RRJFRaymond James Financial, Inc.

Raymond James is a network of financial advisers and an investment bank for mid-sized companies.

The main part is serving private clients through advisers, many of whom operate as independent businesses under the firm's brand. Fees are a share of assets under management, so revenue follows markets, and an adviser leaving takes clients along — hence competition for advisers themselves.

The second source is interest on clients' idle cash balances, which the firm's bank deploys; when rates are high that is a very visible part of profit. The third part is investment banking: offerings and merger work, income from which is cyclical and nearly vanishes in a quiet year. Risks: the bank's loan book and falling markets. The company pays a dividend and buys back stock.