With nearly $1B tech budget, Raymond James names AI strategy leader

David Solganik, who has three decades of experience in data and analytics for some of Wall Street’s biggest banks, has been appointed head of AI strategy for St. Pete-based banking and financial services giant Raymond James.

The role is a new one for Raymond James, which, officials say in a statement, has a $975 million annual technology budget. The position, the nearly $13 billion company says, also “underscores the firm’s commitment to strategically integrating artificial intelligence (AI) across its businesses — augmenting the human touch, rather than replacing it.” 

Solganik will report to Stuart Feld, who was promoted to chief AI officer earlier this year. Solganik previously worked for Morgan Stanley, JPMorgan Chase and MetLife in roles leading AI, data and analytics initiatives. He joins Raymond James, according to the release, after three years as head of U.S. wealth management AI and data strategic initiatives at RBC. 

“While we believe personal relationships will always be at the heart of our business, Raymond James has a multi-year commitment to embed AI into tools and applications across the firm,” CEO Paul Shoukry says. “We will continue to make meaningful investments in AI as part of our $975 million annual technology budget.” 

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Solganik will help shape the firm’s AI strategy by identifying cross-business opportunities where advanced analytics, machine learning and generative AI can drive growth and elevate the client experience, the company says. 

“There’s an immense opportunity to reduce administrative tasks for financial advisors and associates, freeing up more time to focus on serving clients,” Solganik says in the release. “To successfully integrate AI across the firm, education and adoption are critical. Our team is partnering with training and delivery experts to launch firm-wide education programs that increase AI awareness and usage.” 

Raymond James Financial (NYSE: RJF) provides private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. It had $12.85 billion in revenue last year and holds total client assets of $1.65 trillion.