Raymond James Financial (RJF) risk factors, FY2025 10-K

Raymond James Financial's FY2025 10-K, filed Nov 25, 2025, lists 30 risk factors in 2 groups. Against the prior year's 32: 2 new, 4 dropped, 9 substantially reworded.

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Risk factors listed
302 groups
New this year
2vs 32 last year
Dropped
4since the prior 10-K
Substantially reworded
9of those kept
Section length
13k wordsItem 1A

What the changes say

  • Raymond James added focus on private equity-backed RIA competition and uninsured bank deposits.
  • Macroeconomic, ESG, and regulatory compliance risks were updated to reflect changing market and federal conditions.

What changed since the prior 10-K

New

  • NewRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    target range, and/or negatively impact our revenue growth. Further, new business initiatives and efforts to expand existing businesses generally require that we incur compensation and benefits expense, and other expenses before generating additional revenues

    The PCG business faces intense competition in recruiting and retaining financial advisors as they increasingly depart for independent or private equity-backed RIAs.

  • NewRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    exacerbated when the collateral held by us cannot be realized or is liquidated at prices not sufficient to recover the full amount of the loan or derivative exposure due us. Losses arising in connection with counterparty defaults may have a material adverse effect on our results of operations

    Uninsured cash deposits held in depository institutions to maintain operating and client liquidity create counterparty default and reputational risks if those banks fail.

Dropped

  • DroppedRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    and conflicts, such as the wars in Ukraine and Israel, or public health epidemics and pandemics, as well as by a number of factors in the global financial markets that may be detrimental to our operating results

  • DroppedRISKS RELATED TO OUR REGULATORY ENVIRONMENT

    Numerous regulatory changes and enhanced regulatory and enforcement activity relating to our investment management activities may increase our compliance and legal costs and otherwise adversely affect our business

  • DroppedRISKS RELATED TO AN INVESTMENT IN OUR PREFERRED AND COMMON STOCK

    The rights of holders of our common stock are generally subordinate to the rights of holders of our outstanding, and any future issuances of, debt securities and preferred stock

  • DroppedRISKS RELATED TO AN INVESTMENT IN OUR PREFERRED AND COMMON STOCK

    The depositary shares representing our preferred stock are thinly traded and have limited voting rights

Reworded

  • 79% rewrittenRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    Our business is sensitive to domestic and international macroeconomic conditions caused by political and geopolitical developments, fiscal, monetary, and tax policies, regulations, and other domestic or international events

    Minor text adjustments to macroeconomic and Fed policy sensitivity disclosures.

  • 78% rewrittenRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    Associate misconduct, which is difficult to detect and deter, could harm us by impairing our ability to attract and retain clients and subject us to significant legal liability and reputational harm

    Expanded associate misconduct risk to explicitly include independent advisors, unauthorized acts, and the handling of institutional non-public information.

  • 63% rewrittenRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    We are subject to risks relating to environmental, social, and governance matters that could adversely affect our reputation, business, financial condition, and results of operations, as well as the price of our common and preferred stock

    Updated ESG risks to note that the SEC stopped certain rulemaking efforts at the federal level while state rules and proxy advisors continue pushing requirements.

  • 61% rewrittenRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    Our ability to attract and retain senior professionals, qualified financial advisors and other associates is critical to the continued success of our business

    Removed specific references to the current CEO in management succession planning and added competitive pressures as a direct risk factor.

  • 53% rewrittenRISKS RELATED TO OUR REGULATORY ENVIRONMENT

    Continued asset growth may result in changes to our status with respect to existing regulations as well as increased oversight, which will result in additional capital and other financial requirements and may increase our compliance costs

    Clarified that crossing the $100 billion consolidated asset threshold would categorize the firm as a category IV bank holding company subject to enhanced standards.

  • 40% rewrittenRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    The soundness of other financial institutions and intermediaries affects us

    Retained substantially similar wording regarding the soundness of financial intermediaries and clearing agents.

  • 27% rewrittenRISKS RELATED TO OUR REGULATORY ENVIRONMENT

    Changes in requirements relating to the standard of care for broker-dealers have increased, and may continue to increase, our costs

    Softened language regarding state-level broker-dealer standard of conduct laws from having adopted them to having considered adopting them.

  • 25% rewrittenRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    Our operations could be adversely affected by serious weather conditions

    Updated business continuity disclosures to note that U.S. information systems processing now uses multiple data centers rather than just a single Denver center.

