An advisor-centric wealth manager with a chief AI officer, a head of AI strategy, a $975 million technology budget and a proprietary gen-AI operations agent, Rai, built to augment rather than replace advisors.
How is Raymond James using AI?
Raymond James Financial, the St. Petersburg wealth manager and investment bank whose Raymond James Bank ranks 49th among US commercial banks, has a deliberately advisor-first AI strategy: 'augmenting the human touch, rather than replacing it', in the words of its September 2025 announcement of David Solganik as head of AI strategy, reporting to chief AI officer Stuart Feld. CEO Paul Shoukry describes 'a multi-year commitment to embed AI into tools and applications across the firm' funded within a $975 million annual technology budget. The visible outputs are internal tools for its roughly 9,000 financial advisors and home-office staff rather than client-facing bots: AI Search over the firm's knowledge base (April 2025), firmwide Zoom AI Companion meeting summaries integrated with the proprietary CRM (May 2025), an AI Note Assistant in that CRM, predictive machine learning in Advisor Access, and in January 2026 Rai, a proprietary generative-AI operations agent that gives 'immediate, curated natural language answers and guidance to operational questions' and evolves with user preferences. Shoukry has framed AI as a way to give professionals 'more time to serve their clients' and has told analysts AI's potential to help clients optimise cash is only an 'incremental threat' to the firm's sweep economics. Markets disagreed briefly: on 10 February 2026 an AI tax-planning tool from Altruist triggered an 8.8% drop in the shares, the worst day since March 2020, on fears that automated advice would erode wealth managers. Results have not shown it: fiscal second-quarter 2026 net revenue was a record $3.86 billion and the fiscal third quarter $3.93 billion with $595 million of net income, $1.76 trillion of client assets and record bank loans of $54.8 billion. Raymond James Bank is a Florida state member bank supervised by the Federal Reserve, while the advisory and brokerage entities sit under the SEC and FINRA.
Lead bank
Raymond James Bank
Assets (lead bank, Mar 31, 2026)
$46 billion
Charter
Florida state member bank (Federal Reserve)
Headquarters
St. Petersburg, FL
Flagship platform
Rai, AI Search and the advisor desktop
AI leadership
Paul Shoukry · Stuart Feld · David Solganik · Vin Campagnoli · Andy Zolper
- Named AI leadership: Stuart Feld promoted to chief AI officer (2025) and David Solganik hired as head of AI strategy (September 2025); AI funded within a $975 million annual technology budget.
- Rai, a proprietary gen-AI operations agent (January 2026), answers operational questions from multiple firm knowledge bases and adapts to user activity.
- Advisor tooling first: AI Search, CRM Note Assistant, predictive ML in Advisor Access and firmwide Zoom AI meeting summaries; no client-facing AI adviser.
- Explicit philosophy: 'augmenting the human touch, rather than replacing it', with a 'measured approach' to adoption.
- Market test: shares fell 8.8% on 10 February 2026 on AI-disruption fears for wealth managers; CEO calls AI cash-optimisation an 'incremental threat' to sweep revenue.
- Results: record fiscal Q2 and Q3 2026 revenue ($3.86 billion, $3.93 billion); $1.76 trillion client assets; record $54.8 billion bank loans.
- Adoption, per the CEO on earnings calls: over 10,000 associates using AI regularly and over 3 million lines of code a month written with AI (January 2026); Rai at 6,500 unique users and a 99.5% satisfaction rate after its 15 June 2026 enterprise rollout, and nearly 20,000 people through the internal AI Academy (July 2026).
- Technology spend has risen from $975 million (2025) to more than $1.1 billion a year; the 2026 investor day put 'AI Scaling and Automation' on the technology roadmap and called AI 'an enabler of the Advisor-Client relationship'.
- The fiscal 2025 10-K says the firm uses generative AI and relies on 'walled-garden' environments to contain its security and privacy risks; the CAIO's stated practice is to keep human checkpoints on AI Search and any future system.
What is Rai, AI Search and the advisor desktop?
