Raymond James CEO Paul Shoukry said artificial intelligence will not replace financial advisors but will instead serve as a tool to augment their work.

The statement addresses widespread industry anxiety regarding the displacement of human professionals by automation. By positioning AI as a supportive mechanism, Shoukry said he is attempting to reassure both clients and employees that human judgment remains central to the firm's wealth management strategy.

Shoukry said these views during an interview on CNBC's "Squawk on the Street" that aired in conjunction with the company's Q3 2026 earnings release [1]. He said the firm's strategy focuses on using AI to enhance advisory services rather than substituting them with software [1].

This strategic shift coincides with a period of projected financial growth. Raymond James expects its asset-management and related fees for Q4 2026 to increase by approximately 11 percent [2]. This growth is expected as the company rolls out its new AI platform [2].

The firm has been preparing for this integration for over a year. On Feb. 24, 2025, Raymond James appointed Stuart Feld as Chief Artificial Intelligence Officer to lead these initiatives [3]. This leadership role underscores the company's commitment to embedding AI into its operational framework.

During the broadcast from CNBC's New York studios, Shoukry said the technology is intended to handle the heavy lifting of data processing, allowing advisors to focus more on the interpersonal and strategic aspects of financial planning [1].

“AI will not replace financial advisors, but will instead be used as a tool to augment their work.”

The approach taken by Raymond James reflects a broader trend in the financial services sector known as 'centaur' or 'augmented' intelligence. By integrating a dedicated Chief AI Officer and tying AI rollout to projected fee increases, the firm is betting that AI will increase the capacity of human advisors to manage more assets efficiently without eroding the high-touch relationship model that justifies premium advisory fees.