The Buffalo-based institution generated $120 million in first-quarter revenue from trust services, up 8% year-over-year.

First-quarter revenue jumped 9% year-over-year even as the number of advisers fell by 10%.

Net income and client assets grew even as the firms' headcount continued its steady decline.

The last time the pool was smaller was in 2012, when it decided to cut large parts of the investment bank and was fined for trying to rig global interest rates.

The nation's largest IBD vows to take a “proactive approach” to the fiduciary rule.

CEO Jim Cracchiolo said the firm's efforts won't go to waste should the rule be overturned.

Ronald Kruszewski says a shift in the size of transition packages, made in response to the fiduciary rule, "benefits us competitively."

The wirehouse also reported record revenue of over $2 billion for the recent quarter.

The firm is preparing for the fiduciary rule and contesting a lawsuit alleging that Raymond James allowed a $350 million fraud to be perpetuated.

Revenue in 2016 from the retail brokerage business slipped 6% to $281 million from $300 million in 2015.