Ray Jay visit

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Jan 17, 2007 3:37 pm

Making a trip to visit with Ray Jay next week. LPL in Feb. Any words of advice?

Jan 17, 2007 3:45 pm

Get a few of the boys out of the St.Pete branch to take you over to Mons Venus in Tampa.....ohhhh la laaa.  It's a trip you will never forget.

Jan 17, 2007 3:46 pm

Prepare to be blown away...

Jan 17, 2007 3:54 pm

Are you going to the indy side of Ray Jay or into a Branch?


Make sure you know EVERY cost that will hit your blotter.  Don't just concentrate on the payout. 


Devil is in the detail.  Good luck.


Oh it is very nice to have HDQRs in a warm sunny place.

Jan 17, 2007 4:34 pm

DD is for indy opportunity. I don't like what they did to their annuities, but they are stilll a quality firm. Any thoughts?

Jan 17, 2007 4:48 pm

u talk to those BAC guys @ first mid?

Jan 17, 2007 7:34 pm

Now I know why the indys & wires make a joke of bank brokerage brokers. I speak to so many bank brokers with the bank and no matter how much the bank screws them, they put up with it.


Whenever I mention to decent bank producers about going indy they just "shutter". Now I coming from EJ, having done well with them. i.e 175k gross my 1st year, two trips earned, and seg 3 in 17 mths am used to prospecting. It didn't hurt that bad. I can see where making an indy payout would make it worth prospecting.


So I say this, you bank brokers are pussies, and pikers and lazy lobby loffers. You couldn't hack it prospecting, you weren't good at it and no you work for the bank and are scared to death to leave it because you would have to prospect for 90% instead of the 35% the bank gives you.

Jan 17, 2007 7:41 pm

"shutter"?......have another one


My friend, you need to lose (loose?) the anger

Jan 17, 2007 9:14 pm
$$$$$:

Now I know why the indys & wires make a joke of bank brokerage brokers. I speak to so many bank brokers with the bank and no matter how much the bank screws them, they put up with it.

Whenever I mention to decent bank producers about going indy they just "shutter". Now I coming from EJ, having done well with them. i.e 175k gross my 1st year, two trips earned, and seg 3 in 17 mths am used to prospecting. It didn't hurt that bad. I can see where making an indy payout would make it worth prospecting.


So I say this, you bank brokers are pussies, and pikers and lazy lobby loffers. You couldn't hack it prospecting, you weren't good at it and no you work for the bank and are scared to death to leave it because you would have to prospect for 90% instead of the 35% the bank gives you.


You know, there are plenty of exceptions to what you said...I personally made a successful move out of a bank and two others from our group did the same.  I've done very little in the way of prospecting since I left...the clients are doing that very well for me.  Today, I got a client referral...a veteran Toyota exec called me from a neighboring state.  He'd asked his mom who to trust and his mother referred him to me.  Interesting thing...the mother isn't even a client yet, but according to the son, intends to become one.  Both are high-end prospects (mom owns a string of dealerships in yet another state) and came my way because of how I took care of mom's friend.  I didn't take everything with me from the bank, but to date, I've taken over 95% of what I targeted (about half of my old book), and have a much cleaner book than I did (the CD rate whores are gone).


So don't believe the myth that bank brokers can't hack it...plenty of us can.  It's kind of like assuming that all Jones guys are pikers because you met a couple who were.


BTW, if you haven't read it yet, seach back for a thread called Raymond James vs. LPL, or something to that effect...it's a pretty lengthy narrative about my due diligence with both firms...there's some junk in there, but some good stuff too.  Good luck with your search...they're both quality firms...

Jan 18, 2007 9:59 am
$$$$$:

Now I know why the indys & wires make a joke of bank brokerage brokers. I speak to so many bank brokers with the bank and no matter how much the bank screws them, they put up with it.


Whenever I mention to decent bank producers about going indy they just "shutter". Now I coming from EJ, having done well with them. i.e 175k gross my 1st year, two trips earned, and seg 3 in 17 mths am used to prospecting. It didn't hurt that bad. I can see where making an indy payout would make it worth prospecting.


So I say this, you bank brokers are pussies, and pikers and lazy lobby loffers. You couldn't hack it prospecting, you weren't good at it and no you work for the bank and are scared to death to leave it because you would have to prospect for 90% instead of the 35% the bank gives you.



