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Jun 17, 2005 1:40 pm

Hello,


If you have an opinion as to which brokerage firm(s) are the best ones to start a financial advisor/consultant career with I would appreciate your input.  I live in San Francisco and would like to know which firms to approach and or avoid?  Ideally, I would like to be at a firm where pushing proprietary or insurance products is not the goal.

Jun 17, 2005 2:19 pm

Check out the RJ website.  Also, check out some independent opinions that you can firnd on line.


I liked RJ because of the employment options.  All the way from traditional employee to indy.  Good luck.  I agree banks are not the best place to go?  Why? cause for the most part they do not put the customer first.


Oh, you need TRAINING.  So make sure you go to a firm that gives you plenty of that.  I have been impressed with the RJ training program.

Jun 17, 2005 2:28 pm
maybeeeeeeee:

Check out the RJ website.  Also, check out some independent opinions that you can firnd on line.


I liked RJ because of the employment options.  All the way from
traditional employee to indy.  Good luck.  I agree banks are
not the best place to go?  Why? cause for the most part they do
not put the customer first.


Oh, you need TRAINING.  So make sure you go to a firm that
gives you plenty of that.  I have been impressed with the RJ
training program.





Does RJ have their rookies come to St. Pete for a month to six weeks of training?



I hear that a firm out there takes their new people to Princeton and another does something similar in Hartford.



I was one of twenty-two who were brought to New York for sixteen weeks
of training.  We were lodged in an apartment hotel, two guys to a
suite.  It was one of the most enjoyable, and meaningful,
experiences in my life.



Not unlike boot camp without the physical torture.



A question for you RJ fans.  When it comes to new issues--does the
firm make a fair portion of its allocation available to the independent
side, or do they hog it for the employee producers?

Jun 20, 2005 9:12 am

where do you want to go with your practice?


That is the big question. I have a solution if you live in "The City"


Jun 20, 2005 9:44 am

"We were lodged in an apartment hotel, two guys to a
suite.  It was one of the most enjoyable, and meaningful,
experiences in my life."



I'm sure it was, since you don't have any clients of your own to help
change their lives since you're still trying to get that 100% on your
series 7 and series 66.

Jun 20, 2005 9:55 am

Babyfat, what is your solution  to - "if you live in "The City"



Thanks

Jun 20, 2005 10:51 am

Put asked:  "A question for you RJ fans.  When it comes to new issues--does the firm make a fair portion of its allocation available to the independent side, or do they hog it for the employee producers?"


Put, there's no difference at RJ for syndicate allocation policy, whether indy rep or employed rep -- just as there's no difference in support from any other product area. 

Jun 20, 2005 1:02 pm
Duke#1:

Put asked:  "A question for you RJ fans. 
When it comes to new issues--does the firm make a fair portion of its
allocation available to the independent side, or do they hog it for the
employee producers?"


Put, there's no difference at RJ for syndicate allocation policy,
whether indy rep or employed rep -- just as there's no difference in
support from any other product area. 





So, if I"m a million dollar producer in a dedicated branch I am going to be treated the same as a million dollar indy?



You'll pardon me if I doubt it.  I suspect that it is not in the
corporate interest to allow an indy rep to take their large share of
the juice out of house when it's more profitable to allow dedicated
reps sell the issue so that the firm retains a larger share.



How about margin interest rates?  Do indy clients pay more than clients of dedicated branches?

Jun 20, 2005 1:15 pm
Put Trader:
Duke#1:

Put asked:  "A question for you RJ fans.  When it comes to new issues--does the firm make a fair portion of its allocation available to the independent side, or do they hog it for the employee producers?"


Put, there's no difference at RJ for syndicate allocation policy, whether indy rep or employed rep -- just as there's no difference in support from any other product area. 



So, if I"m a million dollar producer in a dedicated branch I am going to be treated the same as a million dollar indy?

You'll pardon me if I doubt it.  I suspect that it is not in the corporate interest to allow an indy rep to take their large share of the juice out of house when it's more profitable to allow dedicated reps sell the issue so that the firm retains a larger share.

How about margin interest rates?  Do indy clients pay more than clients of dedicated branches?