Raymond James frames AI around three pillars: data-driven insights for client advice, enhanced service models, and secure, scalable applications. Its proprietary tools include AI Search (April 2025), a generative-AI search over the firm's internal knowledge base and intranet; an AI Note Assistant inside its proprietary CRM; predictive machine learning in Advisor Access; firmwide Zoom AI Companion meeting summaries (May 2025) integrated with RJ CRM and the Opportunities application; and Rai (January 2026), a generative-AI operations agent that answers operational questions from multiple firm knowledge bases and adapts to user activity. Stuart Feld was promoted to chief AI officer in 2025 and David Solganik joined as head of AI strategy in September 2025, reporting to Feld; CEO Paul Shoukry says AI investment is 'part of our $975 million annual technology budget'.[6][3][7]
What has Raymond James done on AI, and when?
- Sep 22, 2026
Meta's Muse reignites the AI selloff[19]
Raymond James shares shed 3.5% as LPL fell 7% and Schwab 6% on fears of consumer AI agents for investors.
- Sep 21, 2026
Expanded AWS collaboration to advance AI-powered advisor insights[20]
Building on more than a decade of AWS investment, the firm announced AWS performance optimization work intended to 'accelerate the next generation of AI-powered insights and experiences for financial advisors and their clients,' per CIO Andy Zolper, strengthening the enterprise data and analytics foundation behind advisor-facing applications, business intelligence and emerging AI capabilities.
- Aug 19, 2026
AI worries reach advisor-recruiting economics[18]
American Banker links analysts' AI-disruption concerns to rising transition deals; Raymond James' outstanding recruiting-loan balance rose 22% to $1.67 billion in 2025.
- Aug 4, 2026
AI seen as 'incremental threat' to cash sweeps[1]
Shoukry's view contrasted with LPL's pricing review.
- Jul 22, 2026
Q3 call: 99.5% satisfaction with Rai; AI Academy[16]
Nearly 20,000 people completed the four-course AI Academy; the CEO says AI will not replace advisors, but advisors who use it will replace those who do not.
- Jul 22, 2026
Fiscal third-quarter 2026 results[5]
Net revenue $3.93 billion; net income $595 million.
- Jun 15, 2026
Rai rolled out enterprise-wide[16]
After a pilot and phased deployment; 6,500 unique users shortly after launch.
- May 27, 2026
Investor day: 'AI Scaling and Automation' on the roadmap[12]
The deck presents AI as 'an enabler of the Advisor-Client relationship' across back, middle and front office, built on proprietary enterprise data platforms.
- Apr 22, 2026
Q2 call: Rai piloted with a few hundred advisors; agentic AI next[15]
Technology spend now more than $1.1 billion a year; the CEO calls margin estimates from AI 'too preliminary' and names agentic AI as the next phase.
- Apr 22, 2026
Record fiscal second-quarter 2026[4]
Net revenue $3.86 billion; CEO cites 'increasing AI integration' for efficiency.
- Feb 10, 2026
- Jan 28, 2026
Q1 fiscal 2026 call: 10,000 associates on AI[14]
The CEO says over 10,000 associates use AI regularly and over 3 million lines of code a month are written with AI under technologists' oversight.
- Jan 27, 2026
Rai, proprietary gen-AI operations agent, launched[6]
Natural-language answers to operational questions across firm knowledge bases.
- Nov 25, 2025
10-K: generative AI in the platform, 'walled-garden' controls[11]
The fiscal 2025 annual report says the firm uses, develops and incorporates AI and machine learning including generative AI, and flags inaccurate or biased output, security and privacy risk, and AI regulation costs.
- Oct 22, 2025
- Sep 8, 2025
Head of AI strategy hired to report to the chief AI officer[3]
Solganik reports to Feld; $975 million technology budget cited.
- May 15, 2025
Zoom AI Companion meeting summaries rolled out firmwide[7]
Integrated with RJ CRM and Opportunities; follows April's AI Search launch.
- Apr 17, 2025
AI Search launched in-house; Feld newly appointed chief AI officer[8]
Generative-AI search over the internal knowledge base, with a real-time voting system on answer quality and human checkpoints throughout development and maintenance.
- Sep 12, 2024
Conquest's AI planning platform for Canadian advisors[9]
Raymond James Ltd., the Canadian arm, integrates Conquest Planning's AI-powered Strategic Advice Manager, which proposes and ranks strategies from client-specific data.
