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The growing Southeastern firm The largest investment banking and brokerage firm headquartered in the Southeastern U.S., Raymond James Financial began in 1962 as Raymond and Associates. Two years later, the firm was sold to associate Bob James, whose son Thomas is now the CEO. Raymond James went public in 1983. In recent years, the company has branched into a wide variety of financial services. In 1994, it bought three branches of a failed thrift, Security Federal, and created Raymond James Bank. In 1996, the firm began offering retail banking services; in 1997, Raymond James established a merchant banking subsidiary. The firm's financial advisors (brokers), who include both dedicated employees and independent contracters, make up one of the largest retail forces in the U.S. (by number of offices, the firm ranks No. 2.) The firm is rapidly growing its affiliated brokerages. Great picks Backing up its army of stockbrokers is an equity research department with an astounding record. (The firm's 1997 "best picks" portfolio went up 53 percent versus the S&P 500's 31 percent gain. The previous year, the portfolio gained 35.8 percent versus 19 percent for the S&P 500.) At the beginning of 1998, the firm introduced a mutual fund research division, and will offer information and advice to individual investors. As opposed to services that simply track past performance, Raymond James? reports offer opinions on the prospects of a fund. It's the first time in more than 50 years (since the Depression) that a securities firm has offered predictions on fund performance. Although the firm's stockpicking prowess generates much of its press, it is the firm's investment banking (a subsidiary called Raymond James & Associates) and asset management (called Eagle Asset Management) businesses that have enjoyed the most impressive recent growth. The firm's I-banking business, like its research, focuses on stocks rather than fixed income, and targets several industries. Insiders describe the firm's information technology I-banking group as particularly robust. Recent developments and expansion The firm is looking for opportunities to expand its presence. In September 1998, the firm announced the launch of a Latin American I-banking and brokerage joint venture in Argentina, in a long-anticipated step. Also in late 1998 and early 1999, the firm launched a similar venture in Turkey. Earlier that summer, the firm had been in talks concerning the purchase of U.K.-based Caspian Securities? Latin American businesses, but decided not to make an acquisition. And Raymond James continues to grow in the U.S. In April 1999, the firm announced that it would expand its presence in the Midwest by acquiring Roney & Co., a regional brokerage based in Detroit. By acquiring Roney for $80 million from Bank One, Raymond James adds 28 brokerage branch offices and an investment banking operation. At the time of the deal, the firm had about 3,400 brokers overall. All those retail brokers will soon be receiving help online: In fall 1999, the firm is also expected to roll out online investing. The company is facing increased expenses affiliated with growth, including the payment of $2.5 million in 1999 for the naming rights to the Raymond James Stadium in Tampa (where the Bucaneers play) and a recent $35 million expansion of its headquarters. It's not as if the company can't afford these expenses - in its 1998 fiscal year, Raymond James' revenues topped $1 billion for the first time.
Raymond James' web site, located at www.rjf.com, provides information on applying for jobs at the St. Petersburg, FL headquarters, at other U.S. offices and at overseas offices. The site includes job descriptions, contact information, and recruiting schedules at both undergraduate and business schools. The firm hires one business school graduate each year to serve as an assistant to Thomas A. James, chairman of Raymond James Financial, for a two-year period. One insider describes that position as largely focused on special projects like geographic or new business expansion. That contact describes the position as ideal "if you wanted to see how investment banking works from 30,000 feet - how the whole thing works." Raymond James' recruiting effort for MBA investment bankers, (for both summer and full-time positions), is rather unique. To start with, "the recruiting is done by a fairly high individual, the No. 2 guy with the firm," reports one insider. "He does the interviewing for investment banking on campus. He usually brings in another banker, typically a junior banker, but he asks most of the questions." The questions asked in the screening interview are somewhat atypical as well; candidates are reportedly often asked about high school and other areas of life not normally covered in on campus interviews. "Not many people ask you questions like that," says one insider. "They'll ask you about things on your resume or throw out some finance questions. Raymond James asked about high school: 'What were you doing in high school' Were you doing well in class? Were you playing any sports?' [The interviewer] may ask you 'Did you just bum through high school?' What he wants to know is: 'Did you take on all you can handle and still do more?'" The same day as the screening interview, several candidates at the school are called and invited for a "dinnerview." Explains one contact: "They'll go to dinner, and see how you act in a dinner environment. It's usually at one of the best restaurants around - and you'll just talk about whatever." The firm waits until it completes its on-campus interviews before deciding on callbacks to the firm?s headquarters. While thorough, "the interview process is also a little nerve-wracking. If you're at one of the first schools they visit, it could be a while before you get the call, you get a little acid indigestion." The visit to Raymond James' headquarters isn't much stress relief, though the firm makes sure to provide amusement. Candidates are usually flown to Florida on a Thursday evening and go through a "full slate of interviews in the morning." These interviews are usually two-on-one or three-on-one. "They're all just peppering you with questions, just to get a sense of who you are," recounts one recent candidate. After lunch, candidates take a set of five 10-minute tests. "All of it's just fundamental math, it's not one of those 'Here's this shape and do something funky with it.' It's: 'You've got 10 minutes to solve these fraction multiplication problems.' You've got to do a bunch of these and do them in a hurry." After these tests, the firm administers a standardized personality test on a Scantron form. It's like one of those where you have two choices: "I'm standing in a line, and someone cuts in front of me. I would fly into a rage, or approach them calmly." It's something like 300 questions." All of the candidates take the test in the same room: "Everybody's just sitting around and plugging away." (All employees at Raymond James take these tests.) After the interviews and tests, the firm finally lets the candidates relax. On the Saturday after interviews, Raymond James' hopefuls have been treated to deep-sea fishing and golf in recent years. Some lucky candidates have been treated to Tampa Bay Bucaneers football games (the firm owns the naming rights to the team's stadium).