Jun 20, 2005 1:40 pm

Hello,


Back to the question at hand, I am sure you guys have an opinion of the firms out there?  Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc.  


Who would you like to work for?


Who would you not work for? 


Who has the best training program? 


I have taken the Series 7/63/65/66 before and passed, it is not a problem. My seven has merely lapsed so I just need a new sponsor.   Thanks to Maybeeeee for his specific response.


Original Question: If you have an opinion as to which brokerage firm(s) are the best ones to start a financial advisor/consultant career with I would appreciate your input.  I live in San Francisco and would like to know which firms to approach and or avoid?  Ideally, I would like to be at a firm where pushing proprietary or insurance products is not the goal.


Thanks

Jun 20, 2005 1:48 pm
BBaruch:

Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc. 





Which of those is unlike the rest?  Avoid it as if it were the plague.



The others are all similar enough that unless your career extends into decades it won't matter.



That's what amuses me about this forum.  People who don't even
have a job are "weighing" the pros and cons of working for firms that
most likely won't hire them anyway.



If you get an offer accept it, be grateful for the opportunity, work
hard and adjust for the future after you've built a book and can sell
yourself in a lucrative package.

Jun 20, 2005 1:49 pm
Put Trader:
Duke#1:

Put asked:  "A question for you RJ fans.  When it comes to new issues--does the firm make a fair portion of its allocation available to the independent side, or do they hog it for the employee producers?"


Put, there's no difference at RJ for syndicate allocation policy, whether indy rep or employed rep -- just as there's no difference in support from any other product area. 




So, if I"m a million dollar producer in a dedicated branch I am going to be treated the same as a million dollar indy?

You'll pardon me if I doubt it.  I suspect that it is not in the corporate interest to allow an indy rep to take their large share of the juice out of house when it's more profitable to allow dedicated reps sell the issue so that the firm retains a larger share.

How about margin interest rates?  Do indy clients pay more than clients of dedicated branches?


Oops, sorry about the prior post w/ Put's quote & no response.


Put, I can appreciate your doubt about this, but having not worked at RJ you wouldn't know about the culture here.  It's in RJ's corporate best interests to treat all its reps (indy or employed) equitably as its clients, which it does as a matter of policy.  I know that's foreign to you, since you're coming from the wirehouse management posture of viewing reps as numbered revenue generators.


And, your premise about the relative profitability of the indy reps vs the employed reps is not necessarily accurate.  Because the employee side (RJ&A) has high fixed costs to run its branch system (office rents, staff, etc.) like any traditional regional or wirehouse firm, during industry downturns the indy side at RJ has had higher margins than the employee side (since indy reps pay those costs themselves).


In any event, what I said is accurate, but feel free to call RJ's Syndicate Department if you want (727-567-2400).


Re margin rates, there is no difference to the client whether their rep is an indy or an employee.

Jun 20, 2005 2:07 pm
Duke#1:

Re margin rates, there is no difference to the client whether their rep is an indy or an employee.





What flexibility do you have to get me a lower rate?  Do you
receive credit of any sort for a portion of what your client's pay in
margin interest?



Regarding syndicate allocations.  Are you comfortable with the
statement, "I am 100% sure that I would receive the same number of
shares of a hot new issue as an RJ&A producer who does similar
gross and who does similar new issue as I do."

Jun 20, 2005 5:14 pm
Put Trader:
Duke#1:

Re margin rates, there is no difference to the client whether their rep is an indy or an employee.




What flexibility do you have to get me a lower rate?  Do you receive credit of any sort for a portion of what your client's pay in margin interest?

Regarding syndicate allocations.  Are you comfortable with the statement, "I am 100% sure that I would receive the same number of shares of a hot new issue as an RJ&A producer who does similar gross and who does similar new issue as I do."


I have the same flexibility and work under the same margin rate policies as an employed RJ&A rep does.  Yes, like RJ&A reps (and I assume like all firms)I get a credit (15 bps gross at RJ) for margin debits (and also on cash & money market balances). 


