ZM - Why Raymond James Is Poised for a Comeback
In an age where wealth management groups boast new technological client interfaces that require less one-on-one contact, Raymond James Financial (NYSE: RJF) is old-school. Its stable of wealth managers guides clients who value personal relationships and connectivity over flashy DIY tools. The Robinhoods of the world might say this type of wealth management is passe, but Raymond James, boasting a whopping $774 billion in assets under management (AUM), would beg to differ.
Nearly every wealth manager took a hit in March, given all the uncertainty created by the pandemic. With equity markets well off pre-COVID-19 highs, client assets bore the brunt of those losses. But as the markets stabilize and investor sentiment borders on bullish, Raymond James, on the backs of its Zoom-enabled financial advisors, might be a stock to watch.
Image source: Raymond James.