Loyalty
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Should executives and managers at regional firms expect loyalty from their bosses? How many more regional firms will be gone by the end of the year? Janney, Raymond James, Ryan Beck, AGE, rumors, rumors rumors…anyone got any facts? How much window dressing (bad hires) is going on at your place? How many old line managers have gotten the boot?
These rumors have gone on for years. How long has everyone heard the one about RBC Dain or AGE getting acquired?
I think when all is said and done, there will be far fewer regionals than there is now, but it will be a slow-evolving process.
Mr. James addressed this in a recent interview for employees. He is asked this question so many times it is funny.
But, he says he has no intention of selling. We are growing like mad as other FAs are flocking here. He is still in the business and he has two sons coming up. I do not think he will sell.
The firms that will be snatched up will be the 1500 rep firms like the Legg Masons, Advests, etc. I seriously doubt if anyone would buy RJ unless they were bigger and had access to the three platforms they run, and no one else does that in that magnitude. Janney and Beck would be an easier sale than many others.
[quote=maybeeeeeeee]
Mr. James addressed this in a recent interview for employees. He is asked this question so many times it is funny.
But, he says he has no intention of selling. We are growing like mad as other FAs are flocking here. He is still in the business and he has two sons coming up. I do not think he will sell.
[/quote]
Aside from the part about sons, it sounds exactly like what the CEO of JC Bradford said six months before PW bought them....no slight to James or anyone else, just to point out that you can expect him to hold that position right up until he doesn't.
[quote=zacko]Almost half of RJ stock is owned by employees and FA's.[/quote]
<?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Bradford was a partnership and it said for years they valued their independence more than anything else and would never, never merge. Then, after they merged, they promised they'd keep that all important name, with all its regional significance. I think Interstate, Johnson and Lane said the same thing. You can’t find an office of their firm these days, at least not under those names.
Again, my point is not to smear James or anyone else, or to suggest James is about to do a deal. It’s just that you can expect any organization, be they as honest and ethical as possible, to support their position, right up until they change it. It isn’t lying if they change their mind down the road.