I quit RJ. Went to

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Jul 11, 2009 11:11 pm

Harbor Financial.   



The move seems pretty smooth and clients are reacting well to the news. Moving from RJ means the same ac#'s, checks, online access and a statement that is similar. Payout is 100% minus 1100/mo and ticket charges for stock and mf trades.   Friends already at HF are happy.



I'll let you know how the move works out. Harbor clears through Raymond James and you have an option to trade on the institutional platform at TD and they take approx 20 bps. Seems like a great career move and although I am 48 hours into this client retention is 100%.   



Jul 12, 2009 9:09 am

Actually, it seems more like you recruit for Harbor. But if not, they SHOULD hire you. And WHY exactly are clients thrilled that you left Ray Jay? Never heard many complaints about them.

Jul 12, 2009 9:28 am

I like the payout structure. Good luck. 

Jul 12, 2009 10:35 am

Tarpon

What was it about RJ that made you leave?
And how is it that clients have the same a/c #'s and checks - is that because RJ clears?
Jul 12, 2009 3:45 pm

HF clears through Raymond James so if you work at RJA or RJFS your clients make a seamless move. Clients are pleased in general because of the manner in which I approached them. This will allow them to maintain their current relationship with RJ and allow me independence and a higher level of service. I had absolutely no say in anything at my old office.    



I'm not here to beat the Harbor drum but I will if the time comes. All in all it boils down to control.

Jul 12, 2009 4:37 pm

So it was your office, rather than something at RJ that you were unhappy about?

Jul 13, 2009 10:24 am

So you can trade on the institutional side of TD and only get charged 20bps instead of ticket charges?

Jul 13, 2009 11:10 am

I have heard some very positive things about Harbor.  Enough so that if I decide to change broker/dealers, they would certainly be on a short list.




 
BTW, congratulations tarpon...I hope your move continues to go well.
Jul 13, 2009 11:31 am

what does that $1100 include? CRM, morningstar, e&o?

Jul 13, 2009 12:04 pm

This seems to be the new way. And it makes sense for both parties. The B/D gets a guaranteed stream of income for each production level on a monthly basis. The rep gets 100% minus the monthly fee which is based on production..



The only concern i have is increases in the monthly fee. For most b/ds your production determines your payout.. i.e. you do $250K, you get 90%.. So i determine what my payout level is. I would hate to xfer to harbor(as an example) and two years later because of an increase in back office expenses they raise my monthly fee to 1500 or even 2000.

Jul 13, 2009 2:45 pm

Does RJ portfolio review tool combine everything or would I still need Albridge(hate that software).



I am guessing the clients statement through RJ say Rj on them somewhere?



That is a sweet set up with TDA. 20bps for unlimited trading.



Any ideas what ticket charges are on the RJ side?

Jul 17, 2009 2:39 pm

Do you need $250 to get in like RJ?

Jul 17, 2009 4:07 pm

I requested a kit today to get some more details. They said the TDA thing has only been around since Feb.

Jul 17, 2009 4:09 pm

Are there tickets similar to RJs?

Jul 17, 2009 5:12 pm

Poon Tang - I mean Tarpon. You still didn't answer why you left Ray Jay. I'm curious. I, along with B24, haven't heard any bad things about Ray Jay.

Jul 17, 2009 5:28 pm
MJ:

Poon Tang - I mean Tarpon. You still didn't answer why you left Ray Jay. I'm curious. I, along with B24, haven't heard any bad things about Ray Jay.



and your 6 months in the business qualifies you to have opinions on other firms?  Shut up Windy.

Jul 17, 2009 5:33 pm
voltmoie:
MJ:

Poon Tang - I mean Tarpon. You still didn't answer why you left Ray Jay. I'm curious. I, along with B24, haven't heard any bad things about Ray Jay.

and your 6 months in the business qualifies you to have opinions on other firms? Shut up Windy.





I said I haven't heard anything bad about Ray Jay. Jiz Stain. Stop calling me this Windy dude.

Jul 17, 2009 9:06 pm
MJ:

Poon Tang - I mean Tarpon. You still didn't answer why you left Ray Jay. I'm curious. I, along with B24, haven't heard any bad things about Ray Jay.



He answered the question schmuck. He said he had no say in his old office. He obviously wanted to run his own show.

Jul 17, 2009 9:40 pm

My bad. I didn't see it. No reason to be an asshole.

Jul 17, 2009 9:44 pm

Cant help it, you did the same thing when you were posting as Windy, didnt read the posts