Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SHIELDS KENNETH A
   2. Issuer Name and Ticker or Trading Symbol
RAYMOND JAMES FINANCIAL INC [RJF] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman - RJLtd
(Last)
(First)
(Middle)
880 CARILLON PARKWAY		 3. Date of Earliest Transaction (Month/Day/Year)
03/22/2006
(Street)

ST. PETERSBURG, FL 33716		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               6,266 (1) D  
Common Stock               8,708 (2) I Registered Retirement Plan (RRSP, CA)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 14.2222             11/28/2004 12/28/2006 Common Stock 4,500 (3) (4)   4,500 D  
Employee Stock Option (right to buy) $ 16.8             12/04/2006 01/04/2009 Common Stock 18,000 (5) (6)   18,000 D  
Employee Stock Option (right to buy) $ 24.9733             12/01/2008 02/01/2011 Common Stock 15,000 (7) (8)   15,000 D  
RJF Class D Exchangeable Shares $ 0             01/01/2001 01/31/2011 Common Stock 82,198 (9)   82,198 D  
RJF Class E Exchangeable Shares $ 0             01/01/2003 01/31/2011 Common Stock 35,227 (10)   35,227 D  
RJF Class D Exchangeable Shares $ 0             01/01/2001 01/31/2011 Common Stock 3,574 (11)   3,574 I Spouse
RJF Class E Exchangeable Shares $ 0             01/01/2003 01/31/2011 Common Stock 6,489 (12)   6,489 I Spouse

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SHIELDS KENNETH A
880 CARILLON PARKWAY
ST. PETERSBURG, FL 33716		   X     Chairman - RJLtd  

Signatures

 Kenneth A. Shields   03/29/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On March 22, 2006, the common stock of RJF split 3 - for - 2, resulting in the reporting person's acquition of 2,089 additional shares of common stock.
(2) On March 22, 2006, the common stock of RJF split 3 - for - 2, resulting in the reporting person's acquition of 2,903 additional shares of common stock.
(3) Options Becoming exercisable - 4,500 on 11/28/2006
(4) This option was previously reported as covering 3,000 shares at an exercise price of $21.33, but was adjusted to reflect the stock split on March 22, 2006
(5) Options Becoming exercisable - 10,800 on 12/04/2006, 3,600 on 12/04/2007 and 3,600 on 12/04/2008
(6) This option was previously reported as covering 12,000 shares at an exercise price of $25.20, but was adjusted to reflect the stock split on March 22, 2006
(7) Options Becoming exercisable - 9,000 on 12/01/2008, 3,000 on 12/01/2009 and 3,000 on 12/01/2010
(8) This option was previously reported as covering 10,000 shares at an exercise price of $37.46, but was adjusted to reflect the stock split on March 22, 2006
(9) This option was previously reported as covering 54,799 shares at an exercise price of $0.00, but was adjusted to reflect the stock split on March 22, 2006
(10) This option was previously reported as covering 23,485 shares at an exercise price of $0.00, but was adjusted to reflect the stock split on March 22, 2006
(11) This option was previously reported as covering 2,383 shares at an exercise price of $0.00, but was adjusted to reflect the stock split on March 22, 2006
(12) This option was previously reported as covering 4,326 shares at an exercise price of $0.00, but was adjusted to reflect the stock split on March 22, 2006

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