Re your syndicate question, your question is not pertinent to RJ, as a rep's total gross production doesn't factor into our syndicate allocations.  Syndicate allocations are based on a formula that relates just to syndicate business, regardless of how much gross I do in other products.  The formula also penalizes those reps who have previously had flippers for clients, and rewards those who haven't.  So, after-market participation (buys and sells) in offerings is a factor in the formula.  Simply stated, though, I can be a million $ producer at RJ&A or RJFS and if I've never done syndicate business and am now trying to cherry pick a hot issue, I (or any rep) may not get any shares, yet a much smaller producer who has been a regular syndicate business client will get shares.  In sum, shares will go to those reps who have supported the syndicate effort pursuant to our syndicate allocation formula, and that formula is the same for both RJ&A and RJFS.


So, I'd absolutely answer in the affirmative to a question that asked if I and an RJ&A producer had the same syndicate allocation formula results would I get the same number of shares.


Again, Put, the point is, an RJFS indy rep works under the same policies relating to these subjects as an employed RJ&A rep. 


Got it now?



Jun 20, 2005 5:20 pm

One learns something new each day. Thanks Duke#1.

Jun 20, 2005 6:49 pm
Duke#1:

Re your syndicate question, your question is not
pertinent to RJ, as a rep's total gross production doesn't
factor into our syndicate allocations.  Syndicate allocations are
based on a formula that relates just to syndicate business, regardless
of how much gross I do in other products.  The formula also
penalizes those reps who have previously had flippers for clients,
and rewards those who haven't.  So, after-market
participation (buys and sells) in offerings is a factor in the
formula.  Simply stated, though, I can be a million $
producer at RJ&A or RJFS and if I've never done syndicate business
and am now trying to cherry pick a hot issue, I (or any rep) may not
get any shares, yet a much smaller producer who has been a regular
syndicate business client will get shares.  In sum, shares
will go to those reps who have supported the syndicate effort
pursuant to our syndicate allocation formula, and that formula is the
same for both RJ&A and RJFS.


So, I'd absolutely answer in the affirmative to a question that
asked if I and an RJ&A producer had the same syndicate
allocation formula results would I get the same number of shares.


Again, Put, the point is, an RJFS indy rep works under the same
policies relating to these subjects as an employed RJ&A rep. 


Got it now?


The syndicate formula is essentially the same in all firms--I was simply asking a question designed to provoke a discussion.


You're there and have your point of view--but I've been around long
enough to know that brokers are often like mushrooms, kept in the dark
and covered with schidt.


I still suspect that a branch manager of one of the RJ&A
branches can get more shares of a hot stock for his branch than the
formula would dictate.  When that happens there naturally has to
be less available for somebody else, and I suspect that that somebody
else is the RJFS division.


As in any group, there are greater of equals.

Jun 21, 2005 8:40 am

Put, feel free to suspect all you want.  And, if I were still working in the wirehouse environment I'd be suspicious too.  Particularly in dealing with management types like you, who's job it is is to screw the reps for the sake of the firm's almighty dollar.  In this case, however, don't rely on your suspicions because you'll end up with the wrong conclusion.

Jun 30, 2005 7:57 pm
Put Trader:

 
I was one of twenty-two who were brought to New York for sixteen weeks
of training.  We were lodged in an apartment hotel, two guys to a
suite.  It was one of the most enjoyable, and meaningful,
experiences in my life.



Not unlike boot camp without the physical torture.

It's poetry in motion.

(s)He turned (his) tender eyes to me

As deep as any ocean

As sweet as any harmony

Mmm - but (s)He blinded me with science

"(s)He blinded me with science!"

And failed me in biology 




               
              
   (by Mr. Thomas Dolby - The Golden Age of Wireless)


Jul 1, 2005 12:55 pm

Just look no further than RJ.  Tom James is first rate, and EVERYONE here has been available and helpful.

Jul 1, 2005 1:16 pm
maybeeeeeeee:

Just look no further than RJ.  Tom James is
first rate, and EVERYONE here has been available and helpful.





Tom James is first rate?  Why in the world do you think that?  Do you think he has any "Yes" answers on his U-4?



Are you on Carillion Parkway or in an office elsewhere in the system?