Considering a move to RBC
I am considering a move from Ed Jones to RBC. I have 55AUM and over 400k trailing 12. I have 10 years in the business...
What are your thoughts on this move...any opinions on RBC...transition experiences with them etc.?
Any horror stories on Jones and legal issues with RBC specifically? Anyone hate working for RBC? Anyone love it?
I am recently retired from a 2 decade career @ RBC ( my only firm). I was very happy there. I started with Dain Bosworth, acquired by RBC in '98, and weathered the usual market and regulatory changes. The Canada part of the management understands brokers through their experience owning Dominion Securities (formerly Merrill Lynch) in Canada for many years. The Minneapolis based Private Client/Wealth Management operation has a good midwestern culture. I have nothing bad to say over my experience, and would encourage you in your choice. If you'd like more detailed response... I'd be happy to respond.
You'll run into the same problems at wirehouses and mid sized regionals - they own you and your book. Transition package is weak - don't expect to get rich of this. Overall, good company, but having growing pains
I interviewed with them in MN. Low payout and alot BS.
Go independent next to your Jones office. Wells Fargo Financial Network/FINET will write the best check is is growing. Also look at Raymond James, LPL.
From what I hear, technology is weak, payouts aren't great and the platform is limited, like most Wires/Regionals. If you are with Jones and think you can bring a good chunk of that book, you should probably look Indy. Be prepared for Jones to come after you and the your clients hard after you leave. They are ruthless.