Raymond James Financial Inc (NYSE:RJF) Q3 2018 Earnings Conference Call - Final Transcript

Jul 26, 2018 • 08:15 am ET


Raymond James Financial Inc (NYSE:RJF) Q3 2018 Earnings Conference Call - Final Transcript


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Paul Shoukry

[Starts Abruptly] thank you for joining us on the call this morning. We appreciate your time and interest in Raymond James Financial. After I read the following disclosure, I'll turn the call over to Paul Reilly, our Chairman and Chief Executive Officer; and Jeff Julien, our Chief Financial Officer. Following their prepared remarks, they will ask the operator to open the line for questions.

Certain statements made during this call may constitute forward-looking statements. Forward-looking statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, acquisitions, our ability to successfully recruit and integrate financial advisors, anticipated results of litigation and regulatory developments or general economic conditions.

In addition, words such as believes, expects, plans and future conditional verbs as well as any other statement that necessarily depends on future events are intended to identify forward-looking statements. Please note that forward-looking statements are subject to risks and there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We urge you to consider the risks described in our most recent Form 10-K and subsequent Form 10-Q which are available on our website.

During today's call, we will use certain non-GAAP financial measures to provide information pertinent to our management's view of ongoing business performance. A reconciliation of these measures to the most comparable GAAP measures may be found in the schedule accompanying our press release.

With that, I'll turn the call over to Paul Reilly, Chairman and CEO of Raymond James Financial. Paul?

Paul Reilly

Thanks, Paul. Good morning, everyone. I'm actually calling you from Orlando, Florida where we have our Private Client Group employee division's summer development conference which is a conference full of educational and communicational opportunity for our advisors, and unique to the Raymond James' culture, we actually have slightly more children under 18 than advisors attending. It's a family-oriented event. Really highlights the difference in the Raymond James culture and we believe it is part of the reason you see such low turnover statistics in our Private Client Group because of our culture.

This morning, I'm going to kind of give some highlights over the results and I'm going to turn it over to Jeff Julien, who'll go over some of the details especially in the expense items which I know you're going to have questions about, and then I'll close with a little bit about the outlook for next quarter before we turn it over to you for questions.

So in looking at the tone of really looking at the call, I think the results are better than they appear. The revenue drivers were all very strong and we did have certain elevated expense items that we believe were higher this quarter than they will be going forward and hopefully some of them were temporary elevated, but we'll get into that in a little bit.

First, I want to start by our revenue metrics I believe were very, very strong, $1.84 billion, up 13% over