Shut your mouth newbie.  Show some respect.


ANYONE can do $150,000 in transactional business.  Bet you learned how to slice up those dollars among funds so that you missed every break point in the fund families.  Enjoy your .25% trails.


Actually, you won't be there to enjoy them, so I hope you had a TON of fun.


If you think a Financial Advisor (ooops I forgot you are not a licensed FA) should be judged by their prospecting, you have much to learn.


It is not just about bringing dollars in and generating cash FOR YOURSELF.  It is about protecting and growing your clients assets and then helping them distribute them in a tax efficient way.  It is about financial planning, and doing the best for clients.


YES, you can do that at banks.  NO you cannot do that at EDJ cause you cannot have fee based relationships.

Jan 18, 2007 4:38 pm
$$$$$:

Now I know why the indys & wires make a joke of bank brokerage brokers. I speak to so many bank brokers with the bank and no matter how much the bank screws them, they put up with it.


Whenever I mention to decent bank producers about going indy they just "shutter". Now I coming from EJ, having done well with them. i.e 175k gross my 1st year, two trips earned, and seg 3 in 17 mths am used to prospecting. It didn't hurt that bad. I can see where making an indy payout would make it worth prospecting.


So I say this, you bank brokers are pussies, and pikers and lazy lobby loffers. You couldn't hack it prospecting, you weren't good at it and no you work for the bank and are scared to death to leave it because you would have to prospect for 90% instead of the 35% the bank gives you.



I'm not sure what a  "lobby loffer" is ...?  What you fail to recognize is that in this environment full of lazy bank reps who cant do anything, you are flunking out!  If you are that good - make it work.  If Indy is going to work so well for you - great.  Go do it.  You have been on this board for 6 months terrified to go indy.  Now that you are being forced out of the bank because you are FA1 you make it like you are Joe entrepreneur who has found the promised land. 


You are flunking out because BAC is no longer about bank branches - I havent been in one in 6 months - BAC has turned into a wire house (for better or worse)  and you don't know what to do -


What will be tyour carrer next year?  I'm thinking mortgage broker.


STOP BLAMING EVERYONE ELSE FOR YOUR FAILURE!

Jan 18, 2007 5:06 pm
vbrainy:

It is not just about bringing dollars in and generating cash FOR YOURSELF.  It is about protecting and growing your clients assets and then helping them distribute them in a tax efficient way.  It is about financial planning, and doing the best for clients.


YES, you can do that at banks.  NO you cannot do that at EDJ cause you cannot have fee based relationships.



So what, you think the only thing we know how to do at Jones is sell mutual funds?  Since when did you have to have the ability to do fee based biz to do what's right for the client?  or to do financial planning? or to distribute the money in a tax efficient manner? 


Why don't you enlighten me on what kind of financial planning you can do that I can't.  I'm not talking about how we charge the clients, I'm talking about actually planning.

Jan 18, 2007 6:30 pm

Whose failing? I almost grossed as much as you did after only 5 years in the biz.  I ranked in the top 10 of the #1 region in the SE. My family and I just can't make it on 25% of 300k gross. If they had left things the way the were, I would have stayed another couple years.


Hurt as they may, my statements were only truthful.

Jan 18, 2007 6:37 pm

Why don't you enlighten me on what kind of financial planning you can do that I can't.  I'm not talking about how we charge the clients, I'm talking about actually planning.


Unless you are have a series 65 or 66 and work with an RIA either your own or your broker dealers, you are not allowed to do "financial planning". Your b/d will probably also require additional training. In my firm it is a training course of their own or hold one of these. CFP  ChFC PFS CFA or CIC.  You are not a Registered Rep but rather an IAR


It is the Merrill Rule  http://registeredrep.com/news/sec-merrillrule-debate/


Under the new disclosure rules, financial professionals must advise clients that brokerage accounts are not advisory accounts and that firms’ interests may not always be aligned with the clients’. Firms must also make someone available to clients to discuss the differences between an investment advisor and a broker. And brokers’ financial planning advice must only be “incidental” to the traditional brokerage services they provide.


