Raymond James for Sale
I’ve heard that RJ is up for sale because they have a large exposure to the auction rate security settlements.
They are up for sale every day on the NYSE. Didn’t you know that?
[quote=HymanRoth]They are up for sale every day on the NYSE. Didn’t you know that?
[/quote]
LOL!
To the thread starter…
Where did you hear that info
I remember something about spreading rumors.
Hmmm, I do remember reading that one of the new guys being hired as a new branch manager was Rob Bugby, or Bob Bugby, or R. Bagby or something like that. Could that mean anything?
Doubt they are thinking of selling themselves, but they are taking part in the bailout money… makes you wonder.
Not justifying asking for CAP funds, but to not establish an additional line of unsecured credit at fire sale interest rates would be negligent on the part of management. (unfortunately its now the world in which we live). Am I happy about it - No. Will it cause me to look at other firms who don’t have their hand out? Yup. Of far greater concern is the ARS issue.
How bad is the ARS situation, and how solid is your info? I’m hearing nothing at the regional level.
I laughed, but mostly at you. You've obviously never been on a corporate board before.[/quote][quote=HymanRoth]They are up for sale every day on the NYSE. Didn’t you know that?
No I haven't. Have you?
How about if you share your wisdom with us as to why my statement was so laughable?
I heard that we were going after another B/D. Tom James is not ready to hang it up yet.
IndyEDJMaybe they should go after WS from WFC - and in doing so set a record for retention bonuses within an 18 month period for FCs. Oh, wait, I forgot there has only been one (so far).
I heard that Jim Weddle was seen late last week having lunch with Tom James…
I heard that John Bachmann and Doug Hill were seen having lunch with someone from Bank of America.
Let the SEC know as Doug has to stay away from EDJ as part of the settlement.I heard that John Bachmann and Doug Hill were seen having lunch with someone from Bank of America.
Knowing both parties, It would be an interesting conversation. Problem is that most EDJ brokers do not meet minimum production requirements for RayJay. ($250M Gross) I would love to see it happen. IndyEDJI heard that Jim Weddle was seen late last week having lunch with Tom James…
I don’t see EDJ selling out. I doubt they would be buying anyone either.
That wasn’t Tom James, that was the ghost of Sam Walton… didn’t you hear? jones is buying WalMart… The storefronts won’t be blue anymore, they’ll be green, and the greeters are going to walk around neighborhoods knocking on doors to attract new business. Then when the greeters suck at their jobs and can’t hack it, they’ll put them in charge of other greeters to teach them how to greet.
I was right in the middle of writing that same thought underminded, but you beat me to it. I need to retire from this board and let the newbies beat up on the green puke.
HAHA oh c’mon Spears, we need you guys to show us the ropes!
Knowing both parties, It would be an interesting conversation. Problem is that most EDJ brokers do not meet minimum production requirements for RayJay. ($250M Gross) I would love to see it happen. IndyEDJ [/quote] True, we probably only have about 6,000 - 7,000 FA's doing more than that. It's fact because about half of our FA's win trips, and that is around what you have to do in gross to win a trip.[quote=imabroker]I heard that Jim Weddle was seen late last week having lunch with Tom James…
[quote=IndyEDJ]
Knowing both parties, It would be an interesting conversation. Problem is that most EDJ brokers do not meet minimum production requirements for RayJay. ($250M Gross) I would love to see it happen. IndyEDJ [/quote]Wait, what? The minimum requirement for RJ is a T12 greater than $250k... (to be an independent contractor)
RJ is an awesome indy platform for all types of brokers, from the seasoned veterans to those who need training wheels for the conversion.
[quote=SuperRecruiter] [quote=IndyEDJ]
Knowing both parties, It would be an interesting conversation. Problem is that most EDJ brokers do not meet minimum production requirements for RayJay. ($250M Gross) I would love to see it happen. IndyEDJ [/quote]Wait, what? The minimum requirement for RJ is a T12 greater than $250k... (to be an independent contractor)
RJ is an awesome indy platform for all types of brokers, from the seasoned veterans to those who need training wheels for the conversion.
[/quote] I agree, RJ is a great platform for all types of brokers.
Uh oh, we now have a Super Recruiter and a Broker Recruiter. Wonder if they are going to throw down??