Where does Raymond James use AI today?
| System | What it does | Status | Use case |
|---|---|---|---|
| Rai operations agent[6] | Interactive gen-AI Q&A over firm systems and policies for advisors and associates. | In production | Generative & agentic AI |
| AI Search and CRM Note Assistant[3][7] | Gen-AI search of the internal knowledge base; note organisation and summaries in RJ CRM. | In production | Generative & agentic AI |
| Zoom AI Companion meeting summaries[7] | Firmwide for advisors and institutional businesses. | In production | Generative & agentic AI |
| Predictive machine learning in Advisor Access[7] | Data-driven client insights for advisors. | In production | Trading & capital markets |
| AI-assisted software development[14] | Over 3 million lines of code a month written using AI, with oversight from technologists. | In production | AI-generated code & coding agents |
| AI Academy for advisors and associates[16] | A four-course programme; nearly 20,000 completions by July 2026. | In production | AI governance (general) |
| AI risk-factor disclosure and walled-garden controls[11] | The 10-K names inaccurate or biased AI output, vendor practices, security and privacy risk and AI regulation, mitigated by proprietary 'walled-garden' environments. | In production | Model risk management |
| Conquest Strategic Advice Manager (Canada)[9] | AI-powered financial-planning platform for Raymond James Ltd. advisors and planners. | In production | Third-party & vendor AI |
| Chief AI officer and AI strategy office[3] | Cross-business identification of analytics, ML and gen-AI opportunities. | In production | AI governance (general) |
| Expanded AWS data and analytics collaboration[20] | AWS performance optimization work to strengthen the enterprise data platform behind advisor-facing applications, business intelligence and 'emerging AI capabilities.' | Announced | Third-party & vendor AI |
Use-case links open the tracker's rules-by-use-case matrix: which documents govern each system type.
What has Raymond James disclosed in numbers?
| Metric | Value | As of |
|---|---|---|
| Annual technology budget | $975 million[3] | Sep 8, 2025 |
| Fiscal Q3 2026 net revenue / net income | $3.93 billion / $595 million[5] | Jul 22, 2026 |
| Client assets under administration | $1.76 trillion[4] | Apr 22, 2026 |
| Net bank loans | $54.8 billion (record)[4] | Apr 22, 2026 |
| Share move on AI-disruption fears | −8.8% (10 Feb 2026)[2] | Feb 10, 2026 |
| Fiscal 2025 technology investment including AI | ≈ $1 billion[10] | Sep 30, 2025 |
| Annual technology spend | More than $1.1 billion[15] | Apr 22, 2026 |
| Associates using AI regularly / code written with AI | Over 10,000 / over 3 million lines a month[14] | Jan 28, 2026 |
| Rai after enterprise rollout | 6,500 unique users; 99.5% satisfaction[16] | Jul 22, 2026 |
| AI Academy completions | Nearly 20,000[16] | Jul 22, 2026 |
“We will continue to deploy our multi-year investment in AI tools and capabilities while steadfastly preserving the personal relationships that remain at the core of our business.”[6]
Paul Shoukry · Chief Executive Officer · Jan 27, 2026
“We will continue to make meaningful investments in AI as part of our $975 million annual technology budget.”[3]
Paul Shoukry · Chief Executive Officer · Sep 8, 2025
“To reduce the potential for errors, our practice is to maintain human checkpoints on this and any future systems throughout development, implementation and maintenance.”[8]
Stuart Feld · Chief AI Officer · Apr 17, 2025
“In a world being shaped by AI, technology and constant change we believe personal relationships will matter more, not less.”[15]
Paul Shoukry · Chief Executive Officer · Apr 22, 2026
“AI will not replace advisors. Advisors who use AI will replace advisors who do not use AI.”[16]
Paul Shoukry · Chief Executive Officer · Jul 22, 2026
“Years of investment in our data and analytics capabilities have created a strong foundation for AI. Working with AWS allows us to accelerate that vision, delivering more timely, relevant insights that help advisors deepen client relationships and make informed decisions with greater confidence.”[20]
Andy Zolper · Chief Information Officer · Sep 21, 2026
Who runs AI at Raymond James?
Paul ShoukryLinkedIn ↗
Stuart FeldLinkedIn ↗
Chief AI Officer[3]
David SolganikLinkedIn ↗
Head of AI Strategy[3]
Vin CampagnoliLinkedIn ↗
EVP, Technology and Operations[3]
Andy ZolperLinkedIn ↗
Chief Information Officer[7]
What AI roles is Raymond James hiring for?
2 open AI-related postings on Raymond James's careers site as of Oct 1, 2026. A snapshot of current openings, not a source: postings close.
