A Message from Our Chairman and CEO

Since Raymond James Financial Services was formed, there has been a constant effort within the firm to attract the highest calibre financial advisors motivated to succeed by delivering knowledgeable, meaningful and personal counsel to clients. Our continuing success is driven by the success of these financial advisors, whom we treat as our clients. For retail and institutional clients, choosing an RJFS-affiliated advisor has clearly been a satisfying decision and has abetted our continuous increase in client assets at RJFS.

I don't have to reach far into history to find superlatives about our firm's results. In recent years, our advisors have continued to establish new records. In 2007, they invested more than $125 billion for their clients. Some of this success stems from our ability to adjust as the investment landscape changes. Our advisors have, for example, experienced dramatic growth in fee-based accounts over the past several years, an indication not only of their enthusiastic embrace of process over product, but also of their sensitivity to changing investor needs.

We firmly believe we provide the finest product and customer service support available in the financial services industry. At Raymond James, that means service to our direct clients, our advisors and, through them, to retail clients. Just as financial products and the markets themselves have changed over time, it is a measure of our success that our services are continually updated to meet new demands.

Firms that continue to flourish usually demonstrate an ability to adapt to social and economic changes, while being guided by core values, which become the centerline. I believe Raymond James Financial Services has demonstrated consistency in doing just that.

Richard G. Averitt III, CFP^®
Chairman
Chief Executive Officer
Raymond James Financial Services, Inc.