New Data From Raymond James Shows Business Owners Prioritize Unlocking Concentrated Wealth to Pursue New Ventures

Rhea-AI Summary

Raymond James (NYSE:RJF) released survey results (Apr 7-18, 2025) of 540 U.S. privately held business owners highlighting concentrated wealth and imminent ownership transitions.

Key findings: 88% plan to partially or fully transition their financial stake within 10 years, 56% within five years, and 85% already have a transition plan. 44% say their business comprises more than half their personal wealth. 85% expect needing additional growth capital; top sources considered include private equity (52%) and bank loans (50%).

Positive

• 88% of owners plan partial or full transition within 10 years
• 56% plan full or partial transition within five years
• 85% of respondents report having a transition plan in place
• 52% would consider private equity as growth capital

Negative

• 44% report business represents more than half their personal wealth
• 85% anticipate needing additional capital for future growth
• Only 12% cited hiring/retention as critical to future success
• Next-generation leadership readiness cited by just 11% of owners

Key Figures

Owners planning exit (10 yrs) 88% Plan to financially exit business partially or fully within next decade

Owners planning exit (5 yrs) 56% Plan to fully or partially transition financial stake within five years

Business > half of wealth 44% Respondents whose business accounts for more than half of their wealth

Need growth capital 85% Owners anticipating need for additional capital to power growth

Survey sample size 540 business owners National online poll conducted April 7–18, 2025

Margin of error +/- 4 percentage points Results from full survey sample

Private equity as capital source 52% Respondents considering private equity for growth capital

Transition to family (>$15M firms) 44% Among owners of businesses valued at more than $15M

Market Reality Check

$163.60 Last Close

Volume Volume 601,626 vs 20-day average 1,327,792 (relative volume 0.45) ahead of this survey release. low

Technical Price $164.09 is trading above the 200-day moving average at $156.05, reflecting a pre-news uptrend.

Peers on Argus

Peers showed mixed moves: STT -0.41%, NTRS -0.26%, AMP -1.82%, CG -0.49%, while OWL +1.87%. RJF’s modest -0.73% move appears more stock-specific than broad sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 11	New bank program	Positive	-1.8%	Bank Midwest selects RJF to support rebranded wealth management program.
Dec 03	Dividends & buybacks	Positive	+2.4%	Higher common dividend and expanded <b>$2.0B</b> repurchase authorization announced.
Dec 02	Preferred redemption	Positive	-0.1%	Full redemption of Series B preferred stock and related depositary shares.
Nov 13	Advisor team hire	Positive	-2.9%	Porro Financial Group joins RJF with about <b>$150M</b> in client assets.
Oct 31	Senior hire	Positive	+0.1%	Veteran wealth manager Ghalib Kanji joins Global Wealth Solutions group.

Pattern Detected

Positive corporate updates have frequently seen muted or negative next-day reactions, with only some capital return actions aligning with price gains.

Recent Company History

Over the past few months, Raymond James announced several growth and capital return initiatives. On Dec 11, 2025, it added a Bank Midwest program overseeing about $692 million in client assets, yet shares fell. Earlier, on Dec 3, 2025, dividend and buyback increases coincided with a 2.4% gain, while the Dec 2, 2025 preferred stock redemption saw almost flat performance. Advisor hires and senior wealth-management additions in November–October 2025 were followed by small or negative moves, suggesting execution news has not consistently driven upside.

Market Pulse Summary

This announcement highlights survey data showing that 88% of privately held business owners plan to transition some or all of their financial stake within 10 years, with 85% expecting to need growth capital. The findings emphasize concentrated wealth, succession planning, and funding choices such as private equity and credit lines. In context of Raymond James’ recent growth initiatives and capital-return actions, investors may watch how effectively the firm converts these advisory themes into client assets and durable fee revenue.

Key Terms

securities based line of credit financial

"respondents selected: Private equity (52%) Traditional/bank loan (50%)Personal funds (43%)Securities based line of credit (43%)"

A securities-based line of credit is a loan that uses an investor’s stock or bond holdings as collateral, letting them borrow cash without selling those investments. It matters because it provides quick, flexible funding for opportunities or expenses while potentially lowering interest costs, but it also increases risk: if the value of the pledged securities falls, the lender can demand more collateral or force sales, which can amplify losses and tax timing.

margin of error technical

"Results from the full survey have a margin of error of +/- 4 percentage points."

The margin of error is a measure of how much the results of a survey or estimate might differ from the true value, due to random chance. It indicates the level of uncertainty in the data, helping investors understand how much confidence to place in the results. Think of it like the wiggle room around a guess—smaller margins mean more precise estimates.

AI-generated analysis. Not financial advice.

