No: Raymond James is paid through commissions, markups, ongoing fees from fund and product companies and revenue sharing on its brokerage accounts, as well as advisory fees on its advisory accounts. Its advisors work through two channels, and in both, the same person can act as your broker or your adviser. In its advisor-managed Ambassador program, the published ceiling is up to 2.25% a year on accounts up to $1 million.
That makes Raymond James a dual registrant business, not a fee-only one. Here’s what its own filings say about how it’s paid and what it costs.
How Raymond James is paid
Raymond James reaches clients through two sets of firms, and each has its own Form CRS, both dated September 22, 2025.
Raymond James & Associates (CRD 705). Registered as both a broker-dealer and an investment adviser. Its Form CRS sets brokerage and advisory accounts side by side.
Raymond James Financial Services (CRD 6694) and Raymond James Financial Services Advisors (CRD 149018). The first is a broker-dealer; the second is the affiliated investment adviser. The adviser’s brochure says your advisor “may also be a registered representative” of the broker-dealer and that advisors in this channel “are independent contractors for employment purposes.”
Brokerage. You pay per transaction. The Form CRS lists commissions, markups and markdowns, handling fees, and “upfront or ongoing fees that you pay to a mutual fund or other product issuer, a portion of which is paid to us.” It adds that more trades create “an incentive to encourage you to trade more often.” Raymond James doesn’t monitor brokerage accounts.
Advisory accounts. You pay an asset-based fee, usually quarterly in advance and generally on a wrap fee basis that covers advice, trading and custody. The Form CRS notes that “during periods of lower trading activity, the advisory fee may be higher” than brokerage charges would have been.
Planning and consulting. The Wealth Advisory Services program can be billed by the hour, generally “up to $400 per hour,” by a flat fee, or for investment consulting by a percentage of up to 2.25% a year.
On their Form ADV Part 1 filings of October 19, 2026, both advisory firms report being paid by a percentage of assets, hourly charges, fixed fees and commissions. Raymond James & Associates also reports broker-dealer and insurance broker or agent businesses.
The CFP Board’s standards allow “fee-only” only when neither the advisor nor a related party receives sales-related compensation. Commissions, sales charges and revenue sharing are sales-related pay, so Raymond James doesn’t meet that test as a firm.
What else the filings disclose
Payments from product companies. Both Forms CRS describe revenue sharing, where fund sponsors share part of the fees they charge you, and other third-party payments that “may also affect which products we make available.” In advisory accounts, the wrap brochure says any 12b-1 fees Raymond James receives are credited back to you.
Its own funds. The wrap brochure says Raymond James offers mutual funds advised by its affiliate Carillon Tower Advisers, doing business as Raymond James Investment Management, and receives “additional revenue in connection with the sale” of those funds. It says advisors and branch managers aren’t paid extra for recommending them.
Your cash. Uninvested cash is swept into the Raymond James Bank Deposit Program, which includes two affiliated banks, RJ Bank and TriState Capital Bank. The brochure calls fees from the participating banks “a material source of revenue” for the firm.
Insurance and annuities. Advisors who are licensed insurance agents earn commissions on those sales. An affiliate, Producers Choice LLC, receives wholesaling payments from insurance companies on fixed, fixed indexed and registered index-linked annuities sold through the firm.
How advisors are paid. Most advisors are paid a percentage of the revenue from their clients’ accounts, and the Form CRS says that percentage “will generally increase as total revenue earned from their client accounts increases.” Advisors who join from another firm may receive an upfront payment and further pay tied to revenue or asset growth in their first few years.
Disciplinary history. Both Forms CRS answer “Yes” to whether the firm or its advisors have legal or disciplinary history. The details are on BrokerCheck.
What Raymond James costs
Ambassador is the program in which your own advisor manages the account. Its October 19, 2026 wrap brochure lists a maximum fee schedule, the same in both channels:
| Advisory assets in your relationship | Maximum yearly fee |
|---|---|
| Up to $1 million | 2.25% |
| $1 million to $2 million | 2.00% |
| $2 million to $5 million | 1.75% |
| $5 million to $10 million | 1.50% |
| Over $10 million | 1.25% |
Three things set this schedule apart. First, these are ceilings: the brochure says fees “may be negotiated” with your advisor but “cannot exceed” the schedule. Second, the breakpoints apply to the whole balance. Once related accounts reach a higher tier, the lower rate is “assessed retroactively to the first dollar.” Third, other programs have higher ceilings: separately managed accounts in the RJCS program go up to 2.75%, which includes the outside manager’s share. The usual Ambassador minimum is $25,000, and fund expenses are on top. An optional tax overlay service adds 0.10% a year below $1 million.
At the published ceiling, Ambassador comes to:
- $500,000: up to 2.25%, or $11,250 a year
- $1.5 million: up to 2.00% on the whole balance, or $30,000 a year
The ceiling is a maximum, not a quote, so ask for your rate in writing. For comparison, fee-only firms that publish a percentage fee charge a median 1% of assets, or $5,000 on $500,000 and $15,000 on $1.5 million at that rate. Fee-only planners who charge a flat fee for ongoing planning charge a median $4,500 a year (middle half $2,400 to $7,200), whatever your balance, and a one-time plan has a median of $2,000. Fee-only hourly planners charge a median $300 an hour. A flat-fee planner may not manage your investments for that price, while an Ambassador fee covers management, trading and custody. Our guide to wrap fees vs à la carte fees explains what a wrap fee includes.
A brokerage account can cost less if you rarely trade. The Form CRS asks you to weigh “expected size, volume and frequency of transactions” before choosing.
Who Raymond James may suit
Raymond James may suit someone who wants a named local advisor with access to a large firm’s platform: managed accounts, outside managers, banking and lending through RJ Bank, insurance and annuities. The independent channel may suit someone who wants an advisor who runs their own practice but uses Raymond James for custody and products. Someone who buys and holds a few investments may find a brokerage account fits, since there’s no minimum in most cases.
Someone who wants advice from a firm paid only by them, or a fixed price they can compare before meeting anyone, may want to compare a fee-only planner first. Our guides to independent RIA vs wirehouse and fee-only vs fee-based vs commission cover the trade-offs. For similar firms, see Edward Jones and Ameriprise.
How to check it yourself
- Find out which channel your advisor is in. Raymond James & Associates and Raymond James Financial Services Advisors each have a Form CRS on their SEC records (CRD 705 and CRD 149018).
- Ask which role your advisor is in for each account: “Are you acting as my broker or my investment adviser here?”
- Ask for your fee in dollars, your breakpoint tier, which related accounts are grouped together, and the expense ratios of the funds you’d hold.
- Look up your advisor on BrokerCheck for registrations and any disclosures.
Our guide to telling whether an advisor is fee-only walks through each check, and questions to ask a financial advisor gives you the rest. If you’re thinking of moving, see how to switch financial advisors.
Compare similar firms
Other regional brokerage firms we’ve checked against the fee-only definition: Edward Jones, Stifel, RBC Wealth Management, Baird, Janney. See all 50 firms.