Raymond James appoints David Solganik as head of AI strategy

ST. PETERSBURG - Raymond James Financial, Inc. (NYSE:RJF), a $35.6 billion financial services firm with robust revenue growth of 11.8% over the last twelve months, announced Monday the appointment of David Solganik to the newly created position of head of AI strategy as part of the firm’s ongoing integration of artificial intelligence across its businesses.

Solganik will identify cross-business opportunities where advanced analytics, machine learning, and generative AI can drive growth while elevating client experience. He reports to Stuart Feld, who was promoted to chief AI officer earlier this year.

"While we believe personal relationships will always be at the heart of our business, Raymond James has a multi-year commitment to embed AI into tools and applications across the firm," said CEO Paul Shoukry in the press release. The company plans to continue making investments in AI as part of its $975 million annual technology budget. According to InvestingPro data, the company’s strong financial health score and liquid assets exceeding short-term obligations support its ambitious technology investments.

The financial services firm has already implemented several AI-driven tools, including an AI search function that enables financial advisors to ask natural language questions of the firm’s internal knowledge base, a Zoom Meeting Summary feature that generates overviews from meetings, and an AI Note Assistant within the company’s proprietary CRM.

According to the announcement, Raymond James is focusing on AI applications that augment human capabilities rather than replace them, with emphasis on delivering data-driven insights and enhancing service models.

Solganik brings over 30 years of experience leading AI, data and analytics initiatives across financial services companies, including Morgan Stanley, JPMorgan Chase, and MetLife. He previously served as head of U.S. wealth management AI and data strategic initiatives at RBC.

Raymond James Financial provides private client group, capital markets, asset management, and banking services with total client assets of $1.65 trillion. InvestingPro analysis indicates the company is currently trading below its Fair Value, with additional ProTips highlighting its 41-year track record of consistent dividend payments and strong long-term returns. For comprehensive insights into Raymond James and 1,400+ other stocks, including detailed Fair Value analysis and expert research reports, visit InvestingPro.

In other recent news, Raymond James has reported its fiscal third-quarter 2025 earnings, revealing adjusted earnings per share of $2.18. This figure fell short of the consensus estimate of $2.36 and was impacted by a one-time legal reserve of $58 million, affecting earnings by approximately $0.21 per share. Keefe, Bruyette & Woods responded by raising their price target for Raymond James to $170 from $167, maintaining a Market Perform rating. Similarly, Citi increased its price target to $170 from $165, keeping a Neutral rating on the stock.

Additionally, Raymond James has declared a quarterly cash dividend of $0.50 per share, payable on October 15, 2025. The company also announced a quarterly dividend for its preferred stock. In other developments, Raymond James Financial Services has successfully recruited a $210 million advisor team from Commonwealth Financial Network. Lastly, JMP analyst Devin Ryan reiterated a Market Outperform rating for Raymond James, with a price target of $180, following meetings with the company’s senior management.

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