Principal Enterprise Data & AI Architect
Saint Petersburg, Florida - United States
AI Business Enablement Analyst
New York, New York - United States · posted Sep 28, 2026
Which regulators govern Raymond James's AI?
| Authority | Why it matters here | Documents |
|---|---|---|
| Federal Reserve | Raymond James Bank is a state member bank and the parent a financial holding company; model-risk and third-party guidance cover Zoom, CRM and Rai. | SR 11-7 SR 23-4 |
| SEC | Advisor-facing AI that shapes client recommendations engages the SEC's predictive-analytics and AI-washing focus for broker-dealers and advisers. | SEC Predictive Data Analytics proposal (34-97990) Division of Examinations FY2026 Priorities |
Side by side: SR 11-7 vs SR 26-2 · PRA SS1/23 vs SR 26-2 · all comparisons.
What does the public record suggest about Raymond James's AI strategy?
Analysis by BankingNewsAI from the sources cited on this page. Observations, not advice.
01
Rai is an internal agent; the client-facing one is the strategic question
Altruist showed that markets price client-facing AI advice; Raymond James' answer so far is advisor productivity, which is defensible but must eventually reach clients.
02
Sweep economics are the AI exposure investors watch
If AI agents optimise client cash, bank net interest income is the line at risk; the 'incremental threat' framing will be tested by product launches at Schwab and SoFi.
03
Recordkeeping for AI-generated notes
Meeting summaries and CRM note assistants create books-and-records questions under FINRA and SEC rules; retention and supervision policies should be explicit.
04
A chief AI officer with a budget line is ahead of most peers
Publishing adoption metrics for AI Search and Rai would turn the governance structure into evidence.
What is Rai at Raymond James?
Rai is Raymond James' proprietary generative-AI operations agent, launched on 27 January 2026. It answers operational questions in natural language by drawing on multiple firm knowledge bases and policies, and adapts to user activity and preferences. It is an internal tool for advisors and associates, not a client-facing adviser.
Who leads AI at Raymond James?
Stuart Feld, promoted to chief AI officer in 2025, is the principal architect of the firm's AI strategy. David Solganik joined as head of AI strategy in September 2025 and reports to Feld. Both sit within the technology and operations organisation led by Vin Campagnoli, with CIO Andy Zolper leading tool rollouts.
How widely is AI used inside Raymond James?
On the January 2026 earnings call the CEO said over 10,000 associates use AI regularly and over 3 million lines of code a month are written with AI. Rai reached 6,500 unique users with a 99.5% satisfaction rate after its enterprise rollout on 15 June 2026, and nearly 20,000 people had completed the firm's four-course AI Academy by July 2026. The firm spends more than $1.1 billion a year on technology but says it is too early to put a number on AI's margin effect.
- Amid AI threat, LPL reviews reliance on 'cash sweeps'
- Wealth Manager Stocks Sink as Traders Flee Next AI Casualty
- Raymond James Hires David Solganik as Head of AI Strategy
- Raymond James Financial Reports Fiscal Second Quarter of 2026 Results
- Raymond James Financial Reports Fiscal Third Quarter of 2026 Results
- Raymond James launches proprietary digital AI agent to bolster operational excellence
- Raymond James expands service-focused technology investment with Zoom AI Companion meeting summaries
- Raymond James Invests in Service Excellence with Proprietary Generative AI Search
- Raymond James and Conquest Planning Join Forces to Empower Canadian Investors with Personalized Advice
- Raymond James Financial Reports Fiscal Fourth Quarter and Fiscal 2025 Results (Form 8-K, Exhibit 99.1)
- Raymond James Financial Annual Report on Form 10-K for the fiscal year ended September 30, 2025
- Raymond James Financial 2026 Analyst & Investor Day presentation (Form 8-K, Exhibit 99.1)
- Raymond James Financial Inc (RJF) Q4 2025 Earnings Call Highlights: Record Client Assets
- Raymond James (RJF) Q1 2026 Earnings Transcript
- Raymond James (RJF) Q2 2026 Earnings Transcript
- Raymond James Financial Q3 Earnings Call Highlights
- The AI threat wrecked software stocks. Now financial stocks look next with LPL closing 8% lower
- With deal costs up, could AI make recruiting a bad bet?
- Meta's Muse reignites AI disruption fears. Traders are targeting this brokerage stock as next casualty
- Raymond James strengthens data and analytics capabilities to advance AI-powered advisor insights
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