Raymond James vs. LPL
That's what I think. Apparently they can still set up independents, as they are recruiting several of us who are looking, and even offering up-front money and other perks. I'm a little surprised about offering independents up-front money when there are essentially no strings attached. Obviously, it's not anywhere near the levels offered to captive brokers, but I didn't expect anything in that area, so it's a nice plus. It's apparent that I've been out of the loop as to what was available, but until I got fed up with the bs from my current employer, I had no interest in seeing what was available...
thanks for the insight. Had no idea that Rj may not be able to hire. If anything this could help in my negotiations. I do not like the fact that this would be the first things my customers would have to deal with after they transfered. What b/d's are you looking at? where are you currently wirehouse, bank etc
In no way, shape or manner would I consider EDJ at this point. Too many restrictions, tech stinks, all the reps arund here sell the same stuff. When someone brings me a Jones statement to review, I know what's going to be in the portfolio before I open it up.
Starka, you're dead on...I want to ADVANCE...
hey candybar can you buzz off you have no knowledge of indy you drank the coolaid and your brain must be warped to stay at edj
I'm glad you're happy with EDJ. From my research and desire for independence, I know it's not for me. If Starka is with RJ or LPL, there is a very good chance I'll try Starka's firm. I really don't want to turn this into another "debate the merits of EDJ" forum, so I'll ask politely for everyone to keep this on topic discussing the merits of LPL & RJ.
and yes, I realize that I already violated this by telling y'all why I wouldn't work for Jones...sorry...won't happen again...
Hey Starka...who's your BD?
Starka is so proud of his BD he won't tell you or anyone who it is.
If you're going independent make sure to read the article in the April 05 On Wall Street. See page 41. It has a good break down of the true costs of going independent. Their break down showed a 55% payout from 90% after all costs.
It was an eye opener.
What don't you like about your current firm?
pretty much everything...and no one will listen to me, so I decided that the only way to run a business my way is to run my own business.
...and not that money matters, but 55% would be a dramatic improvement over what I'm looking at now...and I'm pretty confident that mine will be a much lower overhead office than that...
Are you looking to do fee based?
You undoubtably have seen this but just in case you hadn't.
And LPL has some challenges with revenue sharing on their annuities:
Not a big deal, but may effect your success of your clients following you.
Oracle, yes I do a fair amount of fee-based. Good posts and good information. I'm glad to see some others getting involved in the discussion and tell us some things that the recruiters don't. I was aware of RJ's fee-based issues and I think they'll get them resolved in a satisfactory manner so I'm not overly concerned with that. I hadn't heard about this issue with LPL, although I'm not terribly surprised. I would be more surprised if there was a BD that hadn't tried to pull any funny stuff in the past. That brings me back to an earlier point...I will private label my business...it won't be called LPL or RJ. I don't want anyone's negative press bringing down my reputation, so the further they are in the background, the better...
That's VERY interesting about LPL, considering the fact that LPL is not a publicly traded company to the best of my knowledge. How, I wonder, can nonexistent shareholders sue?
Sounds like ambulance chasers to me.
So what's your recommendation?
I don't know anything about Indyone, other than what was posted, so how can I make a recommendation? The one thing I can say for certain is that if Indyone has an indy mindset, as his name would imply, the one place he DOESN'T belong is Edward Jones.