Changes across the brokers, asset managers, and exchanges sectors have highlighted that alternative asset managers are poised to benefit from significant secular tailwinds. The retail and wealth segments are seen as particularly promising. In contrast, exchanges are perceived to have slower growth prospects in positive markets compared to more asset-sensitive financial sectors such as asset managers and certain brokers. There are anticipations that specific policies may benefit energy exchange businesses, although growth prospects appear less significant in other asset classes. The brokers sector, favored for strong performance in 2025, is believed to benefit from more resilient short-term rates that could boost margin lending and other higher-margin activities. Additionally, a financially successful retail customer base might sustain an extended period of active trading among retail investors.

The 'differentiated' advisor platform of the company has facilitated 'superior' recruitment and retention, which is expected to support consistent growth and long-term revenue stability. Additionally, the company is likely to benefit from accelerating loan growth in the current environment.

Raymond James is anticipated to achieve high-single-digit to low-double-digit growth in consensus earnings estimates through fiscal 2027, fueled by a turning point in cash revenue growth and normalization in capital markets activities. The company's significant leverage to U.S. and sponsor-based merger and acquisition revenues positions it well for a substantial recovery in these areas.