A very intense family Raymond James bankers enjoy a working environment that is "not as stuffy as some of the workplaces in New York City." Reports one source: "RJ's culture is still like that of a small firm. Almost like family." Although some describe the firm as laid-back, one I-banking insider disagrees. "I personally find that the laid-back term is not an accurate term - everybody there is extremely competitive, I was actually kind of surprised. They're all extremely intense." Continues that banker: "What they want to do is fit work into their life. They get to work in the morning and they work real hard until 8 o'clock and then they quit. There's not a whole lot of sitting around staring at the ceiling, you're pretty much on task from the moment you get there. Not a whole lot of gabbing in the hallway." Smoothly run Insiders say RJ is "very well run," and "a great company to work for." "There is a strong sense of teamwork and respect," bankers say. Insiders are especially pleased with the company's policy of promoting from within. One longtime employee describes ascending from a back-office position to an I-banking VP spot. Says one trader: "I have gained more experience at RJ than I could have with a larger firm. There's an excellent training program, and it's easier to get on the trading floor than at a bigger firm.?" One I-banker agrees about the opportunities the firm affords. "You get exposure there pretty quickly to just about everybody," says that associate. "I could go knock on virtually everybody's door." That contact reports that this emphasis creates a selective hiring process. "They like to look at it as if they're hiring a partner, someone who will be with them for a long time. Fun in Florida "The pay is not good by industry standards," admit insiders, but it's decent for the areas where the offices are located. (One insider notes approvingly that Florida does not have a state income tax.) Another insider says he came to Raymond James "not for the money, but rather the working environment." (For MBAs, however, the firm pays competitive salaries in the range of the bulge bracket.) Benefits include insurance ("good if you are single, a bit expensive for families"), a 401(k) plan ("not up to NY standards"), profit sharing, and a "good" employee stock purchase plan. Employees also observe with pride that "RJ supports a lot of local arts programs." Sources say "the company does lots of neat things," including "Breakfast with the Boss" each quarter, and "yearly employee days at Busch Gardens or Sea World." The firm also sponsors an annual cultural awareness week, "that showcases different cultures," complete with "exhibits, food, and information from different countries." RJ employees also enjoy "going all out with the decorations" at Halloween, and fundraising for each department's favorite charity during the winter holidays. These firm-sponsored social events notwithstanding, don't expect to be partying hard with colleagues at Raymond James, insiders say. "A lot of the bankers are married," says one. "They make really no bones about spending time with family." Raymond James' offices are located in a campus setting in St. Petersburg, about 20 minutes from downtown Tampa. "St. Pete's a little more of a retirement area, but it's right across from the water from Tampa. Most of the bankers live in Tampa, and they seem to really like it, there's a nice trendy area in South Tampa," reports one insider. In one of the two towers, the firm houses most of its institutional finance groups (investment banking, research, trading, but not asset management). "There's two cafeterias, they have a barber shop, a guy who shines your shoes. You can drop your laundry off there." The company even boasts a "superb" art collection at its headquarters -- the 100s of pieces at the headquarters come from the personal collection of Tom James, who is one of the biggest benefactors of the arts in the Southeast. "As with most male-dominated industries," relates one female insider, "the climb for women is much harder, but it is possible." She goes on to add, "there are minorities here, but not many." Most insiders report that opportunities for women and minorities, however, are wide open. Says one woman: "I think that everyone is treated equally by most of the company." Comments another insider: "There's many cultures at all levels. Your success is based on your merit and determination."
Chris Lindaman Human Resources Attn: Web0011 880 Carillon Parkway St. Petersburg FL 33716 (727) 573-8490 (727) 573-8490
Asset Management;Investment Banking;Brokerage
A.G. Edwards & Sons;First Union;Legg Mason More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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