Quarterly profits at Raymond James Financial's Private Client Group slipped 2% year over year, as the company increased spending on marketing, technology and recruiting expenses.

Wealth management pretax profits fell to $75 million for the quarter from $77 million for the year-ago period, even as the broader firm reported a 9% year-over-year increase in companywide net income, buoyed by a 25% jump in profits at Raymond James Bank.

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