Raymond James Financial, the Florida-headquartered wealth management and financial advisory firm operating in North America and the UK, said its net revenues hit a record of $3.33 billion for its 2011 financial year, a rise of 14 per cent on the same period a year ago.

Net income stood at $278.4 million at 30 September – also a record – up 22 per cent year-on-year, said the firm yesterday.

“These results are impressive given that they were tempered by historically low interest earnings on cash balances and also include the charge for auction rate securities, which is now behind us,” Paul Reilly, chief executive, said in a statement.

For the fourth quarter, net income was up 47 per cent from the prior quarter (which included a $45 million pretax ARS charge) to $68.9 million, or $.54 per fully diluted share, and was essentially flat with last year’s fourth quarter earnings of $69.1 million, or $.55 per fully diluted share.

The Private Client Group continued its outstanding results, achieving record financial advisor productivity levels in both the employee and independent contractor domestic businesses, the firm said.

Revenue declined only 1 per cent from the prior quarter, suggesting good performance against a backdrop of weak equity markets, it added.