Maybe it's how you slice the numbers, but you won't hear Raymond James or the RIAs in the TD Ameritrade family complaining that tax season killed their asset flows.
Raymond James managed to boost production 7% on a day-for-day basis in April. While raw commissions and fees did drop appreciably from March levels, the company noted that its reps simply had fewer days to be in the office and making money in April.
That's a very different spin from what Charles Schwab told us a few days ago. "Tax season" doesn't even enter into Raymond James' optimistic take on the data.
Most likely Schwab's self-directed clients are more likely to put off their IRS payments until the last minute, and so the April filing rush really crimps their cash flow.
Or maybe Raymond James was more aggressive about gathering assets. The firm says its advisors still managed to squeeze an extra 2.5% in AUM out of their clients in April compared to March.
On a slightly longer time scale, TD Ameritrade advisory affiliates agree that April wasn't such a cruel month after all.
In the latest survey, March through April was good enough compared to last year that an extra 5% of them saw their business grow.