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray JayUh oh, we now have a Super Recruiter and a Broker Recruiter. Wonder if they are going to throw down??
[quote=IndyEDJ]
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray Jay [/quote]We're like sharks... we can smell the blood from miles away.
And yes, what he said. $100k and you can go be some other guy's gopher boy at an existing RJ branch.
[quote=SuperRecruiter]
[quote=IndyEDJ]
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray Jay [/quote]We're like sharks... we can smell the blood from miles away.
And yes, what he said. $100k and you can go be some other guy's gopher boy at an existing RJ branch.
[/quote]
Isn't RJ the firm that cut annuity commissions to appear more ethical? What happened to the overage?
I moved from RJFS to Harbor Financial Services about a year ago but still clear through RJA. My client’s account numbers didn’t change and all my screen and research are the same…my password didn’t even change. I pay a flat fee to Harbor to be the B/D and the same ticket charges I paid at RJFS. The old VA’s are back including the L-share. There are 42 correspondent firms that clear through RJA. It’s a better program for me.
uwec, what did you lose? What is the tradeoff? I’m very happy w/ RJ, but am getting raped on the discounted advisory fees on Passport compared with the 90% the older programs pay. I take the discount, and RJ doesn’t.
Not looking to move, but if there's a better way to maximize payout, I'd be interested.[quote=Hank Moody] [quote=SuperRecruiter] [quote=IndyEDJ]
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray Jay [/quote]We're like sharks... we can smell the blood from miles away.
And yes, what he said. $100k and you can go be some other guy's gopher boy at an existing RJ branch.
[/quote]
Isn't RJ the firm that cut annuity commissions to appear more ethical? What happened to the overage?
[/quote] They made the annuity companies reprice the products, so there was no haircut that the firm kept. They just mandated what the insurance companies could charge, and the advisor took the cut in pay. Using C shares eliminates this "haircut," and makes it more like an advisory fee anyway in my book.
The only thing you would give up is the OMAR stuff…that’s it! The old B-share annuities are back and the L-share is back. You pay a flat fee to Harbor and the break-even is about 130k assuming you only do 90% payout products…less if you sell more stocks and bonds. I’ve been there over a year and I’m very happy about the move and it was very easy on my clients because their accounts don’t change and the statements are the same (except for the logo). The clients don’t even get two 1099’s in the year you move…it’s all the same. The routing of SOME paperwork is different but for the most part you continue to call the same RJ dept. you called in the past.
Uwec do you have the same Advisor Resouce Console as other RJ reps?
It’s exactly the same screens…100%
I second that…
Thanks for the great info UWEC...While i'm not looking at this time it's always good to have a plan B in place.I’ll be happy to discuss the process of moving to an RJ “correspondent” firm. It’s very easy…form 1021 and a new account form for each acct. All other setting including the account numbers stay the same. RJFS does not get in the way at any point.
Did anyone else catch Danny Ludeman’s comment (during his hour long conference call on Friday) about RJ? How he is personally friends with their CEO and if they are forced to settle the auction rate securities then they are screwed?
[quote=Reggin]Did anyone else catch Danny Ludeman’s comment (during his hour long conference call on Friday) about RJ? How he is personally friends with their CEO and if they are forced to settle the auction rate securities then they are screwed?[/quote]
No idea about this, but UBS and Morgan settled for 30 billion recently, and apparently Tom James has said RJ’s liability would be about a billion, which would be trouble for RJ.
Ludeman is getting tired of losing FC’s to RJ. Ludeman has been saying since he took over AGE how the regional firms are all going to go away and can not compete. Hello Danny! WS is gone and all the regional firms he was knocking are still there. The guy is a moron.
Ludeman is getting tired of losing FC’s to RJ. Ludeman has been saying since he took over AGE how the regional firms are all going to go away and can not compete. Hello Danny! WS is gone and all the regional firms he was knocking are still there. The guy is a moron.
Maybe he is a moron, maybe not. That has no bearing on the 1BIL in liability of those auction rates if they settle.
[quote=Fortune1] Ludeman is getting tired of losing FC’s to RJ. Ludeman has been saying since he took over AGE how the regional firms are all going to go away and can not compete. Hello Danny! WS is gone and all the regional firms he was knocking are still there. The guy is a moron.[/quote]
Fat lady is still singing We will see how things shake out in the next couple of years
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