Chairman Emeritus Thomas A. James, the visionary leader behind the transformation of Raymond James from a small regional brokerage firm into a nationally recognized wealth management brand, has announced his retirement. After an illustrious career spanning 48 years with the company, including four decades as CEO, James will step down as a director at the end of the annual shareholders meeting scheduled for Feb. 22, 2024.
In a statement, James expressed his desire to reduce his responsibilities and dedicate more time to his personal life, particularly to spending quality time with his wife, Mary. However, he emphasized his ongoing commitment to the firm by maintaining an office and continuing in advisory roles, both in the business and charitable sectors. While he plans to transition into a part-time role at the company, James remains dedicated to supporting its continued success.
CEO Paul Reilly expressed gratitude for James’ guidance and leadership throughout the years, acknowledging the lasting impact he has made. Reilly affirmed that Raymond James will continue to implement the management principles instilled by James during his tenure as CEO, recognizing his invaluable contributions to the development of current and past leadership in the organization.
Thomas A. James’ association with Raymond James began early in his career when he joined the firm in 1966 after completing his studies at Harvard Business School. He continued the financial legacy established by his father, who founded the firm in 1962 as Raymond James & Associates. In 1970, James assumed the role of CEO, navigating the company through various challenges and leading it to become a publicly traded entity in 1983.
Reflecting on his journey, James humorously remarked on the unexpected duration of a temporary delay in the company’s initial plans to go public during a market downturn.
As Chairman Emeritus, Thomas A. James leaves an indelible mark on Raymond James and its legacy of success. His leadership, insight, and dedication have shaped the firm into a household name within the wealth management industry.
Raymond James: A Legacy of Growth and Resilience
The 1970s were a challenging time for markets and brokerage firms, with high inflation and economic malaise plaguing the industry. Despite these difficulties, Raymond James, a prominent financial services firm, not only survived but thrived. CEO Tom James, who described this period as his “real business school,” attributed the company’s success to its ability to learn from adverse conditions.
The turning point came in the 1980s, fueled by a long-lasting bull market. Raymond James seized this opportunity to expand its operations, establishing an independent broker-dealer unit and relocating to a new headquarters. In addition, the company made its market debut by going public. Since then, this St. Petersburg-based firm has made significant strides in the 21st century, bolstering its presence through strategic acquisitions and attracting top-tier advisor teams from national brokerage firms.
Today, Raymond James boasts a robust wealth management division, encompassing employee advisors, independent advisors, and registered investment advisory firms. The company’s diverse range of services also includes an investment bank and asset management solutions. With approximately 8,700 financial advisors and over $1.24 trillion in client assets under management, Raymond James continues to consolidate its position as a leading player in the financial services industry.
In 2010 and 2017, CEO Tom James passed the baton to Paul Reilly, stepping down as the company’s chairman of the board. Outside the realm of finance, James has cultivated a passion for art and has amassed an impressive collection. Some of these cherished pieces are on display at Raymond James’ headquarters, while others find a home at The James Museum of Western & Wildlife, which opened its doors to the public in 2018.
Raymond James’ journey is a testament to the power of resilience and adaptability amidst turbulent times. As they continue their growth trajectory, the firm remains committed to providing exceptional service and innovative solutions to their clients.
