customer Restitution

FINRA ordered Raymond James Financial Services, Raymond James and Associates, and Merrill Lynch, Pierce, Fenner & Smith to pay over $12M in customer restitution for alleged supervisory failures related to 529 Plan Share class recommendations. The clients purportedly incurred excess fees on investments they made in 529 savings plans.

September 2019: Raymond James Entities Pay $15M SEC Settlement

The US Securities and Exchange Commission (SEC) arrived at a settlement with Raymond James Financial, Raymond James & Associates, and Raymond James Financial Services Advisors. The three RJF entities agreed to pay $15M.

The financial firms were accused of improperly charging advisory fees on inactive retail client accounts and charging excessive commissions for brokerage customer investments involving certain unit investment trusts (UITs).

December 2017: Raymond James Financial Services Fined $2M by FINRA For Poorly Designed Supervisory System

FINRA fined Raymond James Financial Services $2M for purportedly not maintaining a reasonably enough designed supervisory system or procedures for reviewing email communications.

The self-regulatory organization (SRO) said that this caused millions of emails to fail to undergo “meaningful review” and created the “unreasonable” risk that certain misconduct by Raymond James personnel might go undetected.

May 2016: Raymond James Fined $17M For Anti-Money Laundering Compliance Failures

FINRA fined Raymond James $17M for anti-money laundering (AML) compliance failures. The firm’s ex-AML compliance officer, Linda Busby, was suspended for three months.

Raymond James Brokers Unsuitably Recommended Northstar (Bermuda)

Our Northstar Financial Services (Bermuda) investment attorneys represent investors, including foreign nationals, against Raymond James over losses they sustained in this offshore entity.

Seasoned Broker Negligence Lawyers Representing Investors Against Raymond James

To schedule your free, no-obligation case consultation with SSEK Law Firm, contact us online or call (800) 259-9010 today. Our experienced securities lawyers have helped thousands of investors recoup their financial losses.

★★★★★

"I am going to miss conversations with you, Sam Edwards. You’ve been a wonderful lawyer and a friend. I loved learning legal jargon from you. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. With great appreciation, thank you!" M.B.

★★★★★

"My experience with Ryan Cook has been very positive. Through every step of the litigation he explained what to expect to happen. When I spoke with him later he reviewed the process. He was very patient, and I never felt rushed. I have already told friends how wonderful he is." L.R.

★★★★★

"I want you to know that I very much appreciate your expertise, hard work, and guidance that led to a satisfactory resolution with Raymond James. From our first meeting, I felt "heard" and that my situation and story were respected. Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. What great work you do on behalf of people like me who have been wronged, yet don't know how to navigate the appeals/mediation/arbitration process as you do. I will be forever grateful." M.L.

★★★★★

"Good positive experience. Guided us through a difficult process and was pleased with the outcome. Everyone I dealt with was exceptional." A.G.

★★★★★

"Good intelligent attorneys who never miss a beat. I set my expectations high, and they delivered above and beyond. Do not miss the opportunity to let SSEK represent you. Top-notch, efficient and effective firm." S.M.