RJF News & Events

Shares of wealth manager stocks sold off Tuesday after Altruist launched a new tax planning offering called Hazel, an AI platform. "The new capability helps advisors create fully personalized tax strategies for clients by reading and interpreting their 1040s, paystubs, account statements, meeting notes, emails, and custodial and CRM data, and applying deep tax logic to the analysis. All of this is done within minutes," Altruist, a wealth platform for independent advisors, said in a statement. Shares of Raymond James (RJF) closed down 9% to $158.48 while Charles Schwab (SCHW) dropped 7% to $99.25 and LPL Financial (LPLA) 8% to $360.58.

Reports Q1 revenue $3.74B, consensus $3.78B. "Our focus on being the absolute best firm for financial professionals and their clients has contributed to record quarterly revenues of $3.74 billion, record client assets of $1.77 trillion and annualized net new asset growth of 8%," said CEO Paul Shoukry. "We continue to deploy capital with a focus on the long term, as evidenced by our robust organic growth, continued investments in our technology and platform, and our recently announced acquisition of Clark Capital, an independent asset manager with a cultural and strategic fit and consistently strong growth. We also increased our quarterly dividend by 8% and repurchased $400 million of shares during the quarter."