By now you’ve heard of the collapse of MF Global Holdings Ltd. and its finance subsidiary MF Global Finance USA Inc. At present, the company and its executives, including former New Jersey Governor Jon Corzine, are being questioned by officials as to why the firm failed to keep customer money separate – as required by law – from company money used in failed investments in the euro-zone. The firm’s business model has also come under scrutiny.

Rest assured Raymond James is aware that public trust and confidence in our industry is one of the most significant concerns we face. That is why Raymond James operates a far more conservative business model; unlike many of the other firms that have incurred the kinds of problems that result in client distrust and ultimately business failure.

As a firm that celebrates financial pragmatism and prudent business practices, Raymond James has delivered 95 consecutive quarters of profitability. Raymond James has chosen not to be in the commodities business directly because it does not want to expose clients to the inherent risk and the potential for loss. And Raymond James does not put the stability of the firm at risk by incorporating high degrees of leverage on its balance sheet in order to enhance shareholder return, a practice that saw the company through the financial crisis of 2008 without having to take a bailout or lay off employees. Yes, Raymond James’ goal is to be profitable – but not at the peril of its business, investors or clients.

Raymond James is equally dedicated to high principles of honesty and business ethics. That means it meticulously adheres to SEC rule 15c3-3 that was put in place to protect clients and their funds from financial misfortune. In fact, in March 2011, in a survey that involved 673 companies from 32 countries, Fortune magazine ranked Raymond James Financial the fourth most admired securities company in the world because of its quality of management, products, services and social responsibility.

 Our business and personal reputation rest confidently having a company like Raymond James behind us. And it is a confidence we do not bestow lightheartedly. The firm’s unwavering commitment to its founding core values of putting clients first, conservatism, independence and integrity is demonstrated each and every day. And we have the utmost confidence Raymond James will be as committed to protecting client trust in the future as it is today.

 If you have any further questions concerning the stability of Raymond James or would like to discuss the many other issues facing investors today, please don’t hesitate to contact us.

 Compliance approval M12-0435