Raymond James (USA) Ltd

• A percentage of assets under your management

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated December 8, 2025) for its fees and any account minimum, on the SEC's IAPD site.

$1,991,381,912 as of October 2026, filing dated September 23, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Financial planning services
• Portfolio management for individuals and/or small businesses
• Selection of other advisers (including private fund managers)
• Publication of periodicals or newsletters

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2011 (15 years)

Employees

Total: 175. Performing investment advisory functions: 145.

Wrap fee program participation

Yes.

Other offices (Schedule D, Section 1.F)

54 other offices, as of the October 2026 filing

AbbotsfordAbbotsford BcBarrieBrampton OntarioBrooklinBurlingtonBurlington OnBurlington OntarioBurnaby, BcCalgaryCalgary, AbCalgary, AlbertaCoquitlam, BcDelta, BcEdmontonEssex, OntarioExeter OntarioKanataKelownaKelowna BcKingstonLangleyLangley BcLondon OntarioMarkhamMedicine HatMississaugaMississauga OnMississauga OntarioMontrealMontreal QuebecNanaimoNew Minas NsNorth VancouverNorth York OnOakvilleOkotoks, AbOshawaOttawa, OntarioParksvillePenticton BcQualicom BeachQuebecRegina SaskatchewanSaskatoon SaskatchewanTorontoToronto OnToronto OntarioVancouverVancouver BcVancouver, BcVictoriaWaterlooWinnipeg

States registered or notice-filed

36 states or jurisdictions

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SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

3 Reports 3 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
• 11.D(5) Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?
• 11.E(2) Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $636,342,204 in the October 2021 data and $1,991,381,912 in the October 2026 data, up 213%.

Total employees: 140 in October 2021 and 175 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. October 2026
   • Registered or notice-filed in SC, UT, WI.
2. July 2026
   • Registered or notice-filed in DC, IA.
3. March 2026
   • Item 11 disclosure answers changed: 3 yes answers, previously 2 (now yes: 11.D(5)).
4. January 2026
   • Employees performing advisory functions went from 125 to 145.
   • Regulatory assets under management went from $1,544,291,655 to $1,991,381,912 (+29%).
   • Changed its office addresses in Calgary.
   • Changed its office addresses in Markham.
   • Changed its office addresses in North Vancouver.
   • Changed its office addresses in Oakville.
   • Changed its office addresses in Toronto.
   • Changed its office addresses in Vancouver.
   • Added an office in Brooklin.
   • Added an office in Burlington.
   • Added an office in Kanata.
   • Added an office in Langley.
   • Added an office in Medicine Hat.
   • Added an office in Nanaimo.
   • Added an office in Oshawa.
   • Added an office in Qualicom Beach.
   • Added an office in Quebec.
   • Added an office in Winnipeg.
   • No longer lists an office in Fort Langley Bc.
   • No longer lists an office in Mississauga.
   • No longer lists an office in Vancouver, Bc.
   • No longer lists an office in Waterloo.
   • Updated its list of owners and control persons (Schedule A).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.