Raymond James Financial Services

880 Carillon Parkway
St Petersburg, FL 33716

Number of Back-Office Employees*: 2,051

Number of Advisors: 3,065

Total Client Assets Under Management: $126.5 billion

Advisors' Average Length of Service (with RJFS): 7.5 years

Total Revenue Year to Date: $1.03 billion (9/30/2007)

Revenue from Commissions: $582.3 million

Revenue from Fees: $ 335.2 million

Average AUM per Rep: $41.3 million

Average Payout per Rep: 89%

Average Production per Rep: $328,000

Number of Dually Registered Reps**: over 95%

*based on a percentage formula of associates in client services, IT, operations, marketing, equity research, compliance and corporate administration assigned to RJFS

**under corporate RIA

Registered Rep.: Why would a wirehouse rep want to leave his firm to join yours?

Dick Averitt: We provide all the tools and resources advisors have come to expect at a wirehouse firm while offering the culture, economics and control that can only be found on an independent platform.

RR: Other than your own, of course, which other independent broker/dealers are you impressed with and why?

DA: We truly believe our commitment to service, the depth and breadth of the resources and tools we offer, and our culture of independence, make us the firm of choice for advisors.

RR: Least favorite compliance rule?

DA: We know regulators are working hard to create rules and regulations that protect the interests of the investing public and still make sense for the efficient operation of our businesses.

RR: Are your affiliated advisors fee-based or mostly commission/transaction advisors?

DA: Mostly fee-based. But we encourage advisors to choose the best approach that meets the needs of their clients.

RR: How many of your reps are dually registered? Is that number growing or not?

DA: Under the corporate RIA, about 95 percent. We expect a continued move towards fee-only advisors.

RR: The most expensive aspect of running your independent broker/dealer firm in 2007?

DA: Advisor compensation. In 2007, we rolled out a wealth-accumulation plan resulting in payout of as much as 100 percent.

RR: Your recruiting goals through 2008 and beyond?

DA: Our long-term goal is to be the premier private-client financial-services firm. We already have an attractive long-term growth rate of nearly 20 percent.

RR: What are you thoughts on upfront bonuses?

DA: We recognize that there are costs of establishing a new business, so we are fully prepared to partner with our new advisors to help them establish their offices.

RR: The ideal advisor is? (Three words or less.)

DA: Integrity, professionalism, client-focus.

RR: Biggest challenge in 2008 for the independent channel and your firm?

DA: The market environment requires advisors to actively communicate with clients. Helping our advisors do that efficiently and effectively is the biggest challenge we face this year.

RR: The best technology investment your firm has made?

DA: Our integrated financial planning suite and new CRM technology.

RR: Best advice you can give a wirehouse rep thinking about going independent?

DA: Take the time to thoroughly explore independence, and have the confidence in your abilities.

RR: What challenges will you face over the next five years?

DA: The aging advisor population creates the need for an orderly process of transferring ownership of a practice.

RR: If you could meet one business-related figure, dead or alive, who would it be, and what would you ask?

DA: Bernard Baruch. I'd like to listen to his insights about investing, and pick through his stories for wisdom I could add to my own.

RR: In 10 years, your firm will be?

DA: The premier private-client financial services firm. The industry's best advisors will continue to be attracted by our commitment to service and an unparalleled independent platform.

RR: A book every financial advisor should read?

DA: The Management of Investment Decisions by Donald Trone, William Allbright and Philip Taylor.