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 & CEO - RJLtd (Last) (First) (Middle) 880 CARILLON PARKWAY 3. Date of Earliest Transaction (Month/Day/Year) 11/25/2005 (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 11/25/2005   M   10,000 A $ 23.25 14,177 D   Common Ctock 11/28/2005   S   10,000 D $ 37.6286 4,177 D   Common Stock               5,805 I Registered Retirement Plan (RRSP, CA)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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)

$ 23.25

11/25/2005

M

10,000

12/29/2003(1)

01/29/2006

Common Stock

95,000

$ 23.25

95,000

D

Employee Stock Option (right to buy)

$ 21.33

11/28/2004(2)

12/28/2006

Common Stock

15,000

15,000

D

Employee Stock Option (right to buy)

$ 25.2

12/04/2006(3)

01/04/2009

Common Stock

12,000

12,000

D

RJF Class D Exchangeable Shares

$ 0

01/01/2001

01/31/2011

Common Stock

54,799

54,799

D

RJF Class E Exchangeable Shares

$ 0

01/01/2003

01/31/2011

Common Stock

23,485

23,485

D

RJF Class D Exchangeable Shares

$ 0

01/01/2001

01/31/2011

Common Stock

2,383

2,383

I

Spouse

RJF Class E Exchangeable Shares

$ 0

01/01/2003

01/31/2011

Common Stock

4,326

4,326

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 & CEO - RJLtd

Signatures

Kenneth A. Shields		11/28/2005
**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)	Options Currently exercisable - 74,000. Options Becoming exercisable - 21,000 on 12/29/2005
(2)	Options Currently exercisable - 12,000. Options Becoming exercisable - 3,000 on 11/28/2006
(3)	Options Becoming exercisable - 7,200 on 12/04/2006, 2,400 on 12/04/2007 and 2,400 on 12/04/2008

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