Florida-headquartered Raymond James Financial Services passed $1 billion in revenue for its 2007 financial year, more than three times that of 10 years ago. The rise is attributed to the production levels of its more than 3,000 financial advisors; in 2007, RJFS had more than 100 advisors whose annual production was $1 million or greater. Comparatively, the broker/dealer and wealth manager had only 25 advisors with more than $1 million in production just four years ago. Also in 2007, the average financial advisor’s annual production reached $315,000 boosting the average branch production to $692,000. Total client assets reached $127 billion and recurring revenue as a percentage of fees and commissions grew from 43 per cent in 2002 to 62 per cent in 2007.