12 Best and Worst Broker-Dealers: Q3 Results, 2022

This quarter, only three of the 12 brokers tracked quarterly by ThinkAdvisor saw positive year-over-year growth in earnings and earnings per share, compared to four BD in the second quarter of 2022.

In the third quarter, the S&P 500 fell 5.3% compared to a decline of 16.1% in the second quarter of 2022. Financial services stocks in the index fell 5.0% overall in Q3′ 22.

Many brokers and a total of 34 financial services firms discussed tough economic conditions in their latest earnings calls, with 54% of financial firms using the term “recession” specifically, according to FactSet research.

“Despite the challenging and volatile market environment during the year, we delivered record results with full year net revenue and pre-tax profit growth of 13%, which was driven by strong organic growth. .the benefit of higher short-term interest rates and, above all, the unwavering desire of our advisors and associates to always put their clients first,” said Raymond James President and Chief Executive Officer Paul Reilly, in a statement Oct. 26, when the company released its most recent results.

In terms of client asset trends, Raymond James reported a 7% year-over-year decrease and a 3% decline from the prior quarter to $1.04 trillion in client assets. Private Client Group under administration for the period ending September 30.

Financial companies kick off the fourth quarter and year-end earnings season on Jan. 13, when JPMorgan and Wells Fargo plan to report results.

(Photo: Chris Nicholls/ALM)

About the author