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By Kenneth Corbin

When Raymond James reported quarterly results on Wednesday, it turned in record revenue and blew away Wall Street's expectation for adjusted earnings per share.

But one important number was missing.

Raymond James is no longer revealing how many advisors work in its Private Client Group unit each quarter, following similar moves by other large banks and brokerages.

"As we've noted over recent years, the financial advisor count has become a less relevant measure of the strength and growth of our PCG business," a company spokesman says.

The change continues a trend that has seen other multichannel financial institutions cease reporting advisor head count.

Wells Fargo stopped reporting its advisor count in 2023, saying at the time that it was "aligning with our peers" through the move.

Years before, Bank of America had stopped reporting the number of traditional full-service advisors at its brokerage unit, Merrill Lynch, and last year it ceased reporting a broader advisor tally. Morgan Stanley stopped reporting its advisor count after the E*Trade acquisition.

In the case of Raymond James, the firm says that quarterly advisor count isn't the best indicator of the health of its PCG business, given that any given period could see transfers to Raymond James' registered investment advisor channel, as well as advisors retiring or moving to another firm but leaving their assets behind.

"We believe the more meaningful metrics for investors to monitor are total client assets and domestic PCG net new assets," the spokesman says. "Those figures will give you the clearest view into the health and growth of the business."

Raymond James says it will still report its advisor count on an annual basis, acknowledging that it "is still a notable metric."

In the first quarter of fiscal 2025, which ended Dec. 31, Raymond James posted $1.49 trillion of client assets under administration in the Private Client Group, up 14% from the previous year and off 1% from the end of the fiscal fourth quarter. Firmwide, Raymond James reported $1.56 trillion of client assets under administration at the end of the first quarter.

Domestic net new assets account for domestic asset inflows, including dividends and interest, subtracting outflows, commissions, and advisory and other fees. Raymond James reported $14 billion in domestic net new assets in the first quarter, representing 4% annualized growth.

When it last disclosed advisor count following the fiscal fourth quarter of 2024, which ended Sept. 30, Raymond James reported 8,787 total Private Client Group advisors, comprising 3,826 employees and 4,961 independent contractors.

The decision by Raymond James and others to no longer routinely report advisor count reflects in part the changing nature of the industry, according to Michael Watson, head of RIA custody at Axos Advisor Services, referring both to how large financial firms are organized and how they earn revenue.

"All of these firms have multiple verticals of 'advisors,' so deciding who gets included could be part of the issue," Watson says. "There has been a paradigm shift away from commission-led sales production to fee-based asset production, which makes the number of advisors less relevant."

Write to advisor.editors@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(17:48 GMT) Raymond James Price Target Raised to $201.00/Share From $198.00 by B of A Securities