  • 25% rewrittenRISKS RELATED TO OUR BUSINESS AND INDUSTRY

    We are exposed to market risk, including interest rate risk

All 30 risk factors

Headings as the filing states them, in filing order.

RISKS RELATED TO OUR BUSINESS AND INDUSTRY

  1. 01Damage to our reputation could damage our businesses
  2. 02Any cyber-attack or other security breach of our technology systems, or those of our clients or other third parties we rely on, could subject us to significant liability and harm our reputation
  3. 03Lack of funding, liquidity, or access to capital could impair our business and financial condition
  4. 04Significant volatility in our clients’ cash sweep and bank deposit balances and higher costs in sourcing such balances could negatively affect our net revenues, our Bank segment’s growth, and our regulatory capital ratios
  5. 05We are exposed to litigation and regulatory investigations and proceedings, which could materially and adversely impact our business operations and prospects
  6. 06Our business is sensitive to domestic and international macroeconomic conditions caused by political and geopolitical developments, fiscal, monetary, and tax policies, regulations, and other domestic or international events79% rewritten
  7. 07Our ability to attract and retain senior professionals, qualified financial advisors and other associates is critical to the continued success of our business61% rewritten
  8. 08target range, and/or negatively impact our revenue growth. Further, new business initiatives and efforts to expand existing businesses generally require that we incur compensation and benefits expense, and other expenses before generating additional revenuesNew
  9. 09We are exposed to credit risk
  10. 10We are exposed to market risk, including interest rate risk25% rewritten
  11. 11Our business depends on fees generated from the distribution of financial products, fees earned from the management of client accounts, and other asset management fees
  12. 12Our underwriting, market-making, trading, lending, and other business activities place our capital at risk
  13. 13A continued interruption to our telecommunications or data processing systems, or the failure to effectively update the technology we utilize could be materially adverse to our business
  14. 14The soundness of other financial institutions and intermediaries affects us40% rewritten
  15. 15exacerbated when the collateral held by us cannot be realized or is liquidated at prices not sufficient to recover the full amount of the loan or derivative exposure due us. Losses arising in connection with counterparty defaults may have a material adverse effect on our results of operationsNew
  16. 16Our risk management and conflicts of interest policies and procedures may leave us exposed to unidentified or unanticipated risk
  17. 17We face intense competition and pricing pressures and may not be able to keep pace with technological change
  18. 18A downgrade in our credit ratings could have a material adverse effect on our operations, earnings, and financial condition
  19. 19Business growth, including through acquisitions, could increase costs and regulatory and integration risks
  20. 20Associate misconduct, which is difficult to detect and deter, could harm us by impairing our ability to attract and retain clients and subject us to significant legal liability and reputational harm78% rewritten
  21. 21Our operations could be adversely affected by serious weather conditions25% rewritten
  22. 22We are subject to risks relating to environmental, social, and governance matters that could adversely affect our reputation, business, financial condition, and results of operations, as well as the price of our common and preferred stock63% rewritten
  23. 23The preparation of the consolidated financial statements requires the use of estimates that may vary from actual results
  24. 24We are exposed to risks related to our insurance programs

RISKS RELATED TO OUR REGULATORY ENVIRONMENT

  1. 25Financial services firms are highly regulated and are subject to new and proposed regulations, all of which may increase our risk of financial liability and reputational harm resulting from adverse regulatory actions
  2. 26Continued asset growth may result in changes to our status with respect to existing regulations as well as increased oversight, which will result in additional capital and other financial requirements and may increase our compliance costs53% rewritten
  3. 27Changes in requirements relating to the standard of care for broker-dealers have increased, and may continue to increase, our costs27% rewritten
  4. 28Failure to comply with regulatory capital requirements primarily applicable to RJF, Raymond James Bank, TriState Capital Bank or our broker-dealer subsidiaries would significantly harm our business
  5. 29The Basel III regulatory capital standards impose capital and other requirements on us that could negatively impact our profitability
  6. 30As a financial holding company, RJF’s liquidity depends on payments from its subsidiaries, which may be subject to regulatory restrictions

Other Raymond James Financial 10-Ks

  • FY2024 10-K risk factors
    32 risks

    Raymond James faces significant regulatory compliance risks across its banking, broker-dealer, and asset management segments. The firm is heavily dependent on client cash sweep deposits and interest rate stability to drive bank segment growth. Cybersecurity threats, market volatility, and talent retention are primary operational vulnerabilities.

    Filed Nov 26, 2024

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.