Things an IAR can do that you cannot do, without getting in trouble and surd, are:


Asset Allocation
Business Retirement Planning
Education Funding
Estate Planning
Financial Statement and Portfolio Reports
Insurance Needs Analysis
Retirement Planning/Analysis
General Planning and Analysis

These are done without any recommendations of product, but are done as strategy and analysis.  You can charge for these services as an IAR they must be incidental to the IR.  You may think you are doing the above, but you aren't or shouldn't be.  Do you know it is illegal for you to look at a 401K plan that you are not the advisor on and make asset allocation recommendations?  Sure, we advise on asset allocation and make insurance recommendations, but that is NOT financial planning.


However, when you change hats and then make investment recommendations as a Registered Representative, you need to make the disclosures required by the Merrill Rule.  It is a fine line we are walking.

Jan 18, 2007 8:50 pm
$$$$$:

Whose failing? I almost grossed as much as you did after only 5 years in

the biz. I ranked in the top 10 of the #1 region in the SE. My family and I

just can't make it on 25% of 300k gross. If they had left things the way the

were, I would have stayed another couple years.



Hurt as they may, my statements were only truthful.





$5.00 -



Your lack of maturity is surpassed only by your inability to make a

coherent point. Please let us know immediately if RayJay let's you hang a

shingle - So I can short RJF.

Jan 18, 2007 9:53 pm
babbling looney:

Why don't you enlighten me on what kind of financial planning you can do that I can't.  I'm not talking about how we charge the clients, I'm talking about actually planning.


Unless you are have a series 65 or 66 and work with an RIA either your own or your broker dealers, you are not allowed to do "financial planning". Your b/d will probably also require additional training. In my firm it is a training course of their own or hold one of these. CFP  ChFC PFS CFA or CIC.  You are not a Registered Rep but rather an IAR


It is the Merrill Rule  http://registeredrep.com/news/sec-merrillrule-debate/


Under the new disclosure rules, financial professionals must advise clients that brokerage accounts are not advisory accounts and that firms’ interests may not always be aligned with the clients’. Firms must also make someone available to clients to discuss the differences between an investment advisor and a broker. And brokers’ financial planning advice must only be “incidental” to the traditional brokerage services they provide.


Things an IAR can do that you cannot do, without getting in trouble and surd, are:


Asset Allocation
Business Retirement Planning
Education Funding
Estate Planning
Financial Statement and Portfolio Reports
Insurance Needs Analysis
Retirement Planning/Analysis
General Planning and Analysis

These are done without any recommendations of product, but are done as strategy and analysis.  You can charge for these services as an IAR they must be incidental to the IR.  You may think you are doing the above, but you aren't or shouldn't be.  Do you know it is illegal for you to look at a 401K plan that you are not the advisor on and make asset allocation recommendations?  Sure, we advise on asset allocation and make insurance recommendations, but that is NOT financial planning.


However, when you change hats and then make investment recommendations as a Registered Representative, you need to make the disclosures required by the Merrill Rule.  It is a fine line we are walking.

Hey Spiffy...did she answer your question?  This is the reason that you are an Investment Representative and not an advisor like the rest of us.

Jan 18, 2007 10:45 pm

Wow, did everyone get up on the wrong side of the bed today? Geez.



$$$$$ - what are you smokin'? Lighten up a little. You sound like some

little high school football player hiding behind the big kid in the scrum.

Jan 19, 2007 11:44 am

Babbling is right.  You tell us:


-How often do you re balance?


-What is your asset allocation based on?


You have to go out and get new accounts to survive, cause you start every year at square 1.  (Or .25% which may as well be square one)


Where is your incentive to service a client with a bunch of A shares.  You tell us.

Jan 23, 2007 8:38 am

Just got back from my RJ visit. It was very impressive. I don't like what they have done to their annuity business but at least they were honest about it.


My concern with LPL is the lack of new issue preferred, corp bonds, and equity linked notes and CDs. As of now I'm leaning towards RJ because of their breath of services.


LPL vist is next. However is it worth the effort to go to San Diego?


Jan 23, 2007 12:19 pm
$$$$$:

Just got back from my RJ visit. It was very impressive. I don't like what they have done to their annuity business but at least they were honest about it.


My concern with LPL is the lack of new issue preferred, corp bonds, and equity linked notes and CDs. As of now I'm leaning towards RJ because of their breath of services.


LPL vist is next. However is it worth the effort to go to San Diego?




No.  Do us all a favor and go to RJ.  Please.