88% of business owners plan to transition some or all of financial stake within 10 years, but few aim for retirement, new study finds

St. Petersburg, Fla., Dec. 30, 2025 (GLOBE NEWSWIRE) -- A new Raymond James survey of more than 500 owners of privately held businesses asked how they’re approaching their livelihoods, their futures and the places where the two intersect. The resulting data reveals the coming need for a comprehensive wealth plan for many as 88% plan to financially exit their business, either partially or fully, within the next decade.

“Divesting a business is more than a transaction, it’s a transformation,” said Bill Seugling, senior vice president, head of Raymond James Global Wealth Solutions. “With so much of their lives tied to an enterprise, business owners need strategies that dig deep. Regardless of whether the goal is retirement, reinvestment or legacy, owners can turn a business transition into an opportunity to secure their future and preserve what matters most.” 

Key findings include: 

• Owners who are already envisioning an exit don’t see it as an ending: Even after transitioning some or all of their financial stake, one-third will continue working at their current business while 30% intend to invest in or acquire a new one.
• 20% plan to retire.
• A majority of respondents won’t look far for a successor as 35% of owners will transition their business to a family member while another 23% will tap a nonfamily internal stakeholder.   

The survey further explores how business owners are preparing for the future of their companies and personal wealth, uncovering the unique challenges of converting what is likely their largest asset into realized personal wealth.

Asset concentration

Business owners often have significant personal wealth tied up in their companies. This concentration underscores the importance of long-term personal wealth planning and diversification.

• Nearly half of respondents (44%) said their business accounts for more than half their wealth, while nine in 10 said it represents at least a quarter. 

Transition timeline 

• More than half (56%) plan to fully or partially transition their financial stake within the next five years and a vast majority (88%) plan to do so within 10 years.
• Notably, 85% of respondents report having a transition plan in place, highlighting the significance of managing challenges and preparing for a smooth handoff. 

“The time to plan is now, especially for those business owners whose transition timeline is within the next five years,” said Bonnie Harper, vice president, Private Wealth Consulting at Raymond James. “It’s important to have a personal wealth plan that ensures the effort you’ve invested in your business becomes the foundation for the life you envision."

Growth capital needs
 
85% of owners anticipate needing additional capital to power future business growth. When asked to identify all sources they would consider for growth capital, respondents selected:

• Private equity (52%)
• Traditional/bank loan (50%)
• Personal funds (43%)
• Securities based line of credit (43%)
• Personal loan (40%)

To choose the best source, owners must weigh the trade-offs for their business and desired outcome, including whether they’re willing to share control with outside investors or wish to transition the business to a family member or key employees.

Future plans

Looking ahead, 35% of owners intend to transition their business to a family member. Among owners of businesses valued at more than $15 million, that figure rises to 44%.

Thoughtful and timely planning holds extra importance in this type of transition given familial dynamics and nonfamily internal stakeholders. These leadership changes could not only redefine ownership structures but may also trigger a large intergenerational wealth transfer.

Future business success

When asked what would impact the future success of their business: 

• 22% of business owners identified expansion into new markets as a critical factor.
• Economic environment ranked second at 17%.
• 15% of owners said demand for service/product.
• People-centric factors, including hiring/retaining people (12%) and readiness of next generation leadership (11%) ranked at the bottom of the list. 

While respondents see external forces like market expansion and economic conditions as critical to future success, people-centric priorities, such as talent retention and leadership development, ranked lower, signaling a potential gap between strategic growth ambitions and the human capital needed to sustain them.

For more information on how business owners are planning for their business and financial futures, visit www.raymondjames.com/business-wealth.

Methodology 

This poll was conducted between April 7-18, 2025, among a national sample of 540 business owners. Interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, educational attainment, age, race and region. Results from the full survey have a margin of error of +/- 4 percentage points.

Business owners are classified as those who are 18+ in the United States, who work in the private sector or are self-employed and have an ownership stake of 5+ years at a privately held company with 6-1,000 employees.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.77 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Jana Fuller
Raymond James Financial
7275672824
mediarelations@raymondjames.com

FAQ

What did Raymond James' Apr 7-18, 2025 survey find about RJF business owner exits?

The survey found 88% of owners plan to partially or fully transition their stake within 10 years.

How many business owners in the RJF survey already have a transition plan (Apr 2025)?

85% of respondents reported having a transition plan in place.

What portion of owners said their business makes up more than half their wealth (RJF survey)?

44% said their business accounts for more than half of personal wealth.

How soon do RJF survey respondents plan to transition ownership stakes?

56% plan to transition within five years and 88% within ten years.

What growth capital sources did RJF survey owners most consider in Apr 2025?

Top sources: private equity 52%, traditional/bank loan 50%, and personal funds 43%.

How many owners in the RJF survey plan to transfer their business to family?

35% overall plan family transitions, rising to 44% for businesses valued over $15 million.