Raymond James Financial is broadening the deployment of its proprietary artificial intelligence operations agent, Rai, to several hundred advisors and their teams, according to chief executive Paul Shoukry. Speaking during the firm’s fiscal second-quarter earnings call on Wednesday, Shoukry described the initial reception as “very encouraging” and said the company plans to continue expanding access to the tool over time.
Launched in January, Rai leverages natural language processing and generative AI to provide advisors with curated, natural-language answers to operational queries. The rollout follows a focus-group phase and is part of a broader push to embed AI into the firm’s long-term strategy. Shoukry noted that the technology has already proven helpful in the wealth management industry, but he was careful to delineate its limits.
“We have had three client events in the last quarter with advisors and clients — one in Memphis, one in Atlanta, one in Miami,” Shoukry said. “When you see the advisor relationship with clients, there’s no doubt that the deeply personal relationships that advisors have with clients trump any kind of technology or AI bot that may exist in the future.” He added that he personally trusts his own Raymond James advisor to know his wife and family’s financial objectives, a level of trust he would not cede to an algorithm.
Shoukry envisions AI as a complement to, rather than a replacement for, human advisors. The technology can help generate more bespoke insights and advice, save time on administrative tasks, and ultimately free advisors to deepen client relationships. This perspective aligns with comments he made at the firm’s annual institutional investor conference last month, where he acknowledged industry concerns about AI but reaffirmed Raymond James’ commitment to the technology as a solution to the advisory talent shortage.
For the quarter ended March 31, Raymond James reported net revenue of $3.86 billion, a 13% increase from the same period a year earlier and a 3% sequential rise. The figure edged past the $3.85 billion consensus estimate compiled by Yahoo! Finance. Adjusted earnings came in at $2.83 per share, topping the average analyst forecast of $2.76 per share.
The independent broker-dealer space has seen heightened competition for advisor talent, with firms like LPL and Osaic capturing a $1.4B advisor team in a dual breakaway from Raymond James earlier this year. Meanwhile, Osaic, Raymond James, and LPL have all recruited advisors managing nearly $1B in client assets, underscoring the ongoing war for top producers.
Raymond James’ AI initiative also mirrors broader industry trends. Wells Fargo recently launched an AI-enhanced advisor gateway, and a Morgan Stanley survey found that 63% of founders prioritize revenue growth amid AI and liquidity pressures. Shoukry’s balanced message — embracing AI’s efficiency gains while championing the irreplaceable value of human connection — reflects a sentiment echoed by many industry leaders navigating the technology’s